CDW (NASDAQ:CDW) Price Target Cut to $265.00

CDW (NASDAQ:CDW) had its price objective lowered by investment analysts at JPMorgan Chase & Co. from $280.00 to $265.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the information technology services provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 20.70% from the stock’s previous close.

A number of other equities analysts have also recently commented on the company. Barclays decreased their target price on CDW from $261.00 to $232.00 and set an “equal weight” rating on the stock in a report on Thursday. Citigroup increased their target price on shares of CDW from $255.00 to $295.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Finally, Evercore ISI lifted their price target on shares of CDW from $250.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CDW currently has an average rating of “Moderate Buy” and a consensus target price of $235.50.

CDW Stock Performance

CDW stock traded up $1.15 during mid-day trading on Thursday, reaching $219.56. 805,670 shares of the stock traded hands, compared to its average volume of 768,724. The stock 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 debt-to-equity ratio of 2.35, a current ratio of 1.26 and a quick ratio of 1.11. The business’s 50-day moving average is $245.67 and its 200-day moving average is $229.16. CDW has a 12-month low of $162.59 and a 12-month high of $263.37.

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

CDW declared that its Board of Directors has authorized a share buyback program on Wednesday, February 7th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the information technology services provider to buy up to 2.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On CDW

Several institutional investors have recently bought and sold shares of the stock. Tsfg LLC purchased a new position in shares of CDW in the first quarter valued at $26,000. OFI Invest Asset Management purchased a new position in CDW in the third quarter worth about $25,000. Rise Advisors LLC bought a new stake in CDW during the first quarter worth approximately $34,000. Larson Financial Group LLC purchased a new stake in CDW during the fourth quarter valued at approximately $30,000. Finally, VisionPoint Advisory Group LLC bought a new stake in shares of CDW in the 3rd quarter valued at approximately $28,000. 93.15% of the stock is 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.