Barclays Forecasts Strong Price Appreciation for CDW (NASDAQ:CDW) Stock

CDW (NASDAQ:CDW) had its price objective lifted by equities researchers at Barclays from $201.00 to $223.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the information technology services provider’s stock. Barclays‘s price target suggests a potential upside of 16.13% from the stock’s previous close.

A number of other research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. cut shares of CDW from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $260.00 to $235.00 in a research note on Monday, October 28th. UBS Group decreased their target price on shares of CDW from $233.00 to $220.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Redburn Atlantic assumed coverage on shares of CDW in a report on Friday, November 15th. They issued a “buy” rating and a $230.00 target price for the company. Finally, Morgan Stanley raised their target price on shares of CDW from $190.00 to $193.00 and gave the stock an “equal weight” rating in a research report on Monday, December 16th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $242.67.

CDW Stock Down 3.9 %

Shares of CDW stock opened at $192.02 on Thursday. The company has a 50-day simple moving average of $183.54 and a two-hundred day simple moving average of $202.63. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.28 and a current ratio of 1.40. CDW has a 52-week low of $168.43 and a 52-week high of $263.37. The stock has a market capitalization of $25.59 billion, a PE ratio of 23.47, a price-to-earnings-growth ratio of 5.39 and a beta of 1.01.

CDW (NASDAQ:CDW) last released its quarterly earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.07. CDW had a return on equity of 58.31% and a net margin of 5.33%. On average, analysts anticipate that CDW will post 8.99 EPS for the current fiscal year.

CDW declared that its Board of Directors has approved a share repurchase plan on Wednesday, February 5th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the information technology services provider to repurchase up to 2.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of CDW

Hedge funds have recently modified their holdings of the stock. Canoe Financial LP purchased a new position in shares of CDW during the third quarter worth about $37,000. Fortitude Family Office LLC raised its stake in shares of CDW by 350.0% during the 3rd quarter. Fortitude Family Office LLC now owns 171 shares of the information technology services provider’s stock worth $39,000 after buying an additional 133 shares in the last quarter. Allworth Financial LP lifted its stake in shares of CDW by 39.7% in the fourth quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock valued at $32,000 after purchasing an additional 52 shares during the period. OFI Invest Asset Management purchased a new stake in shares of CDW during the 4th quarter worth approximately $32,000. Finally, Ashton Thomas Securities LLC purchased a new stake in shares of CDW in the 3rd quarter worth about $43,000. 93.15% of the stock is currently owned by institutional investors and hedge funds.

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.