Tech Data Corp. (TECD) Sees Strong Trading Volume
Shares of Tech Data Corp. (NASDAQ:TECD) saw unusually-strong trading volume on Tuesday . Approximately 562,169 shares were traded during mid-day trading, an increase of 75% from the previous session’s volume of 321,166 shares.The stock last traded at $81.24 and had previously closed at $81.25.
Several equities research analysts recently weighed in on TECD shares. Northcoast Research started coverage on shares of Tech Data Corp. in a research report on Wednesday, August 10th. They issued a “neutral” rating on the stock. Citigroup Inc. boosted their price target on shares of Tech Data Corp. from $55.00 to $59.00 and gave the stock a “sell” rating in a research report on Friday, May 27th. Zacks Investment Research upgraded shares of Tech Data Corp. from a “sell” rating to a “hold” rating and set a $85.00 price target on the stock in a research report on Monday, May 30th. Brean Capital restated a “buy” rating and issued a $82.00 price target on shares of Tech Data Corp. in a research report on Monday, May 23rd. Finally, Raymond James Financial Inc. restated a “market perform” rating on shares of Tech Data Corp. in a research report on Wednesday, June 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $73.52.
The company has a 50-day moving average of $77.68 and a 200-day moving average of $73.96. The stock has a market capitalization of $2.86 billion and a P/E ratio of 11.70.
Tech Data Corp. (NASDAQ:TECD) last released its quarterly earnings data on Thursday, May 26th. The company reported $1.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.11. The company earned $5.96 billion during the quarter, compared to analysts’ expectations of $5.98 billion. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.80 EPS. On average, equities research analysts anticipate that Tech Data Corp. will post $6.19 EPS for the current fiscal year.
Other large investors recently added to or reduced their stakes in the company. KBC Group NV raised its stake in 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. Matarin Capital Management LLC acquired a new position in shares of Tech Data Corp. during the fourth quarter worth about $2,092,000. Morgan Stanley raised its position 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, New York State Common Retirement Fund raised 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 worth $2,476,000 after buying an additional 3,800 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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