Barclays Lowers CDW (NASDAQ:CDW) Price Target to $232.00

CDW (NASDAQ:CDW) had its target price reduced by research analysts at Barclays from $261.00 to $232.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the information technology services provider’s stock. Barclays‘s price target would indicate a potential upside of 5.67% from the stock’s previous close.

CDW has been the subject of several other reports. JPMorgan Chase & Co. increased their price objective on CDW from $267.00 to $280.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Evercore ISI raised their price objective on shares of CDW from $250.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, March 22nd. Finally, Citigroup upped their target price on shares of CDW from $255.00 to $295.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, CDW has a consensus rating of “Moderate Buy” and a consensus target price of $235.50.

CDW Stock Up 0.5 %

NASDAQ:CDW traded up $1.15 during midday trading on Thursday, hitting $219.56. 805,670 shares of the company were exchanged, compared to its average volume of 768,724. CDW has a fifty-two week low of $162.59 and a fifty-two week high of $263.37. The company has a market capitalization of $29.51 billion, a PE ratio of 27.41, a price-to-earnings-growth ratio of 2.47 and a beta of 1.09. The company has a current ratio of 1.26, a quick ratio of 1.11 and a debt-to-equity ratio of 2.35. The company has a fifty day simple moving average of $245.67 and a 200 day simple moving average of $229.16.

CDW (NASDAQ:CDW) last posted its earnings results on Wednesday, February 7th. The information technology services provider reported $2.57 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.01. The business had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $5.32 billion. CDW had a return on equity of 67.56% and a net margin of 5.16%. The business’s revenue was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.40 earnings per share. As a group, equities analysts anticipate that CDW will post 9.89 earnings per share for the current fiscal year.

CDW announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 7th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to reacquire up to 2.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Institutional Trading of CDW

Institutional investors have recently modified their holdings of the business. Noesis Capital Mangement Corp purchased a new position in CDW in the first quarter worth $234,000. Valley Wealth Managers Inc. increased its holdings in shares of CDW by 4.6% in the 1st quarter. Valley Wealth Managers Inc. now owns 1,537 shares of the information technology services provider’s stock valued at $393,000 after purchasing an additional 68 shares in the last quarter. Mediolanum International Funds Ltd purchased a new position in shares of CDW in the 1st quarter valued at about $2,461,000. Coronation Fund Managers Ltd. lifted its stake in shares of CDW by 31.9% in the first quarter. Coronation Fund Managers Ltd. now owns 41,169 shares of the information technology services provider’s stock valued at $10,530,000 after purchasing an additional 9,945 shares during the period. Finally, Rehmann Capital Advisory Group boosted its holdings in CDW by 10.9% during the first quarter. Rehmann Capital Advisory Group now owns 1,748 shares of the information technology services provider’s stock worth $447,000 after buying an additional 172 shares in the last quarter. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

CDW Company Profile

CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security.