Zacks Investment Research downgraded shares of Tech Data Corporation (NASDAQ:TECD) from a hold rating to a sell rating in a research report sent to investors on Tuesday.

According to Zacks, “Tech Data distributes IT products, logistics management and other value-added services. Rising DRAM and NAND chips prices will eventually increase the prices of PCs, which may result in further decline in overall PC shipments. This makes us cautious over the stock’s near-term performance as these products contribute to majority of revenues. Moreover, a sluggish IT spending environment, uncertain macroeconomic condition and intense competition remain headwinds. Nevertheless, increasing demand for data center systems, cloud and mobility products are positives for Tech Data. Moreover, the acquisition of Technology Solutions unit from Avnet has opened up new growth opportunities. Apart from strengthening its distribution capabilities in Europe and the Americas, the buyout has also introduced a new market, i.e. Asia-Pacific region. Furthermore, the stock has outperformed the industry in the last one year.”

A number of other brokerages have also issued reports on TECD. Bank of America Corporation reiterated a buy rating and issued a $110.00 price target on shares of Tech Data Corporation in a research note on Thursday, June 1st. Citigroup Inc. upgraded Tech Data Corporation from a sell rating to a neutral rating and set a $115.00 price target for the company in a research note on Friday, June 2nd. Finally, BidaskClub lowered Tech Data Corporation from a strong-buy rating to a buy rating in a research note on Thursday, June 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. Tech Data Corporation presently has an average rating of Buy and a consensus price target of $105.57.

Tech Data Corporation (TECD) traded up 2.41% during trading on Tuesday, reaching $105.55. The company had a trading volume of 305,564 shares. Tech Data Corporation has a one year low of $67.67 and a one year high of $106.92. The firm’s 50-day moving average price is $102.78 and its 200 day moving average price is $94.65. The firm has a market capitalization of $4.02 billion, a P/E ratio of 19.70 and a beta of 0.79.

Tech Data Corporation (NASDAQ:TECD) last issued its quarterly earnings results on Thursday, June 1st. The company reported $1.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.34 by $0.53. Tech Data Corporation had a return on equity of 11.67% and a net margin of 0.69%. The business had revenue of $7.66 billion during the quarter, compared to analyst estimates of $7.31 billion. During the same quarter in the prior year, the business posted $1.05 EPS. Tech Data Corporation’s revenue for the quarter was up 28.5% compared to the same quarter last year. Equities analysts forecast that Tech Data Corporation will post $9.76 earnings per share for the current fiscal year.

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In other news, VP David R. Vetter sold 6,000 shares of the firm’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $100.26, for a total transaction of $601,560.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert M. Dutkowsky sold 20,000 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $100.08, for a total value of $2,001,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,888 shares of company stock valued at $3,519,704. Company insiders own 1.60% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of TECD. Sawgrass Asset Management LLC purchased a new position in shares of Tech Data Corporation during the first quarter worth $355,000. Glen Harbor Capital Management LLC raised its position in shares of Tech Data Corporation by 1.8% in the first quarter. Glen Harbor Capital Management LLC now owns 1,276 shares of the company’s stock worth $120,000 after buying an additional 22 shares during the last quarter. James Investment Research Inc. increased its position in shares of Tech Data Corporation by 184.4% in the first quarter. James Investment Research Inc. now owns 2,545 shares of the company’s stock worth $239,000 after buying an additional 1,650 shares during the last quarter. Navellier & Associates Inc increased its position in shares of Tech Data Corporation by 9.3% in the first quarter. Navellier & Associates Inc now owns 5,649 shares of the company’s stock worth $530,000 after buying an additional 483 shares during the last quarter. Finally, Parametrica Management Ltd acquired a new position in shares of Tech Data Corporation during the first quarter worth approximately $222,000. Hedge funds and other institutional investors own 94.20% of the company’s stock.

Tech Data Corporation Company Profile

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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