CDW (NASDAQ:CDW) Given New $148.00 Price Target at Barclays

Key Points

• Barclays lowered CDW’s price target from $150 to $148 while maintaining an “equal weight” rating, implying approximately 1.24% upside.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $150.12.
• CDW reported quarterly results above expectations, including $2.91 in EPS versus a $2.80 estimate and $6.57 billion in revenue, up 10% year over year.

CDW (NASDAQ:CDW - Get Free Report) had its price target decreased by equities research analysts at Barclays from $150.00 to $148.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an "equal weight" rating on the information technology services provider's stock. Barclays's price objective points to a potential upside of 1.24% from the stock's current price.

Other research analysts have also recently issued reports about the stock. Weiss Ratings upgraded shares of CDW from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Morgan Stanley raised their price objective on shares of CDW from $170.00 to $171.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Citigroup lifted their price target on shares of CDW from $123.00 to $145.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Royal Bank Of Canada upgraded CDW to an "outperform" rating and set a $130.00 target price on the stock in a research note on Wednesday, May 27th. Finally, JPMorgan Chase & Co. upgraded CDW from a "neutral" rating to an "overweight" rating and set a $130.00 price target for the company in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $150.12.

CDW Stock Performance

CDW opened at $146.19 on Monday. The company has a current ratio of 1.17, a quick ratio of 1.05 and a debt-to-equity ratio of 1.97. CDW has a 1-year low of $97.12 and a 1-year high of $167.00. The company has a market cap of $18.28 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 1.92 and a beta of 0.95. The company's fifty day moving average price is $142.06 and its two-hundred day moving average price is $130.99.

CDW (NASDAQ:CDW - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The information technology services provider reported $2.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.80 by $0.11. CDW had a return on equity of 50.61% and a net margin of 4.60%.The business had revenue of $6.57 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the previous year, the business earned $2.60 EPS. The company's quarterly revenue was up 10.0% on a year-over-year basis. On average, analysts expect that CDW will post 10.33 EPS for the current fiscal year.

Insider Activity

In other CDW news, insider Elizabeth Connelly sold 26,695 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $137.62, for a total value of $3,673,765.90. Following the sale, the insider owned 34,215 shares of the company's stock, valued at $4,708,668.30. This trade represents a 43.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.82% of the company's stock.

Hedge Funds Weigh In On CDW

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC increased its position in shares of CDW by 33.5% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,543 shares of the information technology services provider's stock valued at $498,000 after purchasing an additional 889 shares during the last quarter. Tidal Investments LLC boosted its stake in CDW by 82.5% in the second quarter. Tidal Investments LLC now owns 46,504 shares of the information technology services provider's stock worth $6,540,000 after buying an additional 21,019 shares in the last quarter. WINTON GROUP Ltd grew its position in CDW by 1,136.8% during the second quarter. WINTON GROUP Ltd now owns 46,502 shares of the information technology services provider's stock valued at $6,540,000 after acquiring an additional 42,742 shares during the last quarter. Triad Investment Management lifted its holdings in shares of CDW by 20.3% in the 2nd quarter. Triad Investment Management now owns 30,540 shares of the information technology services provider's stock worth $4,295,000 after acquiring an additional 5,156 shares during the last quarter. Finally, Cidel Asset Management Inc. purchased a new stake in shares of CDW in the 2nd quarter valued at $223,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

CDW Company Profile

CDW Corporation NASDAQ: CDW is a provider of technology products and services for businesses, government agencies, educational institutions and healthcare organizations. The company helps customers design, acquire, configure and manage information technology environments.

Its offerings include computers, servers, networking equipment, software, data storage, cybersecurity products, cloud solutions and collaboration tools. CDW also provides professional, managed and lifecycle services, including solution design, implementation, security support, cloud management and IT asset management.

Founded in 1984, CDW serves customers primarily in the United States, Canada and the United Kingdom through a combination of sales specialists, technology partners and digital commerce platforms.

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