Tech Data (NASDAQ:TECD) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday.
TECD has been the subject of a number of other research reports. Zacks Investment Research downgraded Tech Data from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 1st. Bank of America cut Tech Data from a “buy” rating to an “underperform” rating and set a $80.00 target price for the company. in a report on Friday, August 31st. Citigroup dropped their target price on Tech Data from $95.00 to $85.00 and set a “neutral” rating for the company in a report on Friday, August 31st. TheStreet cut Tech Data from a “b-” rating to a “c+” rating in a report on Monday, October 1st. Finally, Needham & Company LLC dropped their target price on Tech Data from $115.00 to $100.00 and set a “buy” rating for the company in a report on Friday, August 31st. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $100.14.
Shares of TECD stock opened at $75.63 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 1.28 and a debt-to-equity ratio of 0.49. Tech Data has a 12 month low of $66.93 and a 12 month high of $108.62. The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of 8.30, a PEG ratio of 1.01 and a beta of 0.67.
Tech Data (NASDAQ:TECD) last announced its quarterly earnings data on Thursday, August 30th. The company reported $2.01 EPS for the quarter, missing the Zacks’ consensus estimate of $2.11 by ($0.10). Tech Data had a return on equity of 12.67% and a net margin of 0.39%. The firm had revenue of $8.89 billion during the quarter, compared to the consensus estimate of $8.73 billion. During the same quarter in the prior year, the business posted $1.74 EPS. Tech Data’s revenue was up 9.8% compared to the same quarter last year. On average, equities research analysts forecast that Tech Data will post 9.96 EPS for the current year.
Tech Data declared that its Board of Directors has initiated a share buyback program on Tuesday, October 2nd that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to purchase up to 7.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
Several institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC raised its holdings in shares of Tech Data by 124.9% in the 3rd quarter. SG Americas Securities LLC now owns 17,543 shares of the company’s stock worth $1,256,000 after buying an additional 9,741 shares in the last quarter. LSV Asset Management raised its holdings in shares of Tech Data by 5.7% in the 3rd quarter. LSV Asset Management now owns 1,773,117 shares of the company’s stock worth $126,901,000 after buying an additional 95,400 shares in the last quarter. Piermont Capital Management Inc. acquired a new position in shares of Tech Data in the 3rd quarter worth approximately $2,627,000. Virginia Retirement Systems ET AL raised its holdings in shares of Tech Data by 7.4% in the 3rd quarter. Virginia Retirement Systems ET AL now owns 14,500 shares of the company’s stock worth $1,038,000 after buying an additional 1,000 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Tech Data by 21.0% in the 3rd quarter. American Century Companies Inc. now owns 284,270 shares of the company’s stock worth $20,345,000 after buying an additional 49,302 shares in the last quarter. 95.38% of the stock is owned by institutional investors and hedge funds.
Tech Data Company Profile
Tech Data Corporation engages in the wholesale distribution of technology products. It offers endpoint portfolio solutions, including PC systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, and consumer electronics; and advanced portfolio solutions, such as storage, networking, servers, advanced technology software, and converged and hyper-converged infrastructure, as well as specialized solutions.
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