CDW (NASDAQ:CDW) Downgraded to Neutral at JPMorgan Chase & Co.

CDW (NASDAQ:CDW) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Monday, Briefing.com reports. They currently have a $235.00 price objective on the information technology services provider’s stock, down from their previous price objective of $260.00. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 8.29% from the stock’s previous close.

CDW has been the topic of several other research reports. Barclays dropped their target price on shares of CDW from $232.00 to $229.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Citigroup cut CDW from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $250.00 to $245.00 in a research report on Tuesday, October 1st. Finally, Stifel Nicolaus raised their target price on CDW from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $250.71.

CDW Trading Down 1.0 %

NASDAQ CDW opened at $217.01 on Monday. The company has a current ratio of 1.13, a quick ratio of 1.02 and a debt-to-equity ratio of 2.03. The firm has a market capitalization of $29.17 billion, a P/E ratio of 27.09, a PEG ratio of 3.42 and a beta of 1.03. The business has a fifty day simple moving average of $221.50 and a 200 day simple moving average of $224.54. CDW has a 12 month low of $185.04 and a 12 month high of $263.37.

CDW (NASDAQ:CDW) last announced its earnings results on Wednesday, July 31st. The information technology services provider reported $2.34 EPS for the quarter, missing the consensus estimate of $2.39 by ($0.05). CDW had a net margin of 5.29% and a return on equity of 62.22%. The firm had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.43 billion. During the same quarter in the prior year, the company earned $2.43 EPS. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, analysts predict that CDW will post 9.4 EPS for the current fiscal year.

Insider Transactions at CDW

In related news, insider Christine A. Leahy acquired 1,200 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were bought at an average cost of $216.15 per share, for a total transaction of $259,380.00. Following the purchase, the insider now owns 102,200 shares in the company, valued at $22,090,530. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.90% of the company’s stock.

Institutional Trading of CDW

Institutional investors and hedge funds have recently bought and sold shares of the company. Diversify Wealth Management LLC raised its position in shares of CDW by 16.6% in the third quarter. Diversify Wealth Management LLC now owns 2,221 shares of the information technology services provider’s stock worth $483,000 after buying an additional 317 shares in the last quarter. Fortitude Family Office LLC boosted its position in shares of CDW by 350.0% during the 3rd quarter. Fortitude Family Office LLC now owns 171 shares of the information technology services provider’s stock valued at $39,000 after acquiring an additional 133 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in shares of CDW by 109.7% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,694 shares of the information technology services provider’s stock worth $383,000 after purchasing an additional 886 shares in the last quarter. abrdn plc increased its position in shares of CDW by 31.4% in the third quarter. abrdn plc now owns 54,725 shares of the information technology services provider’s stock worth $12,409,000 after purchasing an additional 13,079 shares during the last quarter. Finally, Orrstown Financial Services Inc. purchased a new stake in CDW in the third quarter valued at approximately $308,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

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.