Citigroup Cuts CDW (NASDAQ:CDW) Price Target to $260.00

CDW (NASDAQ:CDW) had its target price lowered by equities research analysts at Citigroup from $295.00 to $260.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the information technology services provider’s stock. Citigroup’s price target would indicate a potential upside of 18.42% from the company’s current price.

Other research analysts also recently issued reports about the stock. Barclays dropped their target price on shares of CDW from $261.00 to $232.00 and set an “equal weight” rating on the stock in a research report on Thursday. Evercore ISI raised their price objective on CDW from $250.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, March 22nd. JPMorgan Chase & Co. reduced their target price on CDW from $280.00 to $265.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Stifel Nicolaus decreased their target price on CDW from $265.00 to $250.00 and set a “buy” rating for the company in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, CDW currently has an average rating of “Moderate Buy” and a consensus price target of $235.50.

CDW Trading Up 0.5 %

CDW opened at $219.56 on Thursday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.11 and a current ratio of 1.26. CDW has a one year low of $162.59 and a one year high of $263.37. The company has a market cap of $29.50 billion, a P/E ratio of 27.11, a PEG ratio of 2.43 and a beta of 1.09. The business’s 50-day simple moving average is $245.67 and its 200-day simple moving average is $229.16.

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

CDW announced that its board has authorized a share repurchase 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 purchase up to 2.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP boosted its holdings in shares of CDW by 29.1% in the fourth quarter. Wellington Management Group LLP now owns 3,464,886 shares of the information technology services provider’s stock valued at $787,638,000 after acquiring an additional 781,421 shares in the last quarter. First Trust Advisors LP boosted its holdings in CDW by 627.3% in the 4th quarter. First Trust Advisors LP now owns 625,781 shares of the information technology services provider’s stock valued at $142,252,000 after purchasing an additional 539,745 shares in the last quarter. Norges Bank acquired a new position in CDW during the 4th quarter worth approximately $111,736,000. The Manufacturers Life Insurance Company raised its stake in shares of CDW by 91.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 728,446 shares of the information technology services provider’s stock worth $146,971,000 after buying an additional 348,749 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its holdings in shares of CDW by 459.5% in the 3rd quarter. Lazard Asset Management LLC now owns 252,272 shares of the information technology services provider’s stock valued at $50,898,000 after buying an additional 207,184 shares during the period. 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.