Tech Data Corp. (TECD) Price Target Raised to $80.00
Tech Data Corp. (NASDAQ:TECD) had its price target upped by equities researchers at Citigroup Inc. from $59.00 to $80.00 in a note issued to investors on Thursday. The brokerage presently has a “sell” rating on the stock. Citigroup Inc.’s price target would suggest a potential downside of 7.18% from the company’s current price.
Other equities research analysts have also issued reports about the company. Brean Capital restated a “buy” rating and set a $82.00 price objective on shares of Tech Data Corp. in a research report on Friday, August 26th. Northcoast Research initiated coverage on Tech Data Corp. in a research report on Wednesday, August 10th. They set a “neutral” rating for the company. Zacks Investment Research lowered Tech Data Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, July 26th. Credit Agricole SA upgraded Tech Data Corp. from an “underperform” rating to a “buy” rating in a research report on Tuesday. Finally, Stifel Nicolaus upgraded Tech Data Corp. from a “hold” rating to a “buy” rating and raised their price objective for the stock from $75.00 to $96.00 in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. Tech Data Corp. has an average rating of “Hold” and a consensus price target of $81.85.
Tech Data Corp. (NASDAQ:TECD) traded up 0.39% on Thursday, hitting $86.53. The stock had a trading volume of 100,580 shares. Tech Data Corp. has a 52 week low of $57.99 and a 52 week high of $88.70. The company has a 50-day moving average price of $76.83 and a 200-day moving average price of $74.71. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of 14.05 and a beta of 0.95.
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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 Zacks’ 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 return on equity of 10.39% and a net margin of 0.83%. The company’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.43 EPS. Equities research analysts anticipate that Tech Data Corp. will post $5.97 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the stock. Macquarie Group Ltd. raised its stake in shares of Tech Data Corp. by 2.8% in the second quarter. Macquarie Group Ltd. now owns 667,822 shares of the company’s stock valued at $47,983,000 after buying an additional 18,286 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its position in shares of Tech Data Corp. by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 6,077 shares of the company’s stock worth $437,000 after buying an additional 27 shares during the last quarter. Mason Street Advisors LLC bought a new position in shares of Tech Data Corp. during the second quarter worth $1,153,000. Sterling Capital Management LLC increased its position in shares of Tech Data Corp. by 0.6% in the second quarter. Sterling Capital Management LLC now owns 14,095 shares of the company’s stock worth $1,013,000 after buying an additional 80 shares during the last quarter. Finally, Stifel Financial Corp increased its position in shares of Tech Data Corp. by 11.2% in the second quarter. Stifel Financial Corp now owns 26,442 shares of the company’s stock worth $1,899,000 after buying an additional 2,661 shares during the last quarter.
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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