Barclays Forecasts Strong Price Appreciation for ScanSource (NASDAQ:SCSC) Stock

ScanSource (NASDAQ:SCSC) had its price objective hoisted by equities researchers at Barclays from $43.00 to $51.00 in a report issued on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the industrial products company’s stock. Barclays‘s price target indicates a potential downside of 16.02% from the stock’s previous close.

A number of other research firms also recently weighed in on SCSC. Northcoast Research downgraded ScanSource from a “buy” rating to a “neutral” rating in a research report on Monday, August 17th. Weiss Ratings upgraded ScanSource from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Wall Street Zen cut ScanSource from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 3rd. Finally, Zacks Research upgraded ScanSource from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 24th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, ScanSource has an average rating of “Moderate Buy” and a consensus target price of $51.00.

ScanSource Trading Down 0.3%

SCSC stock traded down $0.20 during trading on Monday, hitting $60.73. The company had a trading volume of 130,556 shares, compared to its average volume of 240,362. The firm has a 50-day moving average price of $56.93 and a 200-day moving average price of $49.81. ScanSource has a 12 month low of $33.76 and a 12 month high of $66.78. The company has a quick ratio of 1.15, a current ratio of 1.76 and a debt-to-equity ratio of 0.11. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 16.59, a PEG ratio of 0.89 and a beta of 1.25.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings data on Thursday, August 20th. The industrial products company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.32. The firm had revenue of $953.11 million for the quarter, compared to analyst estimates of $814.35 million. ScanSource had a return on equity of 10.10% and a net margin of 2.44%. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period last year, the company earned $1.02 EPS. As a group, analysts predict that ScanSource will post 4.56 earnings per share for the current year.

Insider Buying and Selling at ScanSource

In other ScanSource news, CFO Stephen Jones sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $56.76, for a total value of $567,600.00. Following the transaction, the chief financial officer directly owned 87,421 shares of the company’s stock, valued at approximately $4,962,015.96. This trade represents a 10.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Charles Mathis sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $58.00, for a total transaction of $174,000.00. Following the completion of the transaction, the director directly owned 25,027 shares in the company, valued at approximately $1,451,566. The trade was a 10.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 95,632 shares of company stock valued at $5,484,582. 3.18% of the stock is currently owned by corporate insiders.

Institutional Trading of ScanSource

A number of institutional investors have recently bought and sold shares of the business. Wedge Capital Management L L P NC raised its position in shares of ScanSource by 2.8% during the 2nd quarter. Wedge Capital Management L L P NC now owns 73,185 shares of the industrial products company’s stock valued at $3,812,000 after acquiring an additional 1,963 shares during the last quarter. Strs Ohio lifted its stake in shares of ScanSource by 12.3% in the 1st quarter. Strs Ohio now owns 18,300 shares of the industrial products company’s stock valued at $664,000 after purchasing an additional 2,000 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of ScanSource by 5.0% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 44,398 shares of the industrial products company’s stock worth $2,313,000 after purchasing an additional 2,126 shares during the last quarter. Freestone Grove Partners LP bought a new position in shares of ScanSource in the 2nd quarter worth $119,000. Finally, Inspire Investing LLC boosted its position in shares of ScanSource by 19.3% in the 1st quarter. Inspire Investing LLC now owns 14,193 shares of the industrial products company’s stock worth $515,000 after purchasing an additional 2,301 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

ScanSource Company Profile

ScanSource, Inc (NASDAQ: SCSC) is a technology distributor that connects manufacturers of hardware, software and services with value-added resellers, systems integrators and other business-to-business technology providers. The company is headquartered in Greenville, South Carolina, and focuses on helping channel partners design, purchase and deploy technology solutions for commercial and public-sector customers.

ScanSource distributes products and services across areas including barcode scanning and data capture, point-of-sale and payment systems, networking, communications, cybersecurity, cloud and other information technology solutions.