Zacks Investment Research upgraded shares of Tech Data Corporation (NASDAQ:TECD) from a sell rating to a hold rating in a report issued on Tuesday, May 9th.
According to Zacks, “Tech Data has been benefitting from increasing demand for data center systems, cloud and mobility. The higher level of spending in these areas is expected to drive revenue growth for Tech Data as the company consolidates its position in the fast-growing domain of data center, mobile technology, software and integrated supply chain. Furthermore, the acquisition of Technology Solutions unit from Avnet has provided new growth opportunities to Tech Data, in our opinion. The buyout has not only strengthened its distribution capabilities in Europe and the Americas but has also provided to a new market, i.e. Asia-Pacific region. he company has outperformed the broader market in the past one year. Also, estimates have remained stable ahead of the upcoming earnings release. However, lackluster IT spending is a concern. Also, as a wholesaler in the devices market, the ongoing troubles in the PC market do not bode well for its profitability. “
Separately, Needham & Company LLC upgraded shares of Tech Data Corporation from a hold rating to a buy rating and set a $107.00 target price for the company in a report on Thursday, March 9th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $105.57.
Tech Data Corporation (NASDAQ:TECD) last posted its quarterly earnings data on Thursday, June 1st. The company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.53. The business had revenue of $7.66 billion during the quarter, compared to analysts’ expectations of $7.31 billion. Tech Data Corporation had a net margin of 0.69% and a return on equity of 11.67%. The business’s revenue was up 28.5% on a year-over-year basis. During the same period last year, the firm posted $1.05 earnings per share.
In related news, SVP Jeffrey Louis Taylor sold 1,000 shares of the firm’s stock in a transaction on Thursday, March 23rd. The shares were sold at an average price of $91.23, for a total value of $91,230.00. Following the transaction, the senior vice president now directly owns 7,563 shares in the company, valued at approximately $689,972.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harry J. Harczak, Jr. sold 2,200 shares of the firm’s stock in a transaction on Wednesday, March 22nd. The shares were sold at an average price of $91.72, for a total transaction of $201,784.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,024 shares of company stock worth $1,579,554. 1.60% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of TECD. Engine Capital Management LLC purchased a new position in Tech Data Corporation during the fourth quarter worth about $2,000,000. Glen Harbor Capital Management LLC raised its position in Tech Data Corporation by 1.8% in the first quarter. Glen Harbor Capital Management LLC now owns 1,276 shares of the company’s stock worth $120,000 after buying an additional 22 shares during the last quarter. Elkfork Partners LLC purchased a new position in Tech Data Corporation during the fourth quarter worth about $135,000. Invictus RG purchased a new position in Tech Data Corporation during the first quarter worth about $156,000. Finally, Meadow Creek Investment Management LLC raised its position in Tech Data Corporation by 1.8% in the first quarter. Meadow Creek Investment Management LLC now owns 1,972 shares of the company’s stock worth $185,000 after buying an additional 34 shares during the last quarter. Institutional investors and hedge funds own 93.56% of the company’s stock.
Tech Data Corporation Company Profile
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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