Tech Data Corporation (TECD) Stock Rating Upgraded by Zacks Investment Research
Tech Data Corporation (NASDAQ:TECD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “Tech Data shares have outperformed the broader market on a year-to-date basis. The acquisition of the Technology Solutions business from Avnet strengthened its distribution capabilities in Europe and the Americas, and introduced it to the Asia-Pacific market, thereby giving a boost to the top-line. The increasing demand for data center systems, cloud and mobility products are also positives for Tech Data. However, the company’s bottom-line is marred by competitive pricing, execution challenges as well as rebates issue. Moreover, a sluggish IT spending environment, ongoing decline in the PC market and intense competition remain headwinds.”
A number of other research analysts have also issued reports on TECD. BidaskClub lowered Tech Data Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 15th. Loop Capital started coverage on Tech Data Corporation in a research report on Thursday, August 24th. They set a “buy” rating and a $130.00 price objective for the company. Northcoast Research restated a “neutral” rating on shares of Tech Data Corporation in a research report on Monday, August 28th. Citigroup Inc. restated a “hold” rating and set a $100.00 price objective on shares of Tech Data Corporation in a research report on Friday, September 1st. Finally, Stifel Nicolaus reduced their price objective on Tech Data Corporation from $115.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, September 1st. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $109.33.
Tech Data Corporation (NASDAQ TECD) traded down 0.609% on Friday, hitting $93.915. The stock had a trading volume of 97,161 shares. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of 17.824 and a beta of 0.78. Tech Data Corporation has a one year low of $74.07 and a one year high of $111.10. The stock’s 50 day moving average is $91.36 and its 200 day moving average is $96.90.
Tech Data Corporation (NASDAQ:TECD) last issued its earnings results on Thursday, August 31st. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.32). Tech Data Corporation had a return on equity of 11.60% and a net margin of 0.63%. The firm had revenue of $8.88 billion during the quarter, compared to analyst estimates of $8.74 billion. During the same quarter in the previous year, the business posted $1.42 EPS. Tech Data Corporation’s revenue was up 39.8% compared to the same quarter last year. Analysts anticipate that Tech Data Corporation will post $8.94 earnings per share for the current year.
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A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in Tech Data Corporation by 24.1% during the 2nd quarter. BlackRock Inc. now owns 4,780,405 shares of the company’s stock valued at $482,820,000 after acquiring an additional 927,770 shares in the last quarter. Vanguard Group Inc. raised its stake in Tech Data Corporation by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 3,834,033 shares of the company’s stock valued at $387,237,000 after acquiring an additional 95,414 shares in the last quarter. State Street Corp raised its stake in Tech Data Corporation by 3.7% during the 2nd quarter. State Street Corp now owns 1,269,882 shares of the company’s stock valued at $128,258,000 after acquiring an additional 44,944 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Tech Data Corporation by 37.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 785,299 shares of the company’s stock valued at $79,316,000 after acquiring an additional 214,058 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Tech Data Corporation by 13.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 780,356 shares of the company’s stock valued at $78,816,000 after acquiring an additional 94,072 shares in the last quarter.
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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