CDW (NASDAQ:CDW) PT Lowered to $232.00

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

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

CDW Stock Performance

CDW stock traded up $1.15 during midday trading on Thursday, hitting $219.56. The stock had a trading volume of 805,670 shares, compared to its average volume of 768,724. The company has a current ratio of 1.26, a quick ratio of 1.11 and a debt-to-equity ratio of 2.35. CDW has a 52-week low of $162.59 and a 52-week high of $263.37. The company has a market capitalization of $29.51 billion, a PE ratio of 27.41, a P/E/G ratio of 2.47 and a beta of 1.09. The firm’s fifty day moving average is $245.67 and its two-hundred day moving average is $229.16.

CDW (NASDAQ:CDW) last announced its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 EPS for the quarter, beating 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 the consensus estimate of $5.32 billion. During the same period last year, the firm earned $2.40 EPS. The company’s revenue was down 7.7% on a year-over-year basis. On average, research analysts forecast that CDW will post 9.89 EPS for the current year.

CDW declared that its Board of Directors has initiated a stock repurchase program on Wednesday, February 7th that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the information technology services provider to buy up to 2.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On CDW

A number of large investors have recently added to or reduced their stakes in CDW. Noesis Capital Mangement Corp acquired a new stake in CDW during the 1st quarter worth about $234,000. Valley Wealth Managers Inc. lifted its holdings in shares of CDW by 4.6% during the first quarter. Valley Wealth Managers Inc. now owns 1,537 shares of the information technology services provider’s stock worth $393,000 after purchasing an additional 68 shares during the period. Mediolanum International Funds Ltd purchased a new stake in CDW in the first quarter valued at approximately $2,461,000. Coronation Fund Managers Ltd. increased its holdings in CDW by 31.9% in the 1st quarter. Coronation Fund Managers Ltd. now owns 41,169 shares of the information technology services provider’s stock worth $10,530,000 after buying an additional 9,945 shares during the period. Finally, Rehmann Capital Advisory Group raised its position in CDW by 10.9% during the 1st 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 during the last quarter. 93.15% of the stock is currently owned by 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.