Zacks Investment Research upgraded shares of Tech Data Corp. (NASDAQ:TECD) from a sell rating to a hold rating in a research report released on Thursday.
According to Zacks, “Tech Data reported third-quarter fiscal 2017 results wherein both non-GAAP earnings of $1.44 per share and revenues of $6.490 billion topped their respective Zacks Consensus Estimate. On a year-over-year basis, the metrics were up 12.5% and 1%, respectively. Despite an overall weaker-than-expected demand environment, cost control measures helped the company to post stellar earnings. Region wise, both Americas and Europe, witnessed revenue growth. Tech Data has strengthened its operations including collaboration with new vendors and expansion of its product offerings. Also, acquisitions have played an important role in boosting its growth. In Sep 2016, the company said it was acquiring the Technology Solutions unit from Avnet, Inc in a cash and stock deal worth $2.6 billion. However, lackluster IT spending remains a concern. Also, as a wholesaler in the devices market, the ongoing troubles in the PC market do not bode well for its profitability.”
A number of other research analysts have also recently issued reports on TECD. Northcoast Research initiated coverage on Tech Data Corp. in a research note on Wednesday, August 10th. They set a neutral rating for the company. Needham & Company LLC restated a hold rating on shares of Tech Data Corp. in a research note on Friday, August 26th. Brean Capital restated a buy rating and issued a $82.00 price target on shares of Tech Data Corp. in a research note on Friday, August 26th. Bank of America Corp. upgraded Tech Data Corp. from an underperform rating to a neutral rating and boosted their price target for the stock from $67.00 to $80.00 in a research note on Tuesday, August 30th. They noted that the move was a valuation call. Finally, Stifel Nicolaus upgraded Tech Data Corp. from a hold rating to a buy rating and boosted their price target for the stock from $75.00 to $96.00 in a research note on Tuesday, September 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. Tech Data Corp. has an average rating of Hold and a consensus price target of $94.67.
Shares of Tech Data Corp. (NASDAQ:TECD) opened at 85.83 on Thursday. Tech Data Corp. has a one year low of $57.99 and a one year high of $89.36. The company’s 50-day moving average price is $80.22 and its 200-day moving average price is $77.73. The stock has a market cap of $3.02 billion, a PE ratio of 13.94 and a beta of 0.87.
Tech Data Corp. (NASDAQ:TECD) last announced its quarterly earnings data on Tuesday, November 22nd. The company reported $1.44 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.26 by $0.18. The business earned $6.49 billion during the quarter, compared to analysts’ expectations of $6.36 billion. Tech Data Corp. had a return on equity of 10.51% and a net margin of 0.81%. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.28 earnings per share. Equities research analysts anticipate that Tech Data Corp. will post $5.95 earnings per share for the current year.
In related news, insider John A. Tonnison sold 2,515 shares of Tech Data Corp. stock in a transaction on Friday, November 25th. The stock was sold at an average price of $86.52, for a total value of $217,597.80. Following the completion of the sale, the insider now owns 27,484 shares of the company’s stock, valued at $2,377,915.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.80% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Tech Data Corp. by 12.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,295 shares of the company’s stock valued at $110,000 after buying an additional 144 shares in the last quarter. Weaver C. Barksdale & Associates Inc. raised its stake in Tech Data Corp. by 7.2% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 1,473 shares of the company’s stock valued at $106,000 after buying an additional 99 shares in the last quarter. Creative Planning raised its stake in Tech Data Corp. by 4.7% in the third quarter. Creative Planning now owns 1,897 shares of the company’s stock valued at $161,000 after buying an additional 86 shares in the last quarter. LS Investment Advisors LLC raised its stake in Tech Data Corp. by 71.9% in the second quarter. LS Investment Advisors LLC now owns 2,102 shares of the company’s stock valued at $151,000 after buying an additional 879 shares in the last quarter. Finally, Capital Fund Management S.A. bought a new stake in Tech Data Corp. during the third quarter valued at about $208,000.
Tech Data Corp. 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.