Zacks Investment Research upgraded shares of Tech Data Corporation (NASDAQ:TECD) from a sell rating to a hold rating in a research note published on Thursday.

According to Zacks, “Tech Data shares have outperformed the industry on a year-to-date basis. The company’s acquisition of the Technology Solutions business from Avnet strengthened its distribution capabilities in Europe and the Americas, and introduced it to the Asia-Pacific market, thereby giving a boost to the top-line. The increasing demand for data center systems, cloud and mobility products are also positives for Tech Data. However, the company’s bottom-line is marred by competitive pricing, execution challenges as well as rebates issue. Moreover, a sluggish IT spending environment, ongoing decline in the PC market and intense competition remain headwinds.”

A number of other research firms have also commented on TECD. Needham & Company LLC lifted their price objective on shares of Tech Data Corporation from $100.00 to $102.00 and gave the company a buy rating in a research note on Thursday, October 12th. Northcoast Research restated a neutral rating on shares of Tech Data Corporation in a research note on Monday, August 28th. Pivotal Research started coverage on shares of Tech Data Corporation in a research note on Friday, October 6th. They issued a buy rating and a $114.00 price objective on the stock. Stifel Nicolaus dropped their price objective on shares of Tech Data Corporation from $115.00 to $110.00 and set a buy rating on the stock in a research note on Friday, September 1st. Finally, ValuEngine upgraded shares of Tech Data Corporation from a hold rating to a buy rating in a research note on Monday, October 2nd. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $109.33.

Tech Data Corporation (TECD) traded up 0.15% during mid-day trading on Thursday, hitting $91.59. The company had a trading volume of 220,628 shares. The firm’s 50 day moving average is $89.58 and its 200 day moving average is $96.94. Tech Data Corporation has a 52 week low of $74.07 and a 52 week high of $111.10. The company has a market capitalization of $3.49 billion, a price-to-earnings ratio of 17.38 and a beta of 0.78.

Tech Data Corporation (NASDAQ:TECD) last posted its quarterly earnings data on Thursday, August 31st. The company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.32). The business had revenue of $8.88 billion during the quarter, compared to analyst estimates of $8.74 billion. Tech Data Corporation had a net margin of 0.63% and a return on equity of 11.60%. The company’s revenue for the quarter was up 39.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.42 earnings per share. On average, equities research analysts predict that Tech Data Corporation will post $8.94 EPS for the current year.

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Several institutional investors have recently modified their holdings of TECD. SpiderRock Advisors LLC acquired a new position in shares of Tech Data Corporation during the third quarter worth about $106,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Tech Data Corporation by 15.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,490 shares of the company’s stock worth $150,000 after acquiring an additional 195 shares during the period. Parametrica Management Ltd acquired a new position in shares of Tech Data Corporation during the third quarter worth about $217,000. Nomura Asset Management Co. Ltd. increased its stake in shares of Tech Data Corporation by 3.4% during the first quarter. Nomura Asset Management Co. Ltd. now owns 2,460 shares of the company’s stock worth $231,000 after acquiring an additional 80 shares during the period. Finally, Riverhead Capital Management LLC increased its stake in shares of Tech Data Corporation by 78.4% during the second quarter. Riverhead Capital Management LLC now owns 2,497 shares of the company’s stock worth $252,000 after acquiring an additional 1,097 shares during the period.

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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