Tech Data Corporation (TECD) Earns Buy Rating from Analysts at Pivotal Research
Equities research analysts at Pivotal Research assumed coverage on shares of Tech Data Corporation (NASDAQ:TECD) in a research report issued to clients and investors on Friday. The firm set a “buy” rating and a $114.00 price target on the stock. Pivotal Research’s price target would indicate a potential upside of 24.67% from the stock’s previous close.
Other analysts have also issued reports about the company. ValuEngine lowered Tech Data Corporation from a “buy” rating to a “hold” rating in a research note on Monday, September 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price objective (down from $107.00) on shares of Tech Data Corporation in a research note on Monday, September 18th. BidaskClub lowered Tech Data Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Zacks Investment Research raised Tech Data Corporation from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. Finally, Stifel Nicolaus reduced their price objective on Tech Data Corporation from $115.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, September 1st. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Tech Data Corporation has a consensus rating of “Buy” and an average price target of $109.00.
Tech Data Corporation (TECD) opened at 91.44 on Friday. The firm has a market cap of $3.49 billion, a P/E ratio of 17.35 and a beta of 0.78. The company’s 50-day moving average is $92.81 and its 200 day moving average is $96.87. Tech Data Corporation has a 12 month low of $74.07 and a 12 month high of $111.10.
Tech Data Corporation (NASDAQ:TECD) last released its quarterly earnings data on Thursday, August 31st. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.32). The business had revenue of $8.88 billion during the quarter, compared to analyst estimates of $8.74 billion. Tech Data Corporation had a net margin of 0.63% and a return on equity of 11.60%. The business’s quarterly revenue was up 39.8% compared to the same quarter last year. During the same period last year, the business earned $1.42 earnings per share. Equities research analysts expect that Tech Data Corporation will post $8.86 EPS for the current fiscal year.
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In other news, CFO Alain Amsellem sold 1,648 shares of Tech Data Corporation stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $106.31, for a total transaction of $175,198.88. Following the sale, the chief financial officer now directly owns 26,479 shares of the company’s stock, valued at $2,814,982.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Prudential Financial Inc. boosted its stake in shares of Tech Data Corporation by 30.2% during the second quarter. Prudential Financial Inc. now owns 381,747 shares of the company’s stock valued at $38,557,000 after purchasing an additional 88,598 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Tech Data Corporation by 37.5% in the second quarter. JPMorgan Chase & Co. now owns 785,299 shares of the company’s stock worth $79,316,000 after acquiring an additional 214,058 shares during the period. Capital One National Association lifted 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 worth $1,383,000 after acquiring an additional 47 shares during the period. Geneva Advisors LLC acquired a new position in shares of Tech Data Corporation in the second quarter worth approximately $606,000. Finally, State of Tennessee Treasury Department lifted its stake in shares of Tech Data Corporation by 40.8% in the second quarter. State of Tennessee Treasury Department now owns 98,593 shares of the company’s stock worth $9,958,000 after acquiring an additional 28,593 shares during the period.
About Tech Data Corporation
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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