Citigroup Downgrades CDW (NASDAQ:CDW) to Neutral

CDW (NASDAQ:CDW) was downgraded by stock analysts at Citigroup from a “buy” rating to a “neutral” rating in a research note issued on Tuesday, FinViz reports. They currently have a $245.00 price target on the information technology services provider’s stock, down from their previous price target of $250.00. Citigroup’s price target points to a potential upside of 8.26% from the company’s current price.

CDW has been the subject of several other research reports. Stifel Nicolaus upped their target price on shares of CDW from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Barclays decreased their price target on shares of CDW from $232.00 to $229.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Finally, Northcoast Research raised CDW from a “neutral” rating to a “buy” rating and set a $270.00 price objective on the stock in a research note on Friday, June 7th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, CDW has a consensus rating of “Moderate Buy” and a consensus price target of $252.75.

CDW Stock Performance

CDW stock opened at $226.30 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.13 and a debt-to-equity ratio of 2.03. CDW has a twelve month low of $185.04 and a twelve month high of $263.37. The business’s fifty day moving average is $221.05 and its 200-day moving average is $228.88. The company has a market cap of $30.41 billion, a P/E ratio of 28.25, a price-to-earnings-growth ratio of 3.40 and a beta of 1.04.

CDW (NASDAQ:CDW) last issued its earnings results on Wednesday, July 31st. The information technology services provider reported $2.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.39 by ($0.05). The company had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.43 billion. CDW had a return on equity of 62.22% and a net margin of 5.29%. CDW’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the business posted $2.43 EPS. Equities research analysts forecast that CDW will post 9.4 EPS for the current year.

Insider Buying and Selling at CDW

In related news, insider Sona Chawla sold 18,437 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $240.45, for a total transaction of $4,433,176.65. Following the completion of the transaction, the insider now directly owns 22,428 shares in the company, valued at $5,392,812.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Christine A. Leahy acquired 1,200 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was bought at an average price of $216.15 per share, for a total transaction of $259,380.00. Following the acquisition, the insider now directly owns 102,200 shares of the company’s stock, valued at $22,090,530. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sona Chawla sold 18,437 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $240.45, for a total value of $4,433,176.65. Following the sale, the insider now owns 22,428 shares in the company, valued at approximately $5,392,812.60. The disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CDW. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of CDW by 825.0% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 12,423 shares of the information technology services provider’s stock worth $2,781,000 after purchasing an additional 11,080 shares during the last quarter. SS&H Financial Advisors Inc. bought a new stake in CDW in the second quarter valued at approximately $314,000. Sanctuary Advisors LLC bought a new stake in CDW in the second quarter valued at approximately $1,285,000. Pensioenfonds Rail & OV lifted its position in shares of CDW by 1.1% in the second quarter. Pensioenfonds Rail & OV now owns 176,756 shares of the information technology services provider’s stock valued at $39,565,000 after buying an additional 1,954 shares during the last quarter. Finally, Cetera Investment Advisers boosted its stake in shares of CDW by 33.4% during the 2nd quarter. Cetera Investment Advisers now owns 12,893 shares of the information technology services provider’s stock worth $2,886,000 after acquiring an additional 3,228 shares during the period. Institutional investors and hedge funds own 93.15% of the company’s stock.

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.