Analysts at Stifel Nicolaus upgraded shares of Tech Data Corp. (NASDAQ: TECD) from Hold to Buy today. The company currently has a rating of Buy on the shares. The one-year price target of $80.75 is less than the opening price of $87.50, causing a number of other analysts to issue statements on the stock in recent days. Looking back over the last 52 weeks, Tech Data Corp. stock has a high of $88.70. Share prices often move to the upside on recommendations and new price targets of professional analysts.
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 and traded in a range between, $84.80 and $88.70, and last traded at $85.08, which represents a spike of $0.28 from the previous closing price.
Tech Data Corp. (NASDAQ: TECD) now 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 traded hands yesterday, 2 percent higher than normal. Substantial gains in trading volume and price growth together could signal excessive volume aggregation by institutional investors.
However, a single day of high volume buy side trading is not enough to determine a trend. As such, market traders will continue to look for institutional sponsorship as an indicator that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain teams of analysts that investigate 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.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors seek companies that have grown their earnings by at least 25% over the past 3 years.
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