Tech Data Corporation (NASDAQ:TECD) was downgraded by ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
TECD has been the subject of several other reports. Zacks Investment Research lowered Tech Data Corporation from a “buy” rating to a “hold” rating in a research note on Monday, September 4th. Northcoast Research upgraded Tech Data Corporation from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 5th. Loop Capital restated a “buy” rating and issued a $120.00 target price (down from $130.00) on shares of Tech Data Corporation in a research note on Friday, September 1st. Bank of America Corporation restated a “buy” rating and issued a $110.00 target price on shares of Tech Data Corporation in a research note on Thursday, June 1st. Finally, Citigroup Inc. restated a “hold” rating and issued a $100.00 target price on shares of Tech Data Corporation in a research note on Friday, September 1st. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Tech Data Corporation has a consensus rating of “Buy” and an average price target of $106.38.
Shares of Tech Data Corporation (TECD) opened at 87.75 on Monday. The company has a 50-day moving average of $97.87 and a 200 day moving average of $97.33. Tech Data Corporation has a 12-month low of $68.41 and a 12-month high of $111.10. The firm has a market cap of $3.35 billion, a P/E ratio of 16.65 and a beta of 0.79.
Tech Data Corporation (NASDAQ:TECD) last released its quarterly earnings data on Thursday, August 31st. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.32). Tech Data Corporation had a return on equity of 11.60% and a net margin of 0.63%. The company had revenue of $8.88 billion for the quarter, compared to analyst estimates of $8.74 billion. During the same quarter in the prior year, the company earned $1.42 earnings per share. The business’s revenue was up 39.8% compared to the same quarter last year. Equities analysts predict that Tech Data Corporation will post $8.86 EPS for the current year.
In related news, CEO Robert M. Dutkowsky sold 20,000 shares of Tech Data Corporation stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $100.08, for a total value of $2,001,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alain Amsellem sold 1,648 shares of Tech Data Corporation 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 completion of the sale, the chief financial officer now owns 26,479 shares of the company’s stock, valued at $2,814,982.49. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,648 shares of company stock valued at $2,281,429. 1.60% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Prudential Financial Inc. increased its position in Tech Data Corporation by 30.2% in the second quarter. Prudential Financial Inc. now owns 381,747 shares of the company’s stock worth $38,557,000 after purchasing an additional 88,598 shares during the period. Capital One National Association increased its position in Tech Data Corporation by 0.3% in the second quarter. Capital One National Association now owns 13,690 shares of the company’s stock worth $1,383,000 after purchasing an additional 47 shares during the period. Geneva Advisors LLC acquired a new stake in Tech Data Corporation in the second quarter worth about $606,000. JPMorgan Chase & Co. increased its position in Tech Data Corporation by 37.5% in the second quarter. JPMorgan Chase & Co. now owns 785,299 shares of the company’s stock worth $79,316,000 after purchasing an additional 214,058 shares during the period. Finally, Meeder Asset Management Inc. acquired a new stake in Tech Data Corporation in the second quarter worth about $384,000.
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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