ScanSource Inc. (NASDAQ:SCSC) shares gapped up before the market opened on Monday . The stock had previously closed at $39.93, but opened at $40.00. ScanSource shares last traded at $40.51, with a volume of 55,097 shares traded.

Separately, Zacks Investment Research downgraded ScanSource from a “hold” rating to a “sell” rating in a research note on Wednesday, May 4th.

The company has a market cap of $1.04 billion and a P/E ratio of 16.54. The firm’s 50-day moving average is $38.15 and its 200 day moving average is $37.23.

ScanSource (NASDAQ:SCSC) last issued its earnings results on Tuesday, May 10th. The company reported $0.64 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by $0.01. During the same period last year, the firm earned $0.52 earnings per share. The firm earned $798.40 million during the quarter, compared to the consensus estimate of $871.06 million. ScanSource’s revenue for the quarter was up 4.6% on a year-over-year basis. Analysts predict that ScanSource Inc. will post $2.91 earnings per share for the current fiscal year.

In other news, Director Charles R. Whitchurch sold 5,000 shares of the company’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $38.11, for a total value of $190,550.00. Following the completion of the sale, the director now owns 14,300 shares of the company’s stock, valued at $544,973. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven R. Fischer sold 10,000 shares of the business’s stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $38.79, for a total value of $387,900.00. Following the completion of the transaction, the director now owns 35,467 shares in the company, valued at approximately $1,375,764.93. The disclosure for this sale can be found here.

Other hedge funds and institutional investors have added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in ScanSource by 13.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,819,478 shares of the company’s stock valued at $58,625,000 after buying an additional 219,140 shares during the period. Wells Fargo & Company MN boosted its position in ScanSource by 230.5% in the fourth quarter. Wells Fargo & Company MN now owns 40,055 shares of the company’s stock valued at $1,290,000 after buying an additional 27,935 shares during the period. GSA Capital Partners LLP boosted its position in ScanSource by 96.4% in the fourth quarter. GSA Capital Partners LLP now owns 39,092 shares of the company’s stock valued at $1,260,000 after buying an additional 19,192 shares during the period. New York State Common Retirement Fund boosted its position in ScanSource by 2.9% in the fourth quarter. New York State Common Retirement Fund now owns 134,361 shares of the company’s stock valued at $4,329,000 after buying an additional 3,794 shares during the period. Finally, California Public Employees Retirement System boosted its position in ScanSource by 0.5% in the fourth quarter. California Public Employees Retirement System now owns 96,000 shares of the company’s stock valued at $3,093,000 after buying an additional 500 shares during the period.

ScanSource, Inc is a wholesale distributor of specialty technology products. The Company and its subsidiaries provide distribution services for technology manufacturers and sells to resellers in the specialty technology markets, such as point-of-sale (POS) and barcode, physical security and three dimensional (3D) printing and communications.

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