Assenagon Asset Management S.A. reduced its position in shares of Tech Data Corp (NASDAQ:TECD) by 75.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 18,814 shares of the company’s stock after selling 57,490 shares during the period. Assenagon Asset Management S.A.’s holdings in Tech Data were worth $1,961,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Tech Data by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 3,853,331 shares of the company’s stock valued at $403,058,000 after purchasing an additional 99,380 shares during the period. JPMorgan Chase & Co. increased its stake 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 worth $142,161,000 after acquiring an additional 334,938 shares during the last quarter. Prudential Financial Inc. increased its stake 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 acquiring an additional 61,074 shares during the last quarter. Northern Trust Corp increased its stake 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 acquiring an additional 3,289 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Tech Data by 87.2% in the second quarter. Invesco Ltd. now owns 622,901 shares of the company’s stock worth $65,155,000 after acquiring an additional 290,160 shares during the last quarter. 97.45% of the stock is currently owned by institutional investors.
A number of equities analysts have recently weighed in on the stock. Loop Capital upped their price target on shares of Tech Data to $150.00 and gave the stock a “buy” rating in a research note on Thursday. ValuEngine raised shares of Tech Data from a “strong sell” rating to a “sell” rating in a research note on Tuesday, October 15th. Zacks Investment Research raised shares of Tech Data from a “sell” rating to a “hold” rating and set a $95.00 price target on the stock in a research note on Friday, August 23rd. BidaskClub raised shares of Tech Data from a “sell” rating to a “hold” rating in a research note on Saturday, October 12th. Finally, Northcoast Research set a $115.00 price target on shares of Tech Data and gave the stock a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $112.50.
In related news, CAO Michael Rabinovitch sold 349 shares of the company’s stock in a transaction on Wednesday, October 9th. The shares were 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 Securities & Exchange Commission, which is available through this link. Also, Director Robert M. Dutkowsky sold 10,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $105.04, for a total transaction of $1,050,400.00. The disclosure for this sale can be found here. Insiders sold 12,899 shares of company stock valued at $1,352,943 over the last quarter. 1.10% of the stock is currently owned by corporate insiders.
NASDAQ TECD opened at $124.03 on Friday. Tech Data Corp has a 1-year low of $66.93 and a 1-year high of $128.25. The company has a current ratio of 1.27, a quick ratio of 0.86 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $4.44 billion, a PE ratio of 10.90, a price-to-earnings-growth ratio of 2.57 and a beta of 1.12. The firm’s fifty day simple moving average is $103.81 and its 200-day simple moving average is $100.34.
Tech Data (NASDAQ:TECD) last issued its quarterly earnings data on Thursday, August 29th. The company reported $2.69 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.33 by $0.36. The firm had revenue of $9.09 billion during the quarter, compared to analysts’ expectations of $8.71 billion. Tech Data had a net margin of 0.98% and a return on equity of 15.96%. Tech Data’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.01 earnings per share. As a group, analysts predict that Tech Data Corp will post 12.46 EPS for the current year.
About Tech Data
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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