TD SYNNEX (NYSE:SNX) Given New $220.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase raised its price target on TD SYNNEX from $185 to $220 while keeping a "neutral" rating, implying roughly a 5.46% upside from the current share price.
• Analyst sentiment is broadly constructive — one Strong Buy, eight Buys and two Holds — with a MarketBeat consensus of "Moderate Buy" and a consensus target of $186.50.
• TD SYNNEX reported a strong quarter, beating estimates with $4.73 EPS (vs. $3.24 expected) and revenue of $17.16 billion, up 18.1% year-over-year.

TD SYNNEX (NYSE:SNX - Get Free Report) had its target price increased by equities research analysts at JPMorgan Chase & Co. from $185.00 to $220.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the business services provider's stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 5.46% from the stock's current price.

Several other equities analysts have also recently commented on SNX. The Goldman Sachs Group raised their price target on shares of TD SYNNEX from $180.00 to $205.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Zacks Research upgraded TD SYNNEX from a "hold" rating to a "strong-buy" rating in a report on Monday, April 6th. Weiss Ratings reissued a "buy (b-)" rating on shares of TD SYNNEX in a research note on Wednesday, January 21st. Barclays upped their price target on TD SYNNEX from $163.00 to $166.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 1st. Finally, Royal Bank Of Canada lifted their price objective on TD SYNNEX from $180.00 to $210.00 and gave the company an "outperform" rating in a research note on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $186.50.

TD SYNNEX Trading Up 1.5%

Shares of SNX stock traded up $3.17 on Thursday, hitting $208.62. The stock had a trading volume of 407,600 shares, compared to its average volume of 817,719. The company's 50 day moving average price is $167.78 and its 200-day moving average price is $158.65. TD SYNNEX has a 1 year low of $102.16 and a 1 year high of $210.02. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.22 and a quick ratio of 0.71. The firm has a market capitalization of $16.77 billion, a P/E ratio of 17.34, a P/E/G ratio of 1.05 and a beta of 1.23.

TD SYNNEX (NYSE:SNX - Get Free Report) last announced its earnings results on Tuesday, March 31st. The business services provider reported $4.73 EPS for the quarter, beating analysts' consensus estimates of $3.24 by $1.49. The company had revenue of $17.16 billion during the quarter, compared to analysts' expectations of $15.59 billion. TD SYNNEX had a return on equity of 14.03% and a net margin of 1.52%.TD SYNNEX's revenue for the quarter was up 18.1% on a year-over-year basis. During the same period last year, the business posted $2.80 EPS. Analysts anticipate that TD SYNNEX will post 11.88 earnings per share for the current year.

Insider Activity at TD SYNNEX

In other news, CFO David Gregory Jordan sold 3,225 shares of the stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $189.46, for a total value of $611,008.50. Following the transaction, the chief financial officer owned 14,035 shares in the company, valued at approximately $2,659,071.10. This represents a 18.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Merline Saintil sold 167 shares of the firm's stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $157.75, for a total value of $26,344.25. Following the sale, the director directly owned 6,995 shares in the company, valued at $1,103,461.25. This trade represents a 2.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 82,165 shares of company stock worth $13,559,368 over the last three months. Company insiders own 0.70% of the company's stock.

Institutional Trading of TD SYNNEX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in shares of TD SYNNEX by 0.4% during the third quarter. State Street Corp now owns 2,372,733 shares of the business services provider's stock worth $388,535,000 after buying an additional 9,024 shares during the last quarter. Ninety One UK Ltd increased its position in TD SYNNEX by 13.1% in the 4th quarter. Ninety One UK Ltd now owns 2,229,091 shares of the business services provider's stock valued at $334,876,000 after acquiring an additional 258,630 shares during the period. LSV Asset Management raised its stake in TD SYNNEX by 16.1% during the 4th quarter. LSV Asset Management now owns 2,086,604 shares of the business services provider's stock valued at $313,471,000 after acquiring an additional 288,625 shares during the last quarter. Geode Capital Management LLC raised its stake in TD SYNNEX by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 1,532,784 shares of the business services provider's stock valued at $230,315,000 after acquiring an additional 99,090 shares during the last quarter. Finally, Metropolis Capital Ltd lifted its position in TD SYNNEX by 44.8% during the 3rd quarter. Metropolis Capital Ltd now owns 1,228,603 shares of the business services provider's stock worth $201,184,000 after acquiring an additional 379,904 shares during the period. Institutional investors and hedge funds own 84.00% of the company's stock.

About TD SYNNEX

TD SYNNEX NYSE: SNX is a leading global distributor and solutions aggregator for the information technology industry. Formed in September 2021 through the merger of Tech Data and SYNNEX Corporation, the company provides a comprehensive range of products, services and solutions that span hardware, software, cloud, mobility, security and data center technologies. TD SYNNEX partners with vendors, resellers and system integrators to design, deploy and support IT infrastructures across diverse market segments, including commercial enterprises, public sector organizations and retail operations.

The company's core business activities include the distribution of technology products from manufacturers such as servers, storage, networking equipment and peripherals, as well as the resale and provisioning of software licenses and cloud-based solutions.

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