Today’s Market Runner: Could Tech Data Corp Go Down After Reaching 52-Week High?

Today's Market Runner: Could Tech Data Corp Go Down After Reaching 52 Week High?

The stock of Tech Data Corp (NASDAQ:TECD) hit a new 52-week high and has $95.71 target or 9.00% above today’s $87.81 share price. The 8 months bullish chart indicates low risk for the $3.07B company. The 1-year high was reported on Nov, 22 by Barchart.com. If the $95.71 price target is reached, the company will be worth $276.30 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 449,709 shares traded hands or 29.98% up from the average. Tech Data Corp (NASDAQ:TECD) has risen 16.75% since April 20, 2016 and is uptrending. It has outperformed by 12.20% the S&P500.

Tech Data Corp (NASDAQ:TECD) Ratings Coverage

Out of 5 analysts covering Tech Data Corp (NASDAQ:TECD), 3 rate it a “Buy”, 1 “Sell”, while 1 “Hold”. This means 60% are positive. Tech Data Corp has been the topic of 9 analyst reports since August 18, 2015 according to StockzIntelligence Inc. As per Friday, May 27, the company rating was maintained by Citigroup. The firm has “Neutral” rating given on Tuesday, August 30 by Bank of America. The firm earned “Underperform” rating on Monday, October 12 by Raymond James. Stifel Nicolaus upgraded Tech Data Corp (NASDAQ:TECD) rating on Tuesday, September 20. Stifel Nicolaus has “Buy” rating and $96 price target. Raymond James upgraded Tech Data Corp (NASDAQ:TECD) on Wednesday, November 25 to “Mkt Perform” rating. The company was upgraded on Tuesday, September 20 by Bank of America. As per Thursday, September 22, the company rating was maintained by Citigroup. The rating was initiated by Bank of America with “Underperform” on Tuesday, August 18.

According to Zacks Investment Research, “Tech Data Corp. is a leading provider of internet technology products, logistics management and other value-added services. The company distributes microcomputer hardware and software products to value-added resellers, corporate resellers, retailers, direct marketers and Internet resellers. The company’s broad assortment of vendors and products meets the customers’ need for a cost effective link to those vendors’ products offered through a single source.”

Insitutional Activity: The institutional sentiment decreased to 0.8 in Q2 2016. Its down 0.21, from 1.01 in 2016Q1. The ratio is negative, as 23 funds sold all Tech Data Corp shares owned while 94 reduced positions. 36 funds bought stakes while 82 increased positions. They now own 36.54 million shares or 1.02% less from 36.92 million shares in 2016Q1.
Moreover, Comml Bank Of America De has 0% invested in Tech Data Corp (NASDAQ:TECD) for 109,166 shares. The New York-based Quantbot Technologies Lp has invested 0% in Tech Data Corp (NASDAQ:TECD). Skyline Asset Lp accumulated 0.86% or 162,100 shares. Bragg Fin has 0.74% invested in the company for 57,257 shares. Federated Invsts Pa accumulated 193,899 shares or 0.04% of the stock. Geode Mgmt Limited Liability Com holds 446,464 shares or 0.02% of its portfolio. Moreover, Lpl Fincl Ltd has 0% invested in Tech Data Corp (NASDAQ:TECD) for 4,950 shares. Trexquant Inv L P, a Connecticut-based fund reported 14,300 shares. Nomura Asset Limited owns 2,380 shares or 0% of their US portfolio. Signaturefd Lc, a Georgia-based fund reported 79 shares. Hancock Holding has invested 0.42% of its portfolio in Tech Data Corp (NASDAQ:TECD). The Washington-based Parametric Associate Lc has invested 0.02% in Tech Data Corp (NASDAQ:TECD). Texas Permanent School Fund holds 0.03% or 26,913 shares in its portfolio. Virginia Retirement Et Al has invested 0% of its portfolio in Tech Data Corp (NASDAQ:TECD). Goldman Sachs Grp Inc Inc last reported 514,704 shares in the company.

More news for Tech Data Corp (NASDAQ:TECD) were recently published by: Marketwatch.com, which released: “Avnet’s stock jumps after $2.8 billion deal to sell assets to Tech Data” on September 19, 2016. Reuters.com‘s article titled: “BRIEF-Tech Data Corp to acquire Technology Solutions Business from Avnet f…” and published on September 19, 2016 is yet another important article.

TECD Company Profile

Tech Data Corporation, incorporated on November 19, 1974, is a wholesale distributor of technology products. The Firm serves as a link in the technology supply chain by bringing products from the technology vendors to market, as well as providing its clients with logistics capabilities and services. It operates through the segment of distributing technology products, logistics management and other value-added services. The Firm operates in two geographic divisions: the Americas and Europe. In addition to product offerings, it provides resellers training and technical support suite of electronic commerce tools customized shipping documents product configuration or integration services and access to financing programs. The Company’s clients include value-added resellers (VARs), direct marketers, retailers and corporate resellers who support the diverse technology needs of end users. It sells its products to clients in approximately 100 countries throughout North America, South America, Europe, the Middle East and Africa.

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