Tech Data Corp (TECD) was Downgraded by Citigroup to ” Sell” while Lowering the Price Target of the company shares to $ 55 from a previous price target of $76 . Earlier the firm had a rating of “Neutral ” on the company shares. Citigroup advised their investors in a research report released on May 2, 2016.
On the company’s financial health, Tech Data Corp reported $2.29 EPS for the quarter, beating the analyst consensus estimate by $ 0.21 according to the earnings call on Mar 3, 2016. Analyst had a consensus of $2.08. The company had revenue of $7483.36 million for the quarter, compared to analysts expectations of $7092.08 million. The company’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.96 EPS.
Tech Data Corp opened for trading at $71.98 and hit $72.41 on the upside on Wednesday, eventually ending the session at $72.29, with a gain of 0.39% or 0.28 points. The heightened volatility saw the trading volume jump to 2,43,991 shares. Company has a market cap of $2,536 M.
In a different news, on Mar 18, 2016, Steven A Raymund (director) sold 50,000 shares at $77.66 per share price. According to the SEC, on Mar 14, 2016, Alain Amsellem (SVP & CFO, Europe) sold 2,934 shares at $76.63 per share price. On Mar 11, 2016, Robert M Dutkowsky (Chief Executive Officer) sold 14,000 shares at $76.52 per share price, according to the Form-4 filing with the securities and exchange commission.
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 customers with logistics capabilities and services. Its customers include approximately 115000 value-added resellers (VARs) direct marketers retailers and corporate resellers who support the diverse technology needs of end users. It sells its products to customers in more than 100 countries throughout North America South America Europe the Middle East and Africa. The Company is managed in two geographic segments: the Americas and Europe. In addition to a range of product offerings the Company provides resellers training and technical support suite of electronic commerce tools (including Internet order entry and electronic data interchange (EDI) services) customized shipping documents product configuration or integration services and access to financing programs.