Tech Data Corporation (TECD) Lifted to Hold at Zacks Investment Research
Tech Data Corporation (NASDAQ:TECD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “Tech Data shares have outperformed the broader market on a year-to-date basis. The acquisition of the Technology Solutions business from Avnet strengthened its distribution capabilities in Europe and the Americas, and introduced it to the Asia-Pacific market, thereby giving a boost to the top-line. The increasing demand for data center systems, cloud and mobility products are also positives for Tech Data. However, the company’s bottom-line is marred by competitive pricing, execution challenges as well as rebates issue. Moreover, a sluggish IT spending environment, ongoing decline in the PC market and intense competition remain headwinds.”
A number of other equities analysts also recently commented on the stock. Needham & Company LLC raised their target price on shares of Tech Data Corporation from $100.00 to $102.00 and gave the company a “buy” rating in a research note on Thursday. Pivotal Research assumed coverage on shares of Tech Data Corporation in a research note on Friday, October 6th. They issued a “buy” rating and a $114.00 target price on the stock. ValuEngine raised shares of Tech Data Corporation from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Northcoast Research raised shares of Tech Data Corporation from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 5th. Finally, Loop Capital reissued a “buy” rating and issued a $120.00 target price (down previously from $130.00) on shares of Tech Data Corporation in a research note on Friday, September 1st. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $109.33.
Tech Data Corporation (NASDAQ:TECD) traded down 0.62% during mid-day trading on Friday, reaching $93.90. 95,866 shares of the company traded hands. The stock has a 50-day moving average of $91.36 and a 200 day moving average of $96.90. Tech Data Corporation has a 52-week low of $74.07 and a 52-week high of $111.10. The stock has a market capitalization of $3.58 billion, a PE ratio of 17.82 and a beta of 0.78.
Tech Data Corporation (NASDAQ:TECD) last posted its quarterly earnings results on Thursday, August 31st. The company reported $1.74 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.06 by ($0.32). The company had revenue of $8.88 billion for the quarter, compared to analysts’ expectations of $8.74 billion. Tech Data Corporation had a return on equity of 11.60% and a net margin of 0.63%. The business’s revenue for the quarter was up 39.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.42 EPS. Equities research analysts expect that Tech Data Corporation will post $8.94 earnings per share for the current year.
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Several hedge funds have recently modified their holdings of TECD. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Tech Data Corporation by 15.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,490 shares of the company’s stock valued at $150,000 after purchasing an additional 195 shares in the last quarter. Invictus RG acquired a new stake in Tech Data Corporation during the 1st quarter valued at $156,000. Engine Capital Management LLC grew its holdings in Tech Data Corporation by 1,083.4% during the 1st quarter. Engine Capital Management LLC now owns 2,000 shares of the company’s stock valued at $188,000 after purchasing an additional 1,831 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Tech Data Corporation by 3.4% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 2,460 shares of the company’s stock valued at $231,000 after purchasing an additional 80 shares in the last quarter. Finally, Riverhead Capital Management LLC grew its holdings in Tech Data Corporation by 78.4% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,497 shares of the company’s stock valued at $252,000 after purchasing an additional 1,097 shares in the last quarter.
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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