CDW (NASDAQ:CDW) Rating Lowered to Neutral at Citigroup

CDW (NASDAQ:CDW) was downgraded by equities research analysts at Citigroup from a “buy” rating to a “neutral” rating in a research note issued on Tuesday, Marketbeat.com reports. They currently have a $245.00 target price on the information technology services provider’s stock, down from their previous target price of $250.00. Citigroup’s price objective would suggest a potential upside of 11.69% from the stock’s current price.

A number of other research firms have also issued reports on CDW. Stifel Nicolaus upped their target price on shares of CDW from $250.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Barclays reduced their target price on shares of CDW from $232.00 to $229.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Finally, Northcoast Research upgraded shares of CDW from a “neutral” rating to a “buy” rating and set a $270.00 target price on the stock in a report on Friday, June 7th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, CDW has an average rating of “Moderate Buy” and a consensus target price of $252.75.

CDW Price Performance

Shares of NASDAQ CDW opened at $219.35 on Tuesday. The stock has a market cap of $29.48 billion, a price-to-earnings ratio of 27.38, a PEG ratio of 3.40 and a beta of 1.04. CDW has a 52 week low of $185.04 and a 52 week high of $263.37. The company’s 50-day moving average price is $220.80 and its 200 day moving average price is $228.68. The company has a current ratio of 1.13, a quick ratio of 1.02 and a debt-to-equity ratio of 2.03.

CDW (NASDAQ:CDW) last issued its quarterly earnings data on Wednesday, July 31st. The information technology services provider reported $2.34 EPS for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.05). The business had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.43 billion. CDW had a net margin of 5.29% and a return on equity of 62.22%. CDW’s revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.43 earnings per share. As a group, research analysts forecast that CDW will post 9.4 earnings per share for the current fiscal year.

Insider Transactions at CDW

In related news, insider Christine A. Leahy acquired 1,200 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were acquired at an average cost of $216.15 per share, for a total transaction of $259,380.00. Following the acquisition, the insider now directly owns 102,200 shares in the company, valued at approximately $22,090,530. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other CDW news, insider Christine A. Leahy bought 1,200 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was purchased at an average price of $216.15 per share, with a total value of $259,380.00. Following the transaction, the insider now owns 102,200 shares in the company, valued at $22,090,530. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Sona Chawla sold 18,437 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $240.45, for a total transaction of $4,433,176.65. Following the sale, the insider now directly owns 22,428 shares of the company’s stock, valued at approximately $5,392,812.60. The disclosure for this sale can be found here. Insiders own 0.90% of the company’s stock.

Institutional Trading of CDW

Several large investors have recently bought and sold shares of the company. Abacus Planning Group Inc. grew its position in CDW by 14.1% in the third quarter. Abacus Planning Group Inc. now owns 3,445 shares of the information technology services provider’s stock valued at $780,000 after acquiring an additional 427 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in CDW by 825.0% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 12,423 shares of the information technology services provider’s stock valued at $2,781,000 after acquiring an additional 11,080 shares in the last quarter. SS&H Financial Advisors Inc. acquired a new stake in CDW in the second quarter valued at approximately $314,000. Sanctuary Advisors LLC acquired a new stake in CDW in the second quarter valued at approximately $1,285,000. Finally, Pensioenfonds Rail & OV grew its position in CDW by 1.1% in the second quarter. Pensioenfonds Rail & OV now owns 176,756 shares of the information technology services provider’s stock valued at $39,565,000 after acquiring an additional 1,954 shares in the last quarter. Institutional investors and hedge funds own 93.15% of the company’s stock.

About CDW

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.