Tech Data Corporation’s (TECD) Hold Rating Reaffirmed at Citigroup Inc.
Tech Data Corporation (NASDAQ:TECD)‘s stock had its “hold” rating reissued by analysts at Citigroup Inc. in a research report issued on Friday. They presently have a $100.00 target price on the stock. Citigroup Inc.’s target price would indicate a potential downside of 9.33% from the company’s current price.
Several other brokerages have also recently commented on TECD. Zacks Investment Research upgraded Tech Data Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, May 9th. Bank of America Corporation reiterated a “buy” rating and set a $110.00 price target on shares of Tech Data Corporation in a research report on Thursday, June 1st. BidaskClub cut Tech Data Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 15th. Northcoast Research reiterated a “neutral” rating on shares of Tech Data Corporation in a research report on Monday. Finally, Loop Capital began coverage on Tech Data Corporation in a research report on Thursday, August 24th. They set a “buy” rating and a $130.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $110.38.
Tech Data Corporation (NASDAQ:TECD) traded down 21.45% on Friday, reaching $86.63. The company’s stock had a trading volume of 3,249,156 shares. The company has a market capitalization of $3.30 billion, a price-to-earnings ratio of 16.17 and a beta of 0.79. Tech Data Corporation has a 12-month low of $67.67 and a 12-month high of $107.50. The firm has a 50-day moving average of $104.68 and a 200 day moving average of $97.49.
Tech Data Corporation (NASDAQ:TECD) last posted its quarterly earnings data on Thursday, August 31st. The company reported $1.74 EPS for the quarter, missing the Zacks’ consensus estimate of $2.06 by $0.32. The business had revenue of $8.88 billion during the quarter, compared to analysts’ expectations of $8.74 billion. Tech Data Corporation had a net margin of 0.69% and a return on equity of 11.67%. The firm’s quarterly revenue was up 39.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.42 earnings per share. On average, equities research analysts anticipate that Tech Data Corporation will post $9.80 EPS for the current fiscal year.
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In related news, insider Joseph H. Quaglia sold 4,800 shares of the stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $103.00, for a total transaction of $494,400.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Alain Amsellem sold 1,648 shares of the stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $106.31, for a total value of $175,198.88. Following the transaction, the chief financial officer now directly owns 26,479 shares in the company, valued at approximately $2,814,982.49. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,888 shares of company stock worth $3,519,704. 1.60% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. WINTON GROUP Ltd raised its position in Tech Data Corporation by 87.4% in the second quarter. WINTON GROUP Ltd now owns 45,316 shares of the company’s stock valued at $4,577,000 after buying an additional 21,136 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Tech Data Corporation by 59.8% in the second quarter. Public Employees Retirement System of Ohio now owns 22,784 shares of the company’s stock valued at $2,301,000 after buying an additional 8,526 shares during the period. Dean Capital Management increased its stake in shares of Tech Data Corporation by 90.3% in the second quarter. Dean Capital Management now owns 32,673 shares of the company’s stock valued at $3,300,000 after buying an additional 15,505 shares during the period. Ameritas Investment Partners Inc. increased its stake in shares of Tech Data Corporation by 1.4% in the second quarter. Ameritas Investment Partners Inc. now owns 13,405 shares of the company’s stock valued at $1,354,000 after buying an additional 187 shares during the period. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in shares of Tech Data Corporation during the second quarter valued at $502,000.
About Tech Data Corporation
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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