Redburn Atlantic Begins Coverage on CDW (NASDAQ:CDW)

Investment analysts at Redburn Atlantic initiated coverage on shares of CDW (NASDAQ:CDW) in a research note issued to investors on Friday, Marketbeat reports. The brokerage set a “buy” rating and a $230.00 price target on the information technology services provider’s stock. Redburn Atlantic’s target price would indicate a potential upside of 29.48% from the company’s previous close.

CDW has been the subject of a number of other reports. JPMorgan Chase & Co. cut shares of CDW from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $260.00 to $235.00 in a report on Monday, October 28th. Citigroup lowered CDW from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $250.00 to $245.00 in a research note on Tuesday, October 1st. Finally, Barclays lowered their target price on CDW from $229.00 to $201.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $244.63.

CDW Price Performance

NASDAQ CDW opened at $177.63 on Friday. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.40 and a quick ratio of 1.28. CDW has a 1-year low of $175.94 and a 1-year high of $263.37. The stock has a market capitalization of $23.67 billion, a price-to-earnings ratio of 21.72, a PEG ratio of 5.19 and a beta of 1.05. The business’s fifty day moving average price is $213.49 and its 200-day moving average price is $219.90.

CDW (NASDAQ:CDW) last announced its earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.68 by ($0.05). CDW had a return on equity of 58.31% and a net margin of 5.33%. The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.72 billion. During the same period in the previous year, the business posted $2.60 earnings per share. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, equities analysts predict that CDW will post 9.05 earnings per share for the current year.

Institutional Investors Weigh In On CDW

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of CDW by 4.6% during the first quarter. Vanguard Group Inc. now owns 16,407,542 shares of the information technology services provider’s stock worth $4,196,721,000 after purchasing an additional 714,393 shares in the last quarter. State Street Corp grew its holdings in CDW by 1.1% during the 3rd quarter. State Street Corp now owns 5,719,348 shares of the information technology services provider’s stock valued at $1,294,288,000 after buying an additional 64,702 shares in the last quarter. Geode Capital Management LLC raised its position in shares of CDW by 0.9% during the third quarter. Geode Capital Management LLC now owns 3,481,064 shares of the information technology services provider’s stock valued at $785,635,000 after buying an additional 31,858 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of CDW in the third quarter worth $416,111,000. Finally, Janus Henderson Group PLC boosted its position in shares of CDW by 7,029.1% during the third quarter. Janus Henderson Group PLC now owns 1,466,597 shares of the information technology services provider’s stock worth $331,891,000 after acquiring an additional 1,446,025 shares during the last quarter. 93.15% of the stock is owned by institutional investors.

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.