Tech Data Corp. (TECD) Shares Gap Up to $80.69
Tech Data Corp. (NASDAQ:TECD) gapped up before the market opened on Thursday . The stock had previously closed at $80.60, but opened at $80.69. Tech Data Corp. shares last traded at $82.31, with a volume of 208,937 shares trading hands.
TECD has been the topic of a number of research reports. Brean Capital restated a “buy” rating and set a $82.00 price target on shares of Tech Data Corp. in a research report on Monday, May 23rd. Zacks Investment Research upgraded Tech Data Corp. from a “sell” rating to a “hold” rating and set a $85.00 price objective on the stock in a report on Monday, May 30th. Raymond James Financial Inc. reiterated a “market perform” rating on shares of Tech Data Corp. in a report on Wednesday, June 29th. Northcoast Research initiated coverage on Tech Data Corp. in a report on Wednesday. They issued a “neutral” rating on the stock. Finally, Citigroup Inc. lifted their price objective on Tech Data Corp. from $55.00 to $59.00 and gave the stock a “sell” rating in a report on Friday, May 27th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. Tech Data Corp. presently has an average rating of “Hold” and an average target price of $68.62.
The company has a market cap of $2.88 billion and a PE ratio of 11.80. The company has a 50-day moving average of $75.89 and a 200-day moving average of $72.87.
Tech Data Corp. (NASDAQ:TECD) last issued its earnings results on Thursday, May 26th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.11. The firm earned $5.96 billion during the quarter, compared to the consensus estimate of $5.98 billion. The company’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.80 EPS. Analysts expect that Tech Data Corp. will post $6.19 EPS for the current year.
A number of hedge funds and institutional investors have recently modified their holdings of TECD. Matarin Capital Management LLC purchased a new position in shares of Tech Data Corp. during the fourth quarter valued at $2,092,000. Schroder Investment Management Group increased its position in shares of Tech Data Corp. by 178.0% in the fourth quarter. Schroder Investment Management Group now owns 36,700 shares of the company’s stock valued at $2,436,000 after buying an additional 23,500 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of Tech Data Corp. by 11.3% in the fourth quarter. New York State Common Retirement Fund now owns 37,300 shares of the company’s stock valued at $2,476,000 after buying an additional 3,800 shares in the last quarter. KBC Group NV increased its position in shares of Tech Data Corp. by 2.6% in the fourth quarter. KBC Group NV now owns 40,185 shares of the company’s stock valued at $2,668,000 after buying an additional 1,016 shares in the last quarter. Finally, Bank of Montreal Can increased its position in shares of Tech Data Corp. by 1,922.4% in the fourth quarter. Bank of Montreal Can now owns 46,434 shares of the company’s stock valued at $3,082,000 after buying an additional 44,138 shares in the last quarter.
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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