Climb Global Solutions (NASDAQ:CLMB) Reaches New 1-Year High Following Better-Than-Expected Earnings

Key Points

• Climb Global Solutions shares rose 18.8% and reached a new 52-week high after the company reported better-than-expected quarterly results.
• Quarterly EPS was $0.43, exceeding the $0.38 consensus estimate, while revenue of $220.31 million surpassed expectations of $180.98 million.
• Analysts maintain a “Moderate Buy” consensus with a $31 average price target, while institutional investors own nearly 50% of the company’s shares.

Climb Global Solutions, Inc. (NASDAQ:CLMB - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $35.80 and last traded at $37.9610, with a volume of 238 shares traded. The stock had previously closed at $33.13.

The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. The company had revenue of $220.31 million for the quarter, compared to the consensus estimate of $180.98 million. Climb Global Solutions had a return on equity of 18.87% and a net margin of 2.88%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Weiss Ratings upgraded shares of Climb Global Solutions from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday, August 17th. Wall Street Zen upgraded Climb Global Solutions from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Climb Global Solutions presently has an average rating of "Moderate Buy" and an average target price of $31.00.

Hedge Funds Weigh In On Climb Global Solutions

Several institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in Climb Global Solutions in the second quarter worth $30,777,000. De Lisle Partners LLP purchased a new position in shares of Climb Global Solutions during the second quarter worth approximately $20,552,000. Tieton Capital Management LLC bought a new stake in shares of Climb Global Solutions during the second quarter valued at approximately $15,948,000. Punch & Associates Investment Management Inc. bought a new position in Climb Global Solutions in the second quarter worth approximately $12,810,000. Finally, Renaissance Technologies LLC increased its holdings in Climb Global Solutions by 311.9% during the 1st quarter. Renaissance Technologies LLC now owns 536,213 shares of the company's stock worth $10,628,000 after purchasing an additional 406,017 shares during the period. Institutional investors own 49.72% of the company's stock.

Climb Global Solutions Trading Up 18.8%

The firm has a market cap of $734.63 million, a P/E ratio of 35.36, a P/E/G ratio of 2.07 and a beta of 1.08. The business has a 50-day moving average price of $30.39 and a 200-day moving average price of $25.77.

About Climb Global Solutions

Climb Global Solutions, Inc NASDAQ: CLMB is a global value-added distributor of information technology products and services. The company connects technology vendors with resellers, managed service providers, systems integrators and other channel partners, helping them market and deliver specialized technology solutions to business and government customers.

Climb's portfolio includes cybersecurity, networking, data management, virtualization, cloud computing, software development and other enterprise technology solutions.

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