Zacks Investment Research downgraded shares of Tech Data Corporation (NASDAQ:TECD) from a buy rating to a hold rating in a report released on Tuesday.
According to Zacks, “Tech Data is positioning itself well to achieve strong growth based on increasing demand for data center systems, cloud and mobilityofferings in the long run. Despite an overall weaker-than-expected demand environment, cost control measures helped the company to post stellar earnings in the last reported quarter. Region wise, both Americas and Europe, witnessed revenue growth. Tech Data has strengthened its operations including collaboration with new vendors and expansion of its product offerings. Also, acquisitions have played an important role in boosting its growth. In Sep 2016, the company said it was acquiring the Technology Solutions unit from Avnet, Inc in a cash and stock deal worth $2.6 billion. Overall the company has outperformed the broader market in the past one year. However, lackluster IT spending is a concern. Also, as a wholesaler in the devices market, the ongoing troubles in the PC market do not bode well for its profitability.”
Separately, Brean Capital restated a buy rating on shares of Tech Data Corporation in a research report on Tuesday, January 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $96.50.
Tech Data Corporation (NASDAQ:TECD) traded up 0.32% during midday trading on Tuesday, hitting $85.47. The company had a trading volume of 34,631 shares. Tech Data Corporation has a 52 week low of $60.02 and a 52 week high of $91.47. The stock has a 50 day moving average price of $86.64 and a 200-day moving average price of $81.16. The stock has a market capitalization of $3.01 billion, a PE ratio of 14.21 and a beta of 0.90.
Tech Data Corporation (NASDAQ:TECD) last released its quarterly earnings results on Tuesday, November 22nd. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.26 by $0.18. Tech Data Corporation had a return on equity of 10.51% and a net margin of 0.81%. The business earned $6.49 billion during the quarter, compared to analyst estimates of $6.36 billion. During the same period last year, the business posted $1.28 earnings per share. The company’s quarterly revenue was up 1.0% on a year-over-year basis. On average, equities analysts predict that Tech Data Corporation will post $6.07 EPS for the current year.
In other news, insider John A. Tonnison sold 2,515 shares of the stock in a transaction on Friday, November 25th. The stock was sold at an average price of $86.52, for a total value of $217,597.80. Following the sale, the insider now directly owns 27,484 shares in the company, valued at $2,377,915.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Thomas I. Morgan sold 2,500 shares of the stock in a transaction on Friday, January 13th. The shares were sold at an average price of $85.50, for a total value of $213,750.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,982 shares of company stock valued at $948,851. Company insiders own 1.80% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Tech Data Corporation by 12.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,295 shares of the company’s stock valued at $110,000 after buying an additional 144 shares during the last quarter. Weaver C. Barksdale & Associates Inc. boosted its stake in shares of Tech Data Corporation by 18.5% in the third quarter. Weaver C. Barksdale & Associates Inc. now owns 1,745 shares of the company’s stock valued at $148,000 after buying an additional 272 shares during the last quarter. Creative Planning boosted its stake in shares of Tech Data Corporation by 4.7% in the third quarter. Creative Planning now owns 1,897 shares of the company’s stock valued at $161,000 after buying an additional 86 shares during the last quarter. LS Investment Advisors LLC boosted its stake in shares of Tech Data Corporation by 71.9% in the second quarter. LS Investment Advisors LLC now owns 2,102 shares of the company’s stock valued at $151,000 after buying an additional 879 shares during the last quarter. Finally, Capital Fund Management S.A. bought a new stake in shares of Tech Data Corporation during the third quarter valued at about $208,000.
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.
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