Climb Global Solutions (NASDAQ:CLMB) Issues Earnings Results

Climb Global Solutions (NASDAQ:CLMB) released its earnings results on Wednesday. The company reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.34, FiscalAI reports. The firm had revenue of $193.85 million during the quarter, compared to the consensus estimate of $167.75 million. Climb Global Solutions had a net margin of 3.44% and a return on equity of 26.52%.

Climb Global Solutions Stock Down 6.8%

Shares of CLMB stock traded down $6.78 during trading on Wednesday, hitting $92.99. The company had a trading volume of 115,032 shares, compared to its average volume of 71,887. Climb Global Solutions has a 52 week low of $88.90 and a 52 week high of $145.02. The stock has a market capitalization of $428.68 million, a price-to-earnings ratio of 20.00, a price-to-earnings-growth ratio of 1.64 and a beta of 1.15. The stock’s 50-day moving average is $115.06 and its two-hundred day moving average is $119.33.

Institutional Investors Weigh In On Climb Global Solutions

A number of large investors have recently added to or reduced their stakes in CLMB. Wasatch Advisors LP boosted its holdings in shares of Climb Global Solutions by 7.7% in the 3rd quarter. Wasatch Advisors LP now owns 302,880 shares of the company’s stock worth $40,840,000 after purchasing an additional 21,749 shares in the last quarter. Geode Capital Management LLC grew its position in Climb Global Solutions by 20.3% during the fourth quarter. Geode Capital Management LLC now owns 129,194 shares of the company’s stock valued at $13,283,000 after acquiring an additional 21,781 shares during the last quarter. Polar Asset Management Partners Inc. raised its stake in shares of Climb Global Solutions by 36.2% during the fourth quarter. Polar Asset Management Partners Inc. now owns 71,868 shares of the company’s stock worth $7,387,000 after acquiring an additional 19,087 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Climb Global Solutions by 2,446.4% in the 3rd quarter. Invesco Ltd. now owns 65,263 shares of the company’s stock valued at $8,800,000 after purchasing an additional 62,700 shares in the last quarter. Finally, New York State Common Retirement Fund grew its holdings in shares of Climb Global Solutions by 78.6% during the 4th quarter. New York State Common Retirement Fund now owns 38,345 shares of the company’s stock valued at $3,941,000 after purchasing an additional 16,880 shares during the last quarter. Hedge funds and other institutional investors own 49.72% of the company’s stock.

Analyst Ratings Changes

CLMB has been the subject of several research reports. Wall Street Zen lowered Climb Global Solutions from a “buy” rating to a “hold” rating in a report on Saturday, December 20th. Weiss Ratings downgraded Climb Global Solutions from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, January 12th. Zacks Research raised Climb Global Solutions from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 6th. Finally, Barrington Research restated an “outperform” rating and issued a $136.00 price objective on shares of Climb Global Solutions in a research note on Friday, February 20th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $136.00.

Climb Global Solutions Company Profile

Climb Global Solutions Inc operates as a value-added information technology (IT) distribution and solutions company in the United States, Canada, Europe, the United Kingdom, and internationally. It operates in two segments, Distribution and Solutions. The company distributes technical software to corporate and value-added resellers, consultants, and systems integrators under the name Climb Channel Solutions; and provides cloud solutions and resells software, hardware, and services under the name Grey Matter.