Tech Data Corporation (NASDAQ:TECD) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Tech Data Corporation (NASDAQ:TECD) from a sell rating to a hold rating in a report issued on Monday.
According to Zacks, “Tech Data distributes IT products, logistics management and other value-added services. 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. Nevertheless, 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. Estimates have remained stable ahead of the upcoming earnings release.”
Several other analysts also recently issued reports on the company. BidaskClub downgraded Tech Data Corporation from a strong-buy rating to a buy rating in a report on Thursday, June 15th. Citigroup Inc. upgraded Tech Data Corporation from a sell rating to a neutral rating and set a $115.00 price objective on the stock in a report on Friday, June 2nd. Finally, Bank of America Corporation restated a buy rating and set a $110.00 price objective on shares of Tech Data Corporation in a report on Thursday, June 1st. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $105.57.
Tech Data Corporation (NASDAQ:TECD) traded up 0.88% during midday trading on Monday, hitting $106.78. 65,619 shares of the company’s stock traded hands. Tech Data Corporation has a 52 week low of $67.67 and a 52 week high of $107.50. The company has a market capitalization of $4.07 billion, a PE ratio of 19.93 and a beta of 0.79. The company has a 50 day moving average of $102.78 and a 200-day moving average of $94.65.
Tech Data Corporation (NASDAQ:TECD) last posted its quarterly earnings data on Thursday, June 1st. The company reported $1.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.34 by $0.53. The firm had revenue of $7.66 billion for the quarter, compared to the consensus estimate of $7.31 billion. Tech Data Corporation had a return on equity of 11.67% and a net margin of 0.69%. The business’s revenue for the quarter was up 28.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.05 EPS. Equities research analysts predict that Tech Data Corporation will post $9.76 earnings per share for the current year.
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In other news, CEO Robert M. Dutkowsky sold 20,000 shares of the company’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $100.08, for a total value of $2,001,600.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Harry J. Harczak, Jr. sold 1,440 shares of the company’s stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $98.83, for a total value of $142,315.20. The disclosure for this sale can be found here. Insiders sold a total of 34,888 shares of company stock worth $3,519,704 in the last quarter. 1.60% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of TECD. Glen Harbor Capital Management LLC boosted its stake 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 valued at $120,000 after buying an additional 22 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Tech Data Corporation by 15.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,490 shares of the company’s stock valued at $150,000 after buying an additional 195 shares during the last quarter. Elkfork Partners LLC boosted its stake in shares of Tech Data Corporation by 1.8% in the first quarter. Elkfork Partners LLC now owns 1,624 shares of the company’s stock valued at $152,000 after buying an additional 28 shares during the last quarter. Invictus RG purchased a new stake in shares of Tech Data Corporation during the first quarter valued at approximately $156,000. Finally, Meadow Creek Investment Management LLC boosted its stake in shares of Tech Data Corporation by 1.8% in the first quarter. Meadow Creek Investment Management LLC now owns 1,972 shares of the company’s stock valued at $185,000 after buying an additional 34 shares during the last quarter. Institutional investors own 94.16% 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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