Climb Global Solutions (NASDAQ:CLMB) Reaches New 1-Year High Following Better-Than-Expected Earnings

Shares of Climb Global Solutions, Inc. (NASDAQ:CLMB) reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $35.80 and last traded at $37.9610, with a volume of 238 shares. The stock had previously closed at $33.13.

The company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The business had revenue of $220.31 million during the quarter, compared to the consensus estimate of $180.98 million. Climb Global Solutions had a return on equity of 18.87% and a net margin of 2.88%.

Wall Street Analysts Forecast Growth

CLMB has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Climb Global Solutions from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings upgraded shares of Climb Global Solutions from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Climb Global Solutions has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

Hedge Funds Weigh In On Climb Global Solutions

A number of hedge funds and other institutional investors have recently bought and sold shares of CLMB. Choreo LLC lifted its position in Climb Global Solutions by 1.4% in the third quarter. Choreo LLC now owns 276,533 shares of the company’s stock valued at $8,884,000 after acquiring an additional 3,807 shares during the last quarter. Schwartz Investment Counsel Inc. purchased a new position in Climb Global Solutions in the 3rd quarter valued at $252,000. Flagship Harbor Advisors LLC increased its stake in Climb Global Solutions by 15.6% in the 3rd quarter. Flagship Harbor Advisors LLC now owns 14,783 shares of the company’s stock valued at $475,000 after buying an additional 1,991 shares during the period. Peterson Wealth Services boosted its holdings in shares of Climb Global Solutions by 2.8% in the third quarter. Peterson Wealth Services now owns 42,723 shares of the company’s stock valued at $1,372,000 after acquiring an additional 1,150 shares in the last quarter. Finally, Lakewood Asset Management LLC increased its position in Climb Global Solutions by 5.5% during the 3rd quarter. Lakewood Asset Management LLC now owns 18,845 shares of the company’s stock worth $605,000 after purchasing an additional 990 shares during the period. 49.72% of the stock is currently owned by hedge funds and other institutional investors.

Climb Global Solutions Stock Performance

The firm has a market capitalization of $734.63 million, a price-to-earnings ratio of 35.36, a PEG ratio of 2.07 and a beta of 1.08. The firm has a fifty day moving average price of $30.39 and a 200 day moving average price of $25.77.

About Climb Global Solutions

Climb Global Solutions, Inc (NASDAQ:CLMB) is a global value-added distributor of information technology products and services. The company connects technology vendors with resellers, managed service providers, systems integrators and other channel partners, helping them market and deliver specialized technology solutions to business and government customers.

Climb’s portfolio includes cybersecurity, networking, data management, virtualization, cloud computing, software development and other enterprise technology solutions.