Tech Data Corp. (TECD) Upgraded by Zacks Investment Research to “Hold”
According to Zacks, “Tech Data reported third-quarter fiscal 2017 results wherein both non-GAAP earnings of $1.44 per share and revenues of $6.490 billion topped their respective Zacks Consensus Estimate. On a year-over-year basis, the metrics were up 12.5% and 1%, respectively. Despite an overall weaker-than-expected demand environment, cost control measures helped the company to post stellar earnings. 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. However, lackluster IT spending remains a concern. Also, as a wholesaler in the devices market, the ongoing troubles in the PC market do not bode well for its profitability.”
TECD has been the topic of several other research reports. Bank of America Corp. upgraded Tech Data Corp. from a neutral rating to a buy rating and set a $100.00 price objective on the stock in a report on Tuesday, September 20th. upgraded Tech Data Corp. from an underperform rating to a buy rating and upped their price target for the stock from $76.00 to $102.00 in a report on Tuesday, September 20th. Brean Capital restated a buy rating and set a $82.00 price target on shares of Tech Data Corp. in a report on Friday, August 26th. Needham & Company LLC restated a hold rating on shares of Tech Data Corp. in a report on Friday, August 26th. Finally, Citigroup Inc. upped their price target on Tech Data Corp. from $59.00 to $80.00 and gave the stock a sell rating in a report on Thursday, September 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $90.87.
Shares of Tech Data Corp. (NASDAQ:TECD) opened at 86.01 on Thursday. The firm has a 50-day moving average price of $80.33 and a 200 day moving average price of $77.24. Tech Data Corp. has a one year low of $57.99 and a one year high of $89.36. The firm has a market cap of $3.03 billion, a P/E ratio of 13.96 and a beta of 0.87.
Tech Data Corp. (NASDAQ:TECD) last posted its quarterly earnings data on Tuesday, November 22nd. The company reported $1.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.26 by $0.18. The firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.36 billion. Tech Data Corp. had a return on equity of 10.52% and a net margin of 0.81%. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.28 EPS. On average, analysts forecast that Tech Data Corp. will post $5.95 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in TECD. First Quadrant L P CA boosted its stake in shares of Tech Data Corp. by 413.8% in the second quarter. First Quadrant L P CA now owns 63,200 shares of the company’s stock worth $4,541,000 after buying an additional 50,900 shares during the period. Capital One National Association bought a new stake in Tech Data Corp. during the second quarter worth $938,000. Americafirst Capital Management LLC bought a new stake in Tech Data Corp. during the second quarter worth $655,000. Balasa Dinverno & Foltz LLC bought a new stake in Tech Data Corp. during the second quarter worth $499,000. Finally, Foundry Partners LLC bought a new stake in Tech Data Corp. during the second quarter worth $7,541,000. 99.42% of the stock is owned by hedge funds and other institutional investors.
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About Tech Data Corp. 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.
About Tech Data Corp.
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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