Tech Data Corp. (TECD) Stock Price Up 5.7%
Shares of Tech Data Corp. (NASDAQ:TECD) rose 5.7% during trading on Tuesday . The stock 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.
TECD has been the topic of several analyst reports. Bank of America Corp. raised shares of Tech Data Corp. from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $67.00 to $80.00 in a research report on Tuesday. They noted that the move was a valuation call. Brean Capital reaffirmed a “buy” rating and set a $82.00 price target on shares of Tech Data Corp. in a research report on Friday, August 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of Tech Data Corp. in a research report on Friday, August 26th. Zacks Investment Research lowered shares of Tech Data Corp. from a “hold” rating to a “sell” rating in a research report on Friday, August 26th. Finally, Northcoast Research initiated coverage on shares of Tech Data Corp. in a research report on Wednesday, August 10th. They set a “neutral” rating on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $74.82.
The stock has a market cap of $2.61 billion and a P/E ratio of 12.05. The stock’s 50 day moving average price is $78.02 and its 200 day moving average price is $74.36.
Tech Data Corp. (NASDAQ:TECD) last issued its earnings results on Thursday, August 25th. The company reported $1.42 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.43 by $0.01. The business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.63 billion. The company’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.43 earnings per share. On average, equities research analysts expect that Tech Data Corp. will post $5.94 EPS for the current year.
An institutional investor recently raised its position in Tech Data Corp. stock. KBC Group NV increased its position in shares of Tech Data Corp. (NASDAQ:TECD) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 40,185 shares of the company’s stock after buying an additional 1,016 shares during the period. KBC Group NV owned 0.11% of Tech Data Corp. worth $2,668,000 as of its most recent SEC filing.
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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