Tech Data Corp. (TECD) Upgraded at Zacks Investment Research
According to Zacks, “Tech Data has been undertaking strategic initiatives to review and strengthen its operations including collaboration with new vendors and expansion of its product offerings. The company recently collaborated with players like NetEnrich to offer solutions for Microsoft Azure and Enterprise Mobility Suite (EMS). This apart, Tech Data has been focusing on developing its capabilities in integrated supply chain, value-added services, data center, cloud and consumer electronics and cost-control measures. The company has also been collaborating with players like NetEnrich to expand its offerings. However, a sluggish demand environment due to weakness in overall IT spending remain concerns. In addition, intensifying competition and significant customer concentration risks add to its woes.”
A number of other research analysts have also recently commented on the stock. Bank of America Corp. raised shares of Tech Data Corp. from an underperform rating to a neutral rating and boosted their target price for the stock from $67.00 to $80.00 in a research report on Tuesday, August 30th. They noted that the move was a valuation call. Raymond James Financial Inc. reissued a market perform rating on shares of Tech Data Corp. in a research report on Wednesday, June 29th. Needham & Company LLC reissued a hold rating on shares of Tech Data Corp. in a research report on Friday, August 26th. Northcoast Research started coverage on shares of Tech Data Corp. in a research report on Wednesday, August 10th. They set a neutral rating on the stock. Finally, Brean Capital reissued a buy rating and set a $82.00 target price on shares of Tech Data Corp. in a research report on Friday, August 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $74.82.
Shares of Tech Data Corp. (NASDAQ:TECD) opened at 84.80 on Thursday. The company’s 50-day moving average is $76.34 and its 200-day moving average is $74.57. Tech Data Corp. has a 52 week low of $57.99 and a 52 week high of $85.58. The firm has a market cap of $2.99 billion, a PE ratio of 13.77 and a beta of 0.95.
Tech Data Corp. (NASDAQ:TECD) last posted its earnings results on Thursday, August 25th. The company reported $1.42 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by $0.01. Tech Data Corp. had a return on equity of 10.39% and a net margin of 0.83%. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.63 billion. During the same period in the previous year, the firm posted $1.43 earnings per share. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. Analysts forecast that Tech Data Corp. will post $5.94 EPS for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the company. Stifel Financial Corp raised its position in Tech Data Corp. by 4,881.8% in the fourth quarter. Stifel Financial Corp now owns 172,369 shares of the company’s stock valued at $13,866,000 after buying an additional 168,909 shares in the last quarter. Norges Bank purchased a new position in Tech Data Corp. during the fourth quarter valued at approximately $35,917,000. Glenmede Trust Co. NA raised its position in Tech Data Corp. by 15.1% in the first quarter. Glenmede Trust Co. NA now owns 26,495 shares of the company’s stock valued at $2,033,000 after buying an additional 3,475 shares in the last quarter. Aperio Group LLC raised its position in Tech Data Corp. by 12.7% in the first quarter. Aperio Group LLC now owns 67,299 shares of the company’s stock valued at $5,167,000 after buying an additional 7,578 shares in the last quarter. Finally, Nisa Investment Advisors L.L.C. raised its position in Tech Data Corp. by 80.0% in the first quarter. Nisa Investment Advisors L.L.C. now owns 39,600 shares of the company’s stock valued at $3,040,000 after buying an additional 17,600 shares in the last quarter.
About Tech Data Corp.
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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