Greenlight Capital Inc. Acquires Shares of 90,000 Tech Data Corp (TECD)
Greenlight Capital Inc. acquired a new stake in shares of Tech Data Corp (NASDAQ:TECD) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 90,000 shares of the company’s stock, valued at approximately $7,997,000. Greenlight Capital Inc. owned about 0.24% of Tech Data at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in Tech Data by 24.1% in the second quarter. BlackRock Inc. now owns 4,780,405 shares of the company’s stock worth $482,820,000 after purchasing an additional 927,770 shares during the last quarter. Vanguard Group Inc. increased its position in Tech Data by 2.6% in the second quarter. Vanguard Group Inc. now owns 3,834,033 shares of the company’s stock worth $387,237,000 after purchasing an additional 95,414 shares during the last quarter. State Street Corp increased its position in Tech Data by 3.7% in the second quarter. State Street Corp now owns 1,269,882 shares of the company’s stock worth $128,258,000 after purchasing an additional 44,944 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in Tech Data in the third quarter worth $76,672,000. Finally, JPMorgan Chase & Co. increased its position in Tech Data by 37.5% in the second quarter. JPMorgan Chase & Co. now owns 785,299 shares of the company’s stock worth $79,316,000 after purchasing an additional 214,058 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.
TECD has been the topic of several research reports. Loop Capital restated a “buy” rating and issued a $120.00 price target (down previously from $130.00) on shares of Tech Data in a research report on Friday, September 1st. Stifel Nicolaus cut their price objective on shares of Tech Data from $115.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, September 1st. Needham & Company LLC boosted their price objective on shares of Tech Data from $100.00 to $102.00 and gave the company a “buy” rating in a research report on Thursday, October 12th. Pivotal Research started coverage on shares of Tech Data in a research report on Friday, October 6th. They set a “buy” rating and a $114.00 price objective on the stock. Finally, ValuEngine upgraded shares of Tech Data from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $112.33.
In other news, COO Richard T. Hume sold 3,100 shares of the business’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $98.06, for a total transaction of $303,986.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is currently owned by insiders.
Shares of Tech Data Corp (NASDAQ TECD) opened at $95.28 on Friday. The stock has a market cap of $3,700.48, a price-to-earnings ratio of 12.03, a PEG ratio of 0.49 and a beta of 0.78. Tech Data Corp has a one year low of $81.42 and a one year high of $111.10. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.89 and a current ratio of 1.35.
Tech Data (NASDAQ:TECD) last issued its earnings results on Monday, November 27th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.90 by $0.10. The firm had revenue of $9.14 billion during the quarter, compared to analyst estimates of $9.10 billion. Tech Data had a net margin of 0.59% and a return on equity of 11.90%. The business’s revenue was up 40.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.44 earnings per share. sell-side analysts predict that Tech Data Corp will post 9.14 EPS for the current fiscal year.
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Tech Data Company Profile
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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