Zacks Investment Research Upgrades Tech Data Corporation (TECD) to “Hold”
Tech Data Corporation (NASDAQ:TECD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “Tech Data shares have outperformed the industry on a year-to-date basis. The company’s 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.”
Several other research analysts have also recently issued reports on TECD. BidaskClub cut shares of Tech Data Corporation from a “buy” rating to a “hold” rating in a report on Friday, August 11th. ValuEngine upgraded shares of Tech Data Corporation from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Loop Capital began coverage on shares of Tech Data Corporation in a report on Thursday, August 24th. They issued a “buy” rating and a $130.00 price objective for the company. Needham & Company LLC increased their price objective on shares of Tech Data Corporation from $100.00 to $102.00 and gave the company a “buy” rating in a report on Thursday, October 12th. Finally, Pivotal Research began coverage on shares of Tech Data Corporation in a report on Friday, October 6th. They issued a “buy” rating and a $114.00 price objective for the company. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $109.33.
Tech Data Corporation (TECD) traded up 0.58% during midday trading on Thursday, hitting $90.48. 142,083 shares of the stock were exchanged. Tech Data Corporation has a 52 week low of $74.07 and a 52 week high of $111.10. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 17.17 and a beta of 0.78. The firm’s 50-day moving average is $89.11 and its 200 day moving average is $96.97.
Tech Data Corporation (NASDAQ:TECD) last posted its quarterly earnings data on Thursday, August 31st. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.32). The company had revenue of $8.88 billion during the quarter, compared to the consensus estimate of $8.74 billion. Tech Data Corporation had a net margin of 0.63% and a return on equity of 11.60%. The company’s revenue was up 39.8% on a year-over-year basis. During the same quarter last year, the business earned $1.42 earnings per share. Equities research analysts expect that Tech Data Corporation will post $8.94 EPS for the current fiscal year.
Large investors have recently modified their holdings of the stock. Engine Capital Management LLC purchased a new stake in shares of Tech Data Corporation in the 4th quarter valued at approximately $2,000,000. SpiderRock Advisors LLC purchased a new stake in Tech Data Corporation in the 3rd quarter worth approximately $106,000. Glen Harbor Capital Management LLC lifted its position in Tech Data Corporation by 1.8% in the 1st quarter. Glen Harbor Capital Management LLC now owns 1,276 shares of the company’s stock worth $120,000 after buying an additional 22 shares in the last quarter. Weaver C. Barksdale & Associates Inc. lifted its position in Tech Data Corporation by 7.2% in the 2nd quarter. Weaver C. Barksdale & Associates Inc. now owns 1,473 shares of the company’s stock worth $106,000 after buying an additional 99 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Tech Data Corporation by 15.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,490 shares of the company’s stock worth $150,000 after buying an additional 195 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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