Tech Data Corporation (NASDAQ:TECD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, October 26th.
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.”
TECD has been the subject of several other reports. Citigroup Inc. reaffirmed a “hold” rating and set a $100.00 price objective on shares of Tech Data Corporation in a research note on Friday, September 1st. Needham & Company LLC reissued a “buy” rating and issued a $100.00 price target (down from $107.00) on shares of Tech Data Corporation in a research note on Monday, September 18th. Loop Capital reaffirmed a “buy” rating and set a $120.00 target price (down previously from $130.00) on shares of Tech Data Corporation in a research note on Friday, September 1st. BidaskClub downgraded shares of Tech Data Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Finally, ValuEngine cut shares of Tech Data Corporation from a “buy” rating to a “hold” rating in a report on Monday, September 18th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Tech Data Corporation has a consensus rating of “Buy” and a consensus target price of $109.33.
Shares of Tech Data Corporation (NASDAQ:TECD) opened at $90.66 on Thursday. The company has a current ratio of 1.34, a quick ratio of 0.94 and a debt-to-equity ratio of 0.66. Tech Data Corporation has a 1-year low of $74.07 and a 1-year high of $111.10. The stock has a market cap of $3,458.60, a price-to-earnings ratio of 12.09, a price-to-earnings-growth ratio of 0.47 and a beta of 0.77.
Tech Data Corporation (NASDAQ:TECD) last released its quarterly earnings results 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). 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 the consensus estimate of $8.74 billion. During the same period in the previous year, the company posted $1.42 EPS. The company’s revenue for the quarter was up 39.8% compared to the same quarter last year. equities research analysts forecast that Tech Data Corporation will post 9.08 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Tech Data Corporation by 12,492.8% during the 1st quarter. BlackRock Inc. now owns 3,852,635 shares of the company’s stock valued at $361,763,000 after purchasing an additional 3,822,041 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Tech Data Corporation in the 2nd quarter valued at $35,974,000. Numeric Investors LLC boosted its holdings in shares of Tech Data Corporation by 1,589.9% in the 2nd quarter. Numeric Investors LLC now owns 326,156 shares of the company’s stock valued at $32,942,000 after acquiring an additional 306,856 shares during the last quarter. Peregrine Capital Management LLC purchased a new stake in shares of Tech Data Corporation in the 2nd quarter valued at $26,404,000. Finally, JPMorgan Chase & Co. boosted its holdings in Tech Data Corporation by 37.5% during the second quarter. JPMorgan Chase & Co. now owns 785,299 shares of the company’s stock worth $79,316,000 after buying an additional 214,058 shares in the last quarter.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Tech Data Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tech Data Corporation and related companies with MarketBeat.com's FREE daily email newsletter.