Barclays Raises CDW (NASDAQ:CDW) Price Target to $223.00

CDW (NASDAQ:CDW) had its price objective hoisted by Barclays from $201.00 to $223.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the information technology services provider’s stock. Barclays‘s price target suggests a potential upside of 8.18% from the company’s current price.

Several other equities analysts also recently commented on CDW. UBS Group lowered their price objective on CDW from $233.00 to $220.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. JPMorgan Chase & Co. downgraded CDW from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $260.00 to $235.00 in a research note on Monday, October 28th. Redburn Atlantic assumed coverage on CDW in a research report on Friday, November 15th. They issued a “buy” rating and a $230.00 target price on the stock. Finally, Morgan Stanley increased their price objective on shares of CDW from $190.00 to $193.00 and gave the company an “equal weight” rating in a research report on Monday, December 16th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $241.78.

CDW Stock Performance

NASDAQ:CDW opened at $206.13 on Thursday. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.28 and a current ratio of 1.40. The stock has a 50-day simple moving average of $183.08 and a two-hundred day simple moving average of $202.65. The firm has a market capitalization of $27.47 billion, a PE ratio of 25.20, a P/E/G ratio of 5.39 and a beta of 1.01. CDW has a 52-week low of $168.43 and a 52-week high of $263.37.

CDW (NASDAQ:CDW) last released its earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.07. CDW had a net margin of 5.33% and a return on equity of 58.31%. Analysts forecast that CDW will post 8.99 EPS for the current year.

CDW announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 5th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Institutional Trading of CDW

A number of large investors have recently made changes to their positions in CDW. State Street Corp increased 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 worth $1,294,288,000 after purchasing an additional 64,702 shares during the period. Geode Capital Management LLC raised its holdings in shares of CDW by 0.9% in 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 acquiring an additional 31,858 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in CDW in the third quarter worth about $416,111,000. Janus Henderson Group PLC grew its holdings in CDW by 7,029.1% during the 3rd 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 in the last quarter. Finally, Barclays PLC increased its position in CDW by 0.3% during the 3rd quarter. Barclays PLC now owns 1,156,789 shares of the information technology services provider’s stock valued at $261,779,000 after purchasing an additional 3,424 shares during the period. 93.15% of the stock is 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.