Analysts at Bank of America Corp. upgraded shares of Tech Data Corp. (NASDAQ: TECD) from Neutral to Buy today. The company currently has a rating of Buy on the stock. As a means of comparison, a number of other analysts have commented on the stock in recent days, and the company has earned a consensus one-year price target of $80.75, a decrease compared to the opening price of $87.50, a difference of 9.49 percent. Tech Data Corp. stock has a 52-week high of $88.70. Usually, after analysts publish an upgrade report on a stock, they will subsequently issue recurring revisions, such as a price target change.
U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.
The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.
The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.
The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.
Shares of Tech Data Corp. (NASDAQ: TECD) opened at $87.50 yesterday trading between $84.80 and $88.70, and last traded at $85.08, which is a spike of $0.28 over the previous closing price.
Tech Data Corp. (NASDAQ: TECD) currently has a market cap of 3.00B.
The stock’s average daily volume is 544,098 shares out of a total float 34,657,000 and some 2,932,544 shares crossed the trading desk yesterday, 2 percent above the norm. Substantial gains in trading volume and price growth together could signal considerable volume aggregation by institutional investors.
As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to demonstrate that fund managers and other professional investors are jumping in.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
With that in mind, Tech Data Corp. (NASDAQ: TECD) now has a 50-day MA of $76.53 and 200-day MA of $74.62. It has traded in a 52-week range between $57.99 – 88.70 and today’s last price is 0.04% lower than the 52 week high of $88.70.
Earnings growth is an important factor to research when buying stocks and investors identify companies that have raised their earnings at least 25% or more over 3 consecutive years.
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