BidaskClub upgraded shares of Tech Data (NASDAQ:TECD) from a hold rating to a buy rating in a research note released on Wednesday morning.
A number of other research analysts also recently issued reports on the stock. TheStreet downgraded shares of Tech Data from a b- rating to a c+ rating in a research report on Monday, October 1st. Needham & Company LLC dropped their price target on shares of Tech Data from $115.00 to $100.00 and set a buy rating on the stock in a research report on Friday, August 31st. Citigroup lowered their price objective on shares of Tech Data from $95.00 to $85.00 and set a neutral rating for the company in a research note on Friday, August 31st. Zacks Investment Research lowered shares of Tech Data from a hold rating to a sell rating in a research note on Tuesday, September 4th. Finally, Bank of America lowered shares of Tech Data from a buy rating to an underperform rating and set a $80.00 price objective for the company. in a research note on Friday, August 31st. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $100.14.
Shares of NASDAQ TECD traded down $0.76 during midday trading on Wednesday, reaching $75.12. The stock had a trading volume of 349,937 shares, compared to its average volume of 355,998. The company has a market capitalization of $2.90 billion, a P/E ratio of 8.25, a price-to-earnings-growth ratio of 1.01 and a beta of 0.67. Tech Data has a twelve month low of $66.93 and a twelve month high of $108.62. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.28.
Tech Data (NASDAQ:TECD) last issued its quarterly earnings results on Thursday, August 30th. The company reported $2.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.11 by ($0.10). The firm had revenue of $8.89 billion during the quarter, compared to analyst estimates of $8.73 billion. Tech Data had a return on equity of 12.67% and a net margin of 0.39%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.74 EPS. Analysts forecast that Tech Data will post 9.96 earnings per share for the current year.
Tech Data announced that its board has authorized a stock repurchase plan on Tuesday, October 2nd that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to buy up to 7.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
Large investors have recently added to or reduced their stakes in the company. Stevens Capital Management LP bought a new stake in shares of Tech Data in the 2nd quarter valued at $221,000. Quantitative Systematic Strategies LLC bought a new stake in Tech Data during the 2nd quarter valued at $230,000. Suntrust Banks Inc. increased its stake in Tech Data by 24.5% during the 1st quarter. Suntrust Banks Inc. now owns 3,475 shares of the company’s stock valued at $294,000 after purchasing an additional 684 shares in the last quarter. Alps Advisors Inc. bought a new stake in Tech Data during the 2nd quarter valued at $363,000. Finally, Country Club Trust Company n.a. bought a new stake in Tech Data during the 2nd quarter valued at $333,000. Institutional investors own 95.38% of the company’s stock.
About Tech Data
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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