JPMorgan Chase & Co. Issues Pessimistic Forecast for TD SYNNEX (NYSE:SNX) Stock Price

TD SYNNEX (NYSE:SNX) had its target price decreased by equities research analysts at JPMorgan Chase & Co. from $150.00 to $125.00 in a report released on Friday,Benzinga reports. The firm currently has a “neutral” rating on the business services provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 19.67% from the company’s previous close.

Several other research firms also recently issued reports on SNX. Barrington Research restated an “outperform” rating and set a $156.00 price objective on shares of TD SYNNEX in a report on Friday. StockNews.com lowered shares of TD SYNNEX from a “buy” rating to a “hold” rating in a report on Wednesday. Royal Bank of Canada raised their price objective on shares of TD SYNNEX from $140.00 to $165.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Barclays boosted their target price on shares of TD SYNNEX from $132.00 to $148.00 and gave the company an “equal weight” rating in a research note on Monday, January 13th. Finally, Cfra upgraded TD SYNNEX from a “hold” rating to a “buy” rating and raised their price objective for the stock from $122.00 to $147.00 in a research report on Friday, January 10th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $140.00.

TD SYNNEX Stock Down 2.9 %

NYSE SNX opened at $104.45 on Friday. TD SYNNEX has a 12 month low of $98.00 and a 12 month high of $145.10. The company has a market capitalization of $8.81 billion, a P/E ratio of 13.12, a PEG ratio of 1.06 and a beta of 1.51. The company’s 50 day simple moving average is $135.67 and its 200 day simple moving average is $125.64. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.24 and a quick ratio of 0.76.

TD SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Thursday, March 27th. The business services provider reported $2.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.87 by ($0.07). The company had revenue of $14.53 billion during the quarter, compared to the consensus estimate of $14.79 billion. TD SYNNEX had a net margin of 1.18% and a return on equity of 11.91%. TD SYNNEX’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.99 EPS. Equities research analysts expect that TD SYNNEX will post 11.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Richard T. Hume sold 20,000 shares of TD SYNNEX stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $117.62, for a total value of $2,352,400.00. Following the transaction, the director now owns 111,080 shares of the company’s stock, valued at $13,065,229.60. This trade represents a 15.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Marshall Witt sold 1,510 shares of the company’s stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $128.08, for a total transaction of $193,400.80. Following the sale, the chief financial officer now directly owns 49,843 shares of the company’s stock, valued at approximately $6,383,891.44. This represents a 2.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 49,172 shares of company stock valued at $6,353,261 over the last ninety days. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On TD SYNNEX

Several hedge funds and other institutional investors have recently made changes to their positions in SNX. Proficio Capital Partners LLC acquired a new position in shares of TD SYNNEX during the fourth quarter valued at about $5,158,000. JPMorgan Chase & Co. increased its stake in TD SYNNEX by 37.0% during the third quarter. JPMorgan Chase & Co. now owns 3,012,219 shares of the business services provider’s stock valued at $361,707,000 after acquiring an additional 813,634 shares during the period. IFP Advisors Inc raised its holdings in TD SYNNEX by 976.6% in the 4th quarter. IFP Advisors Inc now owns 1,012 shares of the business services provider’s stock valued at $119,000 after acquiring an additional 918 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of TD SYNNEX in the 4th quarter worth approximately $2,260,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of TD SYNNEX by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 507,435 shares of the business services provider’s stock worth $59,512,000 after purchasing an additional 9,915 shares in the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

About TD SYNNEX

TD SYNNEX Corporation operates as a distributor and solutions aggregator for the information technology (IT) ecosystem. The company offers personal computing devices and peripherals, mobile phones and accessories, printers, supplies, and endpoint technology software; and data center technologies, such as hybrid cloud, security, storage, networking, servers, technology software, and converged and hyper-converged infrastructure, as well as computing components.