Zacks Investment Research upgraded shares of Tech Data Corporation (NASDAQ:TECD) from a sell rating to a hold rating in a report released on Thursday.
According to Zacks, “Tech Data shares have outperformed the industry on a year-to-date basis. The company’s acquisition of the Technology Solutions business from Avnet strengthened its distribution capabilities in Europe and the Americas, and introduced it to the Asia-Pacific market, thereby giving a boost to the top-line. The increasing demand for data center systems, cloud and mobility products are also positives for Tech Data. However, the company’s bottom-line is marred by competitive pricing, execution challenges as well as rebates issue. Moreover, a sluggish IT spending environment, ongoing decline in the PC market and intense competition remain headwinds.”
Other equities analysts have also recently issued reports about the company. Needham & Company LLC reissued a buy rating and issued a $100.00 price target (down from $107.00) on shares of Tech Data Corporation in a report on Monday, September 18th. Northcoast Research raised Tech Data Corporation from a neutral rating to a buy rating in a report on Tuesday, September 5th. Loop Capital reissued a buy rating and issued a $120.00 price target (down from $130.00) on shares of Tech Data Corporation in a report on Friday, September 1st. Stifel Nicolaus cut their price target on Tech Data Corporation from $115.00 to $110.00 and set a buy rating for the company in a report on Friday, September 1st. Finally, Pivotal Research started coverage on Tech Data Corporation in a report on Friday, October 6th. They issued a buy rating and a $114.00 price target for the company. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Tech Data Corporation has an average rating of Buy and a consensus target price of $109.33.
Tech Data Corporation (TECD) remained flat at $91.45 on Thursday. 358,762 shares of the company’s stock were exchanged. The company has a market capitalization of $3.49 billion, a P/E ratio of 17.22 and a beta of 0.78. The company’s 50-day moving average price is $89.58 and its 200-day moving average price is $96.94. Tech Data Corporation has a 52-week low of $74.07 and a 52-week high of $111.10.
Tech Data Corporation (NASDAQ:TECD) last posted its earnings results on Thursday, August 31st. The company reported $1.74 EPS for the quarter, missing the Zacks’ consensus estimate of $2.06 by ($0.32). The firm had revenue of $8.88 billion for the quarter, compared to analysts’ expectations of $8.74 billion. Tech Data Corporation had a return on equity of 11.60% and a net margin of 0.63%. The firm’s revenue for the quarter was up 39.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.42 earnings per share. On average, equities research analysts predict that Tech Data Corporation will post $8.94 EPS for the current fiscal year.
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Institutional investors have recently added to or reduced their stakes in the stock. SpiderRock Advisors LLC acquired a new position in Tech Data Corporation in the third quarter valued at $106,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Tech Data Corporation by 15.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,490 shares of the company’s stock valued at $150,000 after purchasing an additional 195 shares during the last quarter. Parametrica Management Ltd acquired a new position in Tech Data Corporation in the third quarter valued at $217,000. Nomura Asset Management Co. Ltd. increased its stake in Tech Data Corporation by 3.4% in the first quarter. Nomura Asset Management Co. Ltd. now owns 2,460 shares of the company’s stock valued at $231,000 after purchasing an additional 80 shares during the last quarter. Finally, Riverhead Capital Management LLC increased its stake in Tech Data Corporation by 78.4% in the second quarter. Riverhead Capital Management LLC now owns 2,497 shares of the company’s stock valued at $252,000 after purchasing an additional 1,097 shares during the last quarter.
About Tech Data Corporation
Tech Data Corporation is a wholesale distributor of technology products. The Company serves as a link in the technology supply chain by bringing products from the technology vendors to market, as well as providing its customers with logistics capabilities and services. It operates through the segment of distributing technology products, logistics management and other value-added services.
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