Tech Data (TECD) Price Target Cut to $85.00
Tech Data (NASDAQ:TECD) had its price target reduced by equities research analysts at Citigroup from $95.00 to $85.00 in a report issued on Friday. The firm currently has a “neutral” rating on the stock. Citigroup’s price objective would indicate a potential upside of 11.46% from the company’s previous close.
A number of other equities research analysts have also issued reports on the stock. Needham & Company LLC cut their target price on shares of Tech Data from $115.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday. Bank of America lowered shares of Tech Data from a “buy” rating to an “underperform” rating and set a $80.00 target price on the stock. in a research note on Friday. Zacks Investment Research lowered shares of Tech Data from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 1st. BidaskClub lowered shares of Tech Data from a “buy” rating to a “hold” rating in a research note on Saturday, June 30th. Finally, ValuEngine upgraded shares of Tech Data from a “strong sell” rating to a “sell” rating in a research note on Monday, June 18th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $102.63.
Shares of Tech Data stock opened at $76.26 on Friday. The stock has a market capitalization of $3.39 billion, a PE ratio of 8.37, a P/E/G ratio of 1.12 and a beta of 0.82. The company has a current ratio of 1.31, a quick ratio of 0.88 and a debt-to-equity ratio of 0.52. Tech Data has a 1 year low of $73.00 and a 1 year high of $111.10.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in TECD. Adviser Investments LLC acquired a new stake in Tech Data during the first quarter worth about $106,000. IFP Advisors Inc raised its stake in Tech Data by 407.4% during the first quarter. IFP Advisors Inc now owns 1,370 shares of the company’s stock worth $117,000 after acquiring an additional 1,100 shares during the period. Mount Yale Investment Advisors LLC acquired a new stake in Tech Data during the first quarter worth about $131,000. Stevens Capital Management LP acquired a new stake in shares of Tech Data in the second quarter valued at approximately $221,000. Finally, Quantitative Systematic Strategies LLC acquired a new stake in shares of Tech Data in the second quarter valued at approximately $230,000. Hedge funds and other institutional investors own 96.91% 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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