Tech Data Corp. (NASDAQ:TECD) shot up 5.7% on Tuesday . The company traded as high as $77.34 and last traded at $76.42, with a volume of 871,551 shares changing hands. The stock had previously closed at $72.27.

A number of brokerages have weighed in on TECD. Zacks Investment Research raised shares of Tech Data Corp. from a “sell” rating to a “hold” rating and set a $85.00 price target for the company in a report on Monday, May 30th. Citigroup Inc. downgraded shares of Tech Data Corp. from a “neutral” rating to a “sell” rating and cut their price target for the company from $76.00 to $55.00 in a report on Monday, May 2nd. Bank of America Corp. raised shares of Tech Data Corp. from an “underperform” rating to a “neutral” rating and upped their price target for the company from $67.00 to $80.00 in a report on Tuesday. They noted that the move was a valuation call. Needham & Company LLC reissued a “hold” rating on shares of Tech Data Corp. in a report on Friday. Finally, Raymond James Financial Inc. reissued a “market perform” rating on shares of Tech Data Corp. in a report on Wednesday, June 29th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $74.82.

The company has a market cap of $2.65 billion and a PE ratio of 12.24. The stock has a 50 day moving average of $78.02 and a 200-day moving average of $74.28.

Tech Data Corp. (NASDAQ:TECD) last released its quarterly earnings data on Thursday, August 25th. The company reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by $0.01. The business earned $6.35 billion during the quarter, compared to analysts’ expectations of $6.63 billion. During the same period in the prior year, the company earned $1.43 EPS. Tech Data Corp.’s quarterly revenue was down 3.4% on a year-over-year basis. Analysts expect that Tech Data Corp. will post $5.97 earnings per share for the current year.

Several hedge funds have made changes to their positions in the stock. New York State Common Retirement Fund raised its stake 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 worth $2,476,000 after buying an additional 3,800 shares during the period. Morgan Stanley raised its stake in shares of Tech Data Corp. by 59.8% in the fourth quarter. Morgan Stanley now owns 244,504 shares of the company’s stock worth $16,231,000 after buying an additional 91,498 shares during the period. Finally, KBC Group NV raised its stake 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 worth $2,668,000 after buying an additional 1,016 shares during the period.

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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