Analysts at Credit Agricole SA upgraded shares of Tech Data Corp. (NASDAQ: TECD) from Underperform to Buy today. With a rating of Buy on the shares, the company has a 52-week high of $88.70. The one-year price target of $80.75 is less than the opening price of $87.50, that has caused a fair amount of other analysts to report on the company recently. Stock prices often trend to the upside on recommendations and new price targets of professional brokerage firms.
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 is an increase of $0.28 over 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 crossed the trading desk yesterday, 2 percent above the norm. Heavy volume aggregation by institutional investors may be on the horizon as the combination of large increases in trading volume and price inflation can be indicative components.
As with all possible breakouts, investors watch for volume to be at least 40%-50% higher than normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain substantial teams of analysts that research thousands of stocks, so it is good validation to see them taking a postion in a stock you’re considering.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
Trades for Tech Data Corp. (NASDAQ: TECD) have ranged from $57.99 – 88.70, and the stock now has a 50-day MA of $76.53 and 200-day MA of $74.62. Today’s last price is 0.04% lower than the 52 week high of $88.70.
Earnings growth is a critical factor to look at when buying stocks and investors identify companies that have raised their earnings by at least 25% over the past 3 years.
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