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.”
Other equities research analysts have also recently issued reports about the company. Raymond James Financial Inc. reissued a market perform rating on shares of Tech Data Corp. in a research report on Wednesday, June 29th. Brean Capital reissued a buy rating and issued a $82.00 price objective on shares of Tech Data Corp. in a research report on Monday, May 23rd. Northcoast Research began coverage on Tech Data Corp. in a research report on Wednesday, August 10th. They issued a neutral rating for the company. Citigroup Inc. increased their price objective on Tech Data Corp. from $55.00 to $59.00 and gave the company a sell rating in a research report on Friday, May 27th. Finally, Needham & Company LLC reissued a hold rating on shares of Tech Data Corp. in a research report on Friday, August 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $74.82.
Shares of Tech Data Corp. (NASDAQ:TECD) opened at 84.80 on Thursday. The company has a 50-day moving average of $76.34 and a 200 day moving average of $74.57. The firm has a market cap of $2.99 billion, a P/E ratio of 13.77 and a beta of 0.95. Tech Data Corp. has a 12-month low of $57.99 and a 12-month high of $85.58.
Tech Data Corp. (NASDAQ:TECD) last posted its quarterly earnings data on Thursday, August 25th. The company reported $1.42 earnings per share for the quarter, missing the consensus estimate of $1.43 by $0.01. Tech Data Corp. had a net margin of 0.83% and a return on equity of 10.39%. The business earned $6.35 billion during the quarter, compared to the consensus estimate of $6.63 billion. During the same period in the prior year, the company posted $1.43 earnings per share. The firm’s revenue was down 3.4% compared to the same quarter last year. Equities analysts predict that Tech Data Corp. will post $5.94 EPS for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of TECD. Norges Bank bought a new position in Tech Data Corp. during the fourth quarter valued at about $35,917,000. FMR LLC raised its position in Tech Data Corp. by 14.4% in the second quarter. FMR LLC now owns 4,077,520 shares of the company’s stock valued at $292,970,000 after buying an additional 511,893 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in Tech Data Corp. during the second quarter valued at about $32,170,000. JPMorgan Chase & Co. raised its position in Tech Data Corp. by 73.3% in the first quarter. JPMorgan Chase & Co. now owns 850,627 shares of the company’s stock valued at $65,302,000 after buying an additional 359,668 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Tech Data Corp. by 10.4% in the second quarter. Vanguard Group Inc. now owns 3,525,069 shares of the company’s stock valued at $253,276,000 after buying an additional 332,980 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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