Citigroup Inc. Boosts Tech Data Corp. (TECD) Price Target to $80.00
Tech Data Corp. (NASDAQ:TECD) had its price objective upped by Citigroup Inc. from $59.00 to $80.00 in a research note issued on Thursday. The firm presently has a “sell” rating on the stock. Citigroup Inc.’s price target points to a potential downside of 7.18% from the company’s current price.
Other equities analysts have also issued reports about the stock. Zacks Investment Research lowered shares of Tech Data Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 26th. Stifel Nicolaus upgraded shares of Tech Data Corp. from a “hold” rating to a “buy” rating and increased their price target for the company from $75.00 to $96.00 in a research note on Tuesday. Raymond James Financial Inc. reiterated a “market perform” rating on shares of Tech Data Corp. in a research note on Wednesday, June 29th. Northcoast Research began coverage on shares of Tech Data Corp. in a research note on Wednesday, August 10th. They issued a “neutral” rating on the stock. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Tech Data Corp. in a research note on Friday, August 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. Tech Data Corp. currently has an average rating of “Hold” and a consensus price target of $81.85.
Shares of Tech Data Corp. (NASDAQ:TECD) traded up 0.63% during midday trading on Thursday, reaching $86.73. 146,697 shares of the company traded hands. The stock’s 50-day moving average is $76.83 and its 200-day moving average is $74.71. The stock has a market capitalization of $3.05 billion, a P/E ratio of 14.08 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 announced its quarterly earnings results on Thursday, August 25th. The company reported $1.42 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.43 by $0.01. The company earned $6.35 billion during the quarter, compared to analysts’ expectations of $6.63 billion. Tech Data Corp. had a net margin of 0.83% and a return on equity of 10.39%. The business’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.43 earnings per share. Equities analysts predict that Tech Data Corp. will post $5.97 EPS for the current fiscal year.
Several large investors have recently modified their holdings of the company. Norges Bank bought a new stake in shares of Tech Data Corp. during the fourth quarter valued at $35,917,000. Glenmede Trust Co. NA increased its stake in shares of Tech Data Corp. by 15.1% in the first quarter. Glenmede Trust Co. NA now owns 26,495 shares of the company’s stock valued at $2,033,000 after buying an additional 3,475 shares in the last quarter. Aperio Group LLC increased its stake in shares of Tech Data Corp. by 12.7% in the first quarter. Aperio Group LLC now owns 67,299 shares of the company’s stock valued at $5,167,000 after buying an additional 7,578 shares in the last quarter. Nisa Investment Advisors L.L.C. increased its stake in shares of Tech Data Corp. by 80.0% in the first quarter. Nisa Investment Advisors L.L.C. now owns 39,600 shares of the company’s stock valued at $3,040,000 after buying an additional 17,600 shares in the last quarter. Finally, Virginia Retirement System bought a new stake in shares of Tech Data Corp. during the first quarter valued at $330,000.
Tech Data Corp. 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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