Zacks Investment Research upgraded shares of Tech Data Corporation (NASDAQ:TECD) from a sell rating to a hold rating in a research report report published on Friday.
According to Zacks, “Tech Data shares have outperformed the broader market on a year-to-date basis. The acquisition of the Technology Solutions business from Avnet strengthened its distribution capabilities in Europe and the Americas, and introduced it to the Asia-Pacific market, thereby giving a boost to the top-line. The increasing demand for data center systems, cloud and mobility products are also positives for Tech Data. However, the company’s bottom-line is marred by competitive pricing, execution challenges as well as rebates issue. Moreover, a sluggish IT spending environment, ongoing decline in the PC market and intense competition remain headwinds.”
A number of other analysts have also weighed in on TECD. BidaskClub lowered shares of Tech Data Corporation from a strong-buy rating to a buy rating in a research report on Thursday, June 15th. Loop Capital started coverage on shares of Tech Data Corporation in a research report on Thursday, August 24th. They issued a buy rating and a $130.00 price objective on the stock. Northcoast Research reissued a neutral rating on shares of Tech Data Corporation in a research report on Monday, August 28th. Citigroup Inc. reissued a hold rating and issued a $100.00 price objective on shares of Tech Data Corporation in a research report on Friday, September 1st. Finally, Stifel Nicolaus reduced their price objective on shares of Tech Data Corporation from $115.00 to $110.00 and set a buy rating on the stock in a research report on Friday, September 1st. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Tech Data Corporation presently has a consensus rating of Buy and a consensus target price of $109.33.
Shares of Tech Data Corporation (TECD) opened at 92.85 on Friday. Tech Data Corporation has a 1-year low of $74.07 and a 1-year high of $111.10. The company has a 50 day moving average price of $90.59 and a 200 day moving average price of $97.00. The company has a market capitalization of $3.54 billion, a PE ratio of 17.62 and a beta of 0.78.
Tech Data Corporation (NASDAQ:TECD) last posted its quarterly earnings data on Thursday, August 31st. The company reported $1.74 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.06 by ($0.32). Tech Data Corporation had a return on equity of 11.60% and a net margin of 0.63%. The firm had revenue of $8.88 billion during the quarter, compared to analysts’ expectations of $8.74 billion. During the same period last year, the company earned $1.42 earnings per share. The business’s revenue for the quarter was up 39.8% compared to the same quarter last year. Equities analysts predict that Tech Data Corporation will post $8.94 EPS for the current fiscal year.
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A number of hedge funds have recently modified their holdings of the business. Balasa Dinverno & Foltz LLC grew its stake in Tech Data Corporation by 0.6% in the 2nd quarter. Balasa Dinverno & Foltz LLC now owns 5,365 shares of the company’s stock worth $542,000 after acquiring an additional 34 shares in the last quarter. Capital One National Association grew its stake in Tech Data Corporation by 0.3% in the 2nd quarter. Capital One National Association now owns 13,690 shares of the company’s stock worth $1,383,000 after acquiring an additional 47 shares in the last quarter. Oakbrook Investments LLC grew its stake in Tech Data Corporation by 3.0% in the 2nd quarter. Oakbrook Investments LLC now owns 2,575 shares of the company’s stock worth $260,000 after acquiring an additional 75 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in Tech Data Corporation by 3.4% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 2,460 shares of the company’s stock worth $231,000 after acquiring an additional 80 shares in the last quarter. Finally, Amalgamated Bank grew its stake in Tech Data Corporation by 1.6% in the 2nd quarter. Amalgamated Bank now owns 4,990 shares of the company’s stock worth $504,000 after acquiring an additional 80 shares in the last quarter.
About Tech Data Corporation
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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