ScanSource (NASDAQ:SCSC) Stock Rating Lowered by Wall Street Zen

ScanSource (NASDAQ:SCSC) was downgraded by Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other research firms have also recently weighed in on SCSC. Barclays boosted their target price on shares of ScanSource from $43.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, October 12th. Northcoast Research downgraded shares of ScanSource from a “buy” rating to a “neutral” rating in a report on Monday, August 17th. Weiss Ratings upgraded ScanSource from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Finally, Zacks Research downgraded ScanSource from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 20th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $51.00.

ScanSource Stock Performance

Shares of ScanSource stock opened at $42.78 on Friday. The firm has a market capitalization of $871.43 million, a PE ratio of 13.41, a price-to-earnings-growth ratio of 0.61 and a beta of 1.28. The company has a current ratio of 1.75, a quick ratio of 1.13 and a debt-to-equity ratio of 0.36. The firm’s 50 day moving average is $58.21 and its 200 day moving average is $48.11. ScanSource has a 1 year low of $33.76 and a 1 year high of $66.78.

ScanSource (NASDAQ:SCSC) last released its quarterly earnings data on Thursday, November 5th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.26). The company had revenue of $962.29 million for the quarter, compared to analyst estimates of $860.35 million. ScanSource had a return on equity of 9.44% and a net margin of 1.96%. ScanSource’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.06 earnings per share. Equities research analysts forecast that ScanSource will post 4.71 earnings per share for the current fiscal year.

Insider Buying and Selling at ScanSource

In other ScanSource news, Director Charles Mathis sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $58.00, for a total value of $174,000.00. Following the completion of the transaction, the director directly owned 25,027 shares in the company, valued at approximately $1,451,566. This represents a 10.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Brandy Ford sold 5,293 shares of the firm’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $57.43, for a total transaction of $303,976.99. Following the transaction, the chief accounting officer directly owned 9,907 shares of the company’s stock, valued at $568,959.01. The trade was a 34.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 95,632 shares of company stock valued at $5,484,582 in the last quarter. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SCSC. BlackRock Inc. bought a new position in shares of ScanSource in the 2nd quarter worth $200,140,000. Pzena Investment Management LLC acquired a new stake in ScanSource in the 2nd quarter valued at $57,807,000. Bank of New York Mellon Corp acquired a new stake in ScanSource in the 2nd quarter valued at $7,036,000. Pacer Advisors Inc. increased its stake in ScanSource by 69.7% during the 1st quarter. Pacer Advisors Inc. now owns 130,788 shares of the industrial products company’s stock valued at $4,748,000 after purchasing an additional 53,702 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in ScanSource by 10.1% during the 1st quarter. Empowered Funds LLC now owns 128,473 shares of the industrial products company’s stock valued at $4,664,000 after purchasing an additional 11,767 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

More ScanSource News

Here are the key news stories impacting ScanSource this week:

• Positive Sentiment: Fiscal Q1 revenue rose 30.1% year over year to $962.3 million, topping analysts’ $860.4 million estimate. ScanSource also forecast fiscal 2027 revenue of $3.8 billion to $4.0 billion, above the roughly $3.7 billion consensus. Article: ScanSource posts better-than-expected sales and guides for strong full-year sales
• Negative Sentiment: Adjusted EPS was $0.86, missing the $1.12 consensus and down from $1.06 a year earlier. The earnings miss suggests the strong sales growth has not translated into comparable per-share earnings. Article: ScanSource shares fall after lower fiscal Q1 non-GAAP earnings miss estimates
• Negative Sentiment: Shares fell below their 200-day moving average following the disappointing results, a technical signal that may add to near-term selling pressure. Article: ScanSource shares break below 200-day moving average on disappointing earnings

ScanSource Company Profile

ScanSource, Inc (NASDAQ: SCSC) is a technology distributor that connects manufacturers of business technology products with value-added resellers, systems integrators and other channel partners. The company provides products, services and expertise intended to help partners design, deploy and support technology solutions for business customers.

ScanSource’s offerings include point-of-sale and payment technology, barcode scanners, mobile computing devices, networking equipment, cybersecurity products, communications systems and cloud-based services.