Bank of New York Mellon Corp Buys New Stake in Climb Global Solutions, Inc. $CLMB

Key Points

• Bank of New York Mellon purchased 126,508 shares of Climb Global Solutions valued at approximately $2.94 million, while institutional investors collectively own 49.72% of the company.
• Climb Global Solutions reported quarterly earnings of $0.30 per share, matching analyst estimates, and revenue of $174.21 million, slightly above the $174.07 million consensus forecast.
• CLMB shares opened at $29.17, compared with an analyst average price target of $31.00; the stock carries a “Moderate Buy” consensus rating.

Bank of New York Mellon Corp purchased a new position in shares of Climb Global Solutions, Inc. (NASDAQ:CLMB - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 126,508 shares of the company's stock, valued at approximately $2,936,000. Bank of New York Mellon Corp owned approximately 0.68% of Climb Global Solutions as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. State of Wyoming purchased a new stake in shares of Climb Global Solutions in the 2nd quarter valued at $97,000. Wasatch Advisors LP boosted its holdings in Climb Global Solutions by 13.8% during the 2nd quarter. Wasatch Advisors LP now owns 691,360 shares of the company's stock valued at $16,046,000 after acquiring an additional 83,680 shares during the period. Bank of America Corp DE boosted its holdings in Climb Global Solutions by 261.7% during the 1st quarter. Bank of America Corp DE now owns 17,627 shares of the company's stock valued at $349,000 after acquiring an additional 12,753 shares during the period. Quantinno Capital Management LP grew its position in Climb Global Solutions by 77.8% in the 1st quarter. Quantinno Capital Management LP now owns 12,668 shares of the company's stock valued at $251,000 after acquiring an additional 5,543 shares in the last quarter. Finally, Polar Asset Management Partners Inc. increased its stake in Climb Global Solutions by 167.3% during the first quarter. Polar Asset Management Partners Inc. now owns 192,072 shares of the company's stock worth $3,807,000 after purchasing an additional 120,204 shares during the period. 49.72% of the stock is currently owned by hedge funds and other institutional investors.

Climb Global Solutions Price Performance

CLMB stock opened at $29.17 on Monday. The firm has a market capitalization of $544.31 million, a P/E ratio of 26.16, a P/E/G ratio of 1.84 and a beta of 1.09. The business's 50-day moving average is $26.69 and its two-hundred day moving average is $23.50. Climb Global Solutions, Inc. has a 1 year low of $15.24 and a 1 year high of $36.26.

Climb Global Solutions (NASDAQ:CLMB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.30 EPS for the quarter, hitting analysts' consensus estimates of $0.30. Climb Global Solutions had a return on equity of 18.87% and a net margin of 2.88%.The business had revenue of $174.21 million during the quarter, compared to the consensus estimate of $174.07 million. On average, analysts expect that Climb Global Solutions, Inc. will post 1.32 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CLMB shares. Wall Street Zen raised shares of Climb Global Solutions from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Weiss Ratings raised shares of Climb Global Solutions from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $31.00.

About Climb Global Solutions

Climb Global Solutions Inc operates as a value-added information technology (IT) distribution and solutions company in the United States, Canada, Europe, the United Kingdom, and internationally. It operates in two segments, Distribution and Solutions. The company distributes technical software to corporate and value-added resellers, consultants, and systems integrators under the name Climb Channel Solutions; and provides cloud solutions and resells software, hardware, and services under the name Grey Matter.

Want to see what other hedge funds are holding CLMB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Climb Global Solutions, Inc. (NASDAQ:CLMB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.