ScanSource (NASDAQ:SCSC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of ScanSource (NASDAQ:SCSC) from a buy rating to a strong-buy rating in a research report released on Sunday,Wall Street Zen reports.

Several other research firms have also commented on SCSC. Barclays boosted their price objective on shares of ScanSource from $43.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, October 12th. Zacks Research cut shares of ScanSource from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 20th. Weiss Ratings upgraded ScanSource from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Finally, Northcoast Research lowered ScanSource from a “buy” rating to a “neutral” rating in a research report on Monday, August 17th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $51.00.

ScanSource Trading Up 0.4%

SCSC opened at $61.25 on Friday. The business’s 50-day moving average is $58.30 and its two-hundred day moving average is $47.58. ScanSource has a 1 year low of $33.76 and a 1 year high of $66.78.

ScanSource (NASDAQ:SCSC) last announced its earnings results on Thursday, August 20th. The industrial products company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.32. The firm had revenue of $953.11 million during the quarter, compared to the consensus estimate of $814.35 million. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.02 earnings per share. As a group, research analysts anticipate that ScanSource will post 4.90 EPS for the current fiscal year.

Insider Activity at ScanSource

In other ScanSource news, CAO Brandy Ford sold 5,293 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $57.43, for a total transaction of $303,976.99. Following the sale, the chief accounting officer owned 9,907 shares of the company’s stock, valued at approximately $568,959.01. The trade was a 34.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Stephen Jones sold 10,000 shares of the company’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 transaction of $567,600.00. Following the transaction, the chief financial officer owned 87,421 shares in the company, valued at $4,962,015.96. The trade was a 10.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 95,632 shares of company stock valued at $5,484,582 over the last 90 days. Company insiders own 3.18% of the company’s stock.

Institutional Investors Weigh In On ScanSource

A number of large investors have recently made changes to their positions in the stock. Signaturefd LLC raised its stake in ScanSource by 128.1% in the 3rd quarter. Signaturefd LLC now owns 2,108 shares of the industrial products company’s stock worth $124,000 after acquiring an additional 1,184 shares during the last quarter. Yousif Capital Management LLC increased its holdings in shares of ScanSource by 5.5% in the third quarter. Yousif Capital Management LLC now owns 5,121 shares of the industrial products company’s stock valued at $301,000 after purchasing an additional 265 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of ScanSource by 64.4% in the third quarter. Nisa Investment Advisors LLC now owns 6,285 shares of the industrial products company’s stock valued at $369,000 after purchasing an additional 2,462 shares during the period. SummerHaven Investment Management LLC raised its stake in shares of ScanSource by 4.9% in the third quarter. SummerHaven Investment Management LLC now owns 18,065 shares of the industrial products company’s stock worth $1,061,000 after purchasing an additional 837 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of ScanSource in the third quarter worth about $857,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

ScanSource Company Profile

ScanSource, Inc (NASDAQ: SCSC) is a technology distributor that connects manufacturers of business technology products with value-added resellers, systems integrators and other channel partners. The company provides products, services and expertise intended to help partners design, deploy and support technology solutions for business customers.

ScanSource’s offerings include point-of-sale and payment technology, barcode scanners, mobile computing devices, networking equipment, cybersecurity products, communications systems and cloud-based services.