Wall Street Zen Downgrades ScanSource (NASDAQ:SCSC) to Buy

ScanSource (NASDAQ:SCSC) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday, Wall Street Zen reports.

Other equities analysts also recently issued research reports about the stock. Zacks Research upgraded shares of ScanSource from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 24th. Weiss Ratings restated a “hold (c+)” rating on shares of ScanSource in a research note on Wednesday, August 26th. Finally, Northcoast Research downgraded shares of ScanSource from a “buy” rating to a “neutral” rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, ScanSource presently has a consensus rating of “Moderate Buy” and an average target price of $43.00.

ScanSource Price Performance

Shares of NASDAQ SCSC opened at $61.73 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.76 and a quick ratio of 1.15. The stock has a market capitalization of $1.24 billion, a PE ratio of 16.87, a P/E/G ratio of 0.90 and a beta of 1.25. ScanSource has a one year low of $33.76 and a one year high of $66.78. The business’s fifty day moving average price is $56.56 and its 200-day moving average price is $48.92.

ScanSource (NASDAQ:SCSC) last announced its quarterly earnings data on Thursday, August 20th. The industrial products company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.32. ScanSource had a return on equity of 10.10% and a net margin of 2.44%.The company had revenue of $953.11 million during the quarter, compared to analyst estimates of $814.35 million. During the same quarter last year, the firm posted $1.02 EPS. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. On average, equities research analysts anticipate that ScanSource will post 4.56 EPS for the current year.

Insider Activity at ScanSource

In other ScanSource news, CAO Brandy Ford sold 5,293 shares of ScanSource stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $57.43, for a total transaction of $303,976.99. Following the completion of the sale, the chief accounting officer directly owned 9,907 shares in the company, valued at $568,959.01. The trade was a 34.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Stephen Jones sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $56.76, for a total transaction of $567,600.00. Following the completion of the transaction, the chief financial officer directly owned 87,421 shares of the company’s stock, valued at approximately $4,962,015.96. This represents a 10.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 95,632 shares of company stock valued at $5,484,582 in the last ninety days. 3.18% of the stock is currently owned by company insiders.

Institutional Trading of ScanSource

Institutional investors and hedge funds have recently made changes to their positions in the stock. Engineers Gate Manager LP bought a new stake in shares of ScanSource during the 2nd quarter worth $999,000. HighTower Advisors LLC purchased a new position in ScanSource in the second quarter worth $246,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in ScanSource in the second quarter valued at $474,000. Susquehanna International Group LLP increased its stake in ScanSource by 118.6% in the second quarter. Susquehanna International Group LLP now owns 17,539 shares of the industrial products company’s stock valued at $914,000 after acquiring an additional 9,515 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in ScanSource by 5.0% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 44,398 shares of the industrial products company’s stock valued at $2,313,000 after purchasing an additional 2,126 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About ScanSource

ScanSource, Inc (NASDAQ: SCSC) is a technology distributor that connects manufacturers of hardware, software and services with value-added resellers, systems integrators and other business-to-business technology providers. The company is headquartered in Greenville, South Carolina, and focuses on helping channel partners design, purchase and deploy technology solutions for commercial and public-sector customers.

ScanSource distributes products and services across areas including barcode scanning and data capture, point-of-sale and payment systems, networking, communications, cybersecurity, cloud and other information technology solutions.