Tech Data (NASDAQ:TECD) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

A number of other equities research analysts have also recently issued reports on TECD. Zacks Investment Research raised shares of Tech Data from a “hold” rating to a “strong-buy” rating and set a $94.00 price objective for the company in a research note on Tuesday, July 31st. Bank of America cut 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. Needham & Company LLC cut their price objective on shares of Tech Data from $115.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, August 31st. Citigroup cut 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. Finally, TheStreet cut shares of Tech Data from a “b-” rating to a “c+” rating in a research note on Monday, October 1st. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $100.14.

Shares of Tech Data stock traded up $0.50 during trading on Tuesday, reaching $73.60. The company’s stock had a trading volume of 240,779 shares, compared to its average volume of 395,549. Tech Data has a 52-week low of $66.93 and a 52-week high of $108.62. The stock has a market capitalization of $2.88 billion, a price-to-earnings ratio of 8.08, a price-to-earnings-growth ratio of 1.00 and a beta of 0.67. 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 announced its quarterly earnings data 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). Tech Data had a net margin of 0.39% and a return on equity of 12.67%. The business had revenue of $8.89 billion during the quarter, compared to analysts’ expectations of $8.73 billion. During the same period last year, the company posted $1.74 EPS. Tech Data’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, equities research analysts forecast that Tech Data will post 9.96 earnings per share for the current fiscal year.

Tech Data announced that its board has approved a share buyback plan on Tuesday, October 2nd that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to repurchase up to 7.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

A number of large investors have recently bought and sold shares of the stock. Legal & General Group Plc raised its holdings in Tech Data by 0.7% during the 2nd quarter. Legal & General Group Plc now owns 86,760 shares of the company’s stock valued at $7,125,000 after buying an additional 616 shares during the last quarter. Commonwealth Bank of Australia raised its holdings in Tech Data by 4.1% during the 2nd quarter. Commonwealth Bank of Australia now owns 17,726 shares of the company’s stock valued at $1,395,000 after buying an additional 700 shares during the last quarter. Arizona State Retirement System raised its holdings in Tech Data by 3.0% during the 2nd quarter. Arizona State Retirement System now owns 24,197 shares of the company’s stock valued at $1,987,000 after buying an additional 709 shares during the last quarter. Mutual of America Capital Management LLC raised its holdings in Tech Data by 2.8% during the 2nd quarter. Mutual of America Capital Management LLC now owns 30,624 shares of the company’s stock valued at $2,515,000 after buying an additional 833 shares during the last quarter. Finally, United Services Automobile Association raised its holdings in Tech Data by 1.3% during the 2nd quarter. United Services Automobile Association now owns 66,572 shares of the company’s stock valued at $5,467,000 after buying an additional 847 shares during the last quarter. Institutional investors own 96.35% 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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Analyst Recommendations for Tech Data (NASDAQ:TECD)

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