Tech Data Corp. (TECD) Raised to Buy at Credit Agricole SA
Tech Data Corp. (NASDAQ:TECD) was upgraded by Credit Agricole SA from an “underperform” rating to a “buy” rating in a note issued to investors on Tuesday.
Several other research analysts also recently weighed in on TECD. Zacks Investment Research downgraded Tech Data Corp. from a “hold” rating to a “sell” rating in a report on Friday, August 26th. Brean Capital reiterated a “buy” rating and issued a $82.00 price target on shares of Tech Data Corp. in a report on Monday, May 23rd. Citigroup Inc. boosted their price target on Tech Data Corp. from $55.00 to $59.00 and gave the company a “sell” rating in a report on Friday, May 27th. Stifel Nicolaus upgraded Tech Data Corp. from a “hold” rating to a “buy” rating and boosted their price target for the company from $75.00 to $96.00 in a report on Tuesday. Finally, Northcoast Research initiated coverage on Tech Data Corp. in a report on Wednesday, August 10th. They issued a “neutral” rating for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $78.35.
Tech Data Corp. (NASDAQ:TECD) traded up 0.33% during mid-day trading on Tuesday, reaching $85.08. The company’s stock had a trading volume of 2,932,544 shares. The stock’s 50 day moving average price is $76.53 and its 200 day moving average price is $74.62. The stock has a market capitalization of $3.00 billion, a P/E ratio of 13.81 and a beta of 0.95. Tech Data Corp. has a 1-year low of $57.99 and a 1-year high of $88.70.
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Tech Data Corp. (NASDAQ:TECD) last issued its quarterly earnings results on Thursday, August 25th. The company reported $1.42 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.43 by $0.01. The business earned $6.35 billion during the quarter, compared to analyst estimates of $6.63 billion. Tech Data Corp. had a net margin of 0.83% and a return on equity of 10.39%. The company’s revenue was down 3.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.43 earnings per share. Analysts expect that Tech Data Corp. will post $5.93 EPS for the current fiscal year.
Hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Tech Data Corp. during the fourth quarter worth $35,917,000. FMR LLC boosted its stake in shares of Tech Data Corp. by 14.4% in the second quarter. FMR LLC now owns 4,077,520 shares of the company’s stock worth $292,970,000 after buying an additional 511,893 shares during the period. Emerald Acquisition Ltd. acquired a new stake in shares of Tech Data Corp. during the second quarter worth $32,170,000. JPMorgan Chase & Co. boosted its stake in shares of Tech Data Corp. by 73.3% in the first quarter. JPMorgan Chase & Co. now owns 850,627 shares of the company’s stock worth $65,302,000 after buying an additional 359,668 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Tech Data Corp. by 10.4% in the second quarter. Vanguard Group Inc. now owns 3,525,069 shares of the company’s stock worth $253,276,000 after buying an additional 332,980 shares during the period.
About Tech Data Corp.
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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