Northcoast Research Lowers Tech Data (NASDAQ:TECD) to Neutral

Tech Data (NASDAQ:TECD) was downgraded by equities research analysts at Northcoast Research from a “buy” rating to a “neutral” rating in a research note issued on Tuesday, The Fly reports.

Several other brokerages have also weighed in on TECD. ValuEngine upgraded Tech Data from a “sell” rating to a “hold” rating in a report on Friday, November 29th. BidaskClub raised Tech Data from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Citigroup set a $100.00 price target on shares of Tech Data and gave the stock a “hold” rating in a research report on Friday, August 30th. Loop Capital boosted their price target on shares of Tech Data to $150.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Finally, Zacks Investment Research raised shares of Tech Data from a “sell” rating to a “hold” rating and set a $95.00 price target for the company in a report on Friday, August 23rd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Tech Data presently has an average rating of “Hold” and a consensus target price of $113.00.

Shares of NASDAQ:TECD opened at $143.65 on Tuesday. The stock has a market cap of $5.10 billion, a price-to-earnings ratio of 12.62 and a beta of 1.20. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.26 and a quick ratio of 0.87. Tech Data has a 12 month low of $74.16 and a 12 month high of $145.25. The stock’s 50 day moving average price is $130.41 and its 200 day moving average price is $106.79.

Tech Data (NASDAQ:TECD) last issued its quarterly earnings results on Tuesday, November 26th. The company reported $3.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.99 by $0.03. Tech Data had a return on equity of 15.52% and a net margin of 0.92%. The firm had revenue of $9.12 billion during the quarter, compared to analyst estimates of $9.37 billion. During the same period last year, the company posted $3.02 EPS. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. On average, sell-side analysts expect that Tech Data will post 12.53 EPS for the current year.

In related news, CAO Michael Rabinovitch sold 349 shares of Tech Data stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $104.85, for a total value of $36,592.65. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert M. Dutkowsky sold 10,000 shares of Tech Data stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $105.04, for a total value of $1,050,400.00. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Tech Data by 2.6% in the second quarter. Vanguard Group Inc. now owns 3,853,331 shares of the company’s stock worth $403,058,000 after acquiring an additional 99,380 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Tech Data by 31.9% in the second quarter. JPMorgan Chase & Co. now owns 1,386,528 shares of the company’s stock valued at $142,161,000 after purchasing an additional 334,938 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of Tech Data by 9.3% in the second quarter. Prudential Financial Inc. now owns 715,754 shares of the company’s stock worth $74,867,000 after buying an additional 61,074 shares during the period. Northern Trust Corp boosted its position in shares of Tech Data by 0.5% in the second quarter. Northern Trust Corp now owns 707,388 shares of the company’s stock worth $73,993,000 after buying an additional 3,289 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Tech Data by 87.2% during the second quarter. Invesco Ltd. now owns 622,901 shares of the company’s stock valued at $65,155,000 after buying an additional 290,160 shares in the last quarter.

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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