Tech Data Corporation (NASDAQ:TECD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday.

According to Zacks, “Tech Data distributes IT products, logistics management and other value-added services. Increasing demand for data center systems, cloud and mobility products are positives for Tech Data. Moreover, the acquisition of Technology Solutions unit from Avnet has opened up new growth opportunities. Apart from strengthening its distribution capabilities in Europe and the Americas, the buyout has also introduced a new market, i.e. Asia-Pacific region. Nevertheless, rising DRAM and NAND chips prices will eventually increase the prices of PCs, which may result in further decline in overall PC shipments. This makes us cautious over the stock’s near-term performance as these products contribute to majority of revenues. Moreover, a sluggish IT spending environment, uncertain macroeconomic condition and intense competition remain headwinds. Estimates have remained stable ahead of the upcoming earnings release.”

Several other research firms have also issued reports on TECD. Citigroup Inc. upgraded shares of Tech Data Corporation from a “sell” rating to a “neutral” rating and set a $115.00 target price for the company in a report on Friday, June 2nd. Bank of America Corporation reiterated a “buy” rating and set a $110.00 target price on shares of Tech Data Corporation in a report on Thursday, June 1st. Finally, BidaskClub lowered shares of Tech Data Corporation from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 15th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Tech Data Corporation presently has an average rating of “Buy” and an average target price of $105.57.

Shares of Tech Data Corporation (NASDAQ TECD) traded up 1.44% during mid-day trading on Monday, reaching $106.73. The company’s stock had a trading volume of 87,831 shares. The company has a market cap of $4.07 billion, a P/E ratio of 19.92 and a beta of 0.79. The company has a 50-day moving average of $102.78 and a 200-day moving average of $94.65. Tech Data Corporation has a 12 month low of $67.67 and a 12 month high of $107.18.

Tech Data Corporation (NASDAQ:TECD) last released its earnings results on Thursday, June 1st. The company reported $1.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.34 by $0.53. Tech Data Corporation had a net margin of 0.69% and a return on equity of 11.67%. The firm had revenue of $7.66 billion during the quarter, compared to analyst estimates of $7.31 billion. During the same period last year, the business earned $1.05 earnings per share. The business’s revenue was up 28.5% on a year-over-year basis. Equities research analysts forecast that Tech Data Corporation will post $9.76 earnings per share for the current fiscal year.

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In related news, Director Harry J. Harczak, Jr. sold 1,440 shares of the firm’s stock in a transaction that occurred on Tuesday, June 20th. The shares were sold at an average price of $98.83, for a total transaction of $142,315.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alain Amsellem sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $104.63, for a total transaction of $104,630.00. Following the sale, the chief financial officer now directly owns 26,379 shares of the company’s stock, valued at approximately $2,760,034.77. The disclosure for this sale can be found here. Insiders have sold 34,888 shares of company stock valued at $3,519,704 in the last three months. 1.60% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the stock. Glen Harbor Capital Management LLC increased its stake in shares of Tech Data Corporation by 1.8% in the first quarter. Glen Harbor Capital Management LLC now owns 1,276 shares of the company’s stock valued at $120,000 after buying an additional 22 shares during the period. Elkfork Partners LLC increased its stake in shares of Tech Data Corporation by 1.8% in the first quarter. Elkfork Partners LLC now owns 1,624 shares of the company’s stock valued at $152,000 after buying an additional 28 shares during the period. Meadow Creek Investment Management LLC increased its stake in shares of Tech Data Corporation by 1.8% in the first quarter. Meadow Creek Investment Management LLC now owns 1,972 shares of the company’s stock valued at $185,000 after buying an additional 34 shares during the period. Balasa Dinverno & Foltz LLC increased its stake in shares of Tech Data Corporation by 0.6% in the second quarter. Balasa Dinverno & Foltz LLC now owns 5,365 shares of the company’s stock valued at $542,000 after buying an additional 34 shares during the period. Finally, Capital One National Association increased its stake in shares of Tech Data Corporation by 0.3% in the second quarter. Capital One National Association now owns 13,690 shares of the company’s stock valued at $1,383,000 after buying an additional 47 shares during the period. 94.16% of the stock is owned by institutional investors.

Tech Data Corporation 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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Analyst Recommendations for Tech Data Corporation (NASDAQ:TECD)

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