Redmond Asset Management LLC decreased its holdings in Tech Data Corp (NASDAQ:TECD) by 26.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,422 shares of the company’s stock after selling 4,497 shares during the quarter. Redmond Asset Management LLC’s holdings in Tech Data were worth $1,299,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Tech Data by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,200,146 shares of the company’s stock valued at $261,803,000 after purchasing an additional 34,598 shares during the period. Geode Capital Management LLC raised its stake in Tech Data by 10.6% during the 4th quarter. Geode Capital Management LLC now owns 534,094 shares of the company’s stock valued at $43,693,000 after purchasing an additional 51,329 shares during the period. Deutsche Bank AG raised its stake in Tech Data by 47.5% during the 4th quarter. Deutsche Bank AG now owns 146,176 shares of the company’s stock valued at $11,956,000 after purchasing an additional 47,088 shares during the period. Calamos Advisors LLC bought a new stake in Tech Data during the 1st quarter valued at approximately $358,000. Finally, Louisiana State Employees Retirement System raised its stake in Tech Data by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 10,000 shares of the company’s stock valued at $1,024,000 after purchasing an additional 100 shares during the period. 99.70% of the stock is owned by institutional investors.
Several analysts recently issued reports on the company. ValuEngine downgraded Tech Data from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Citigroup reduced their price objective on Tech Data from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Friday, May 31st. BidaskClub downgraded Tech Data from a “hold” rating to a “sell” rating in a research note on Tuesday. Stifel Nicolaus downgraded Tech Data from a “buy” rating to a “hold” rating and set a $105.00 price objective on the stock. in a research note on Wednesday, April 17th. Finally, Zacks Investment Research raised Tech Data from a “hold” rating to a “buy” rating and set a $103.00 price objective on the stock in a research note on Friday, May 24th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $99.60.
Tech Data (NASDAQ:TECD) last released its quarterly earnings data on Thursday, May 30th. The company reported $2.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.98 by $0.06. Tech Data had a return on equity of 15.28% and a net margin of 0.98%. The business had revenue of $8.41 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter in the previous year, the company posted $1.84 EPS. The company’s revenue was down 1.7% compared to the same quarter last year. Sell-side analysts anticipate that Tech Data Corp will post 11.98 EPS for the current fiscal year.
In other news, VP John A. Tonnison sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $102.30, for a total transaction of $409,200.00. Following the transaction, the vice president now owns 29,657 shares of the company’s stock, valued at approximately $3,033,911.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Thomas I. Morgan sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $100.51, for a total value of $201,020.00. Following the transaction, the director now directly owns 17,491 shares in the company, valued at approximately $1,758,020.41. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,200 shares of company stock worth $819,858. Corporate insiders own 1.10% of the company’s stock.
Tech Data Company Profile
Tech Data Corporation operates as an IT distribution and solutions company. The company offers endpoint portfolio solutions, including personal computer systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, and consumer electronics. It also provides advanced portfolio solutions, such as data center technologies comprising storage, networking, servers, advanced technology software, and converged and hyper-converged infrastructure, as well as specialized solutions.
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