Tech Data Corp (TECD) Raised to Buy at Zacks Investment Research
Tech Data Corp (NASDAQ:TECD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm currently has a $104.00 price objective on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.78% from the company’s previous close.
According to Zacks, “Tech Data has been benefitting from increasing demand for data center systems, cloud and mobility. The higher level of spending in these areas is expected to drive revenue growth for Tech Data as the company consolidates its position in the fast-growing domain of data center, mobile technology, software and integrated supply chain. Furthermore, the acquisition of Technology Solutions unit from Avnet has provided new growth opportunities to Tech Data, in our opinion. The buyout has not only strengthened its distribution capabilities in Europe and the Americas but has also provided to a new market, i.e. Asia-Pacific region. he company has outperformed the broader market in the past one year. Also, estimates have remained stable ahead of the upcoming earnings release. However, lackluster IT spending is a concern. Also, as a wholesaler in the devices market, the ongoing troubles in the PC market do not bode well for its profitability. “
Separately, Needham & Company LLC upgraded shares of Tech Data Corp from a “hold” rating to a “buy” rating and set a $107.00 price objective for the company in a research note on Thursday, March 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $99.14.
Tech Data Corp (NASDAQ:TECD) traded up 1.19% during mid-day trading on Thursday, hitting $94.15. The company had a trading volume of 144,197 shares. Tech Data Corp has a 12-month low of $67.67 and a 12-month high of $99.30. The company’s 50 day moving average price is $93.53 and its 200-day moving average price is $88.85. The firm has a market capitalization of $3.58 billion, a PE ratio of 17.09 and a beta of 0.90.
Tech Data Corp (NASDAQ:TECD) last issued its quarterly earnings results on Wednesday, March 8th. The company reported $2.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.17 by $0.28. Tech Data Corp had a net margin of 0.81% and a return on equity of 10.51%. The company had revenue of $7.43 billion during the quarter, compared to analyst estimates of $7.50 billion. During the same quarter last year, the business posted $2.29 EPS. Tech Data Corp’s quarterly revenue was down .7% compared to the same quarter last year. On average, analysts forecast that Tech Data Corp will post $8.92 EPS for the current fiscal year.
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In other news, CFO Joseph B. Trepani sold 3,500 shares of the stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $95.25, for a total value of $333,375.00. Following the completion of the sale, the chief financial officer now directly owns 16,115 shares of the company’s stock, valued at $1,534,953.75. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Jeffrey Louis Taylor sold 1,000 shares of the stock in a transaction on Thursday, March 23rd. The stock was sold at an average price of $91.23, for a total transaction of $91,230.00. Following the completion of the sale, the senior vice president now directly owns 7,563 shares of the company’s stock, valued at $689,972.49. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,047 shares of company stock worth $1,129,364. 1.80% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in TECD. BlackRock Inc. raised its position in shares of Tech Data Corp by 12,492.8% in the first quarter. BlackRock Inc. now owns 3,852,635 shares of the company’s stock worth $361,763,000 after buying an additional 3,822,041 shares in the last quarter. Norges Bank acquired a new position in Tech Data Corp during the fourth quarter valued at approximately $40,749,000. Russell Investments Group Ltd. acquired a new position in Tech Data Corp during the fourth quarter valued at approximately $40,448,000. Teachers Advisors LLC raised its position in Tech Data Corp by 167.6% in the first quarter. Teachers Advisors LLC now owns 318,992 shares of the company’s stock valued at $29,953,000 after buying an additional 199,769 shares during the period. Finally, Calamos Advisors LLC acquired a new position in Tech Data Corp during the fourth quarter valued at approximately $14,998,000.
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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