Climb Global Solutions (NASDAQ:CLMB) Releases Earnings Results, Beats Estimates By $0.01 EPS

Climb Global Solutions (NASDAQ:CLMB) issued its earnings results on Wednesday. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.01, FiscalAI reports. Climb Global Solutions had a net margin of 3.01% and a return on equity of 20.43%. The company had revenue of $174.21 million during the quarter, compared to the consensus estimate of $174.07 million.

Climb Global Solutions Stock Down 13.8%

NASDAQ CLMB traded down $3.92 during trading hours on Thursday, hitting $24.49. 37,201 shares of the company were exchanged, compared to its average volume of 223,910. Climb Global Solutions has a 52 week low of $15.24 and a 52 week high of $36.26. The stock has a 50-day moving average price of $23.68 and a 200 day moving average price of $23.94. The stock has a market cap of $455.46 million, a PE ratio of 21.42, a price-to-earnings-growth ratio of 1.78 and a beta of 1.09.

Insiders Place Their Bets

In other news, Director John R. Mccarthy bought 4,000 shares of Climb Global Solutions stock in a transaction dated Monday, May 4th. The shares were acquired at an average price of $18.83 per share, with a total value of $75,320.00. Following the completion of the purchase, the director owned 85,876 shares in the company, valued at $1,617,045.08. The trade was a 4.89% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 3.80% of the company’s stock.

Institutional Trading of Climb Global Solutions

A number of large investors have recently made changes to their positions in CLMB. Wasatch Advisors LP boosted its position in Climb Global Solutions by 29.5% in the 2nd quarter. Wasatch Advisors LP now owns 281,131 shares of the company’s stock valued at $30,056,000 after buying an additional 63,975 shares during the period. Invesco Ltd. raised its stake in shares of Climb Global Solutions by 2,446.4% during the third quarter. Invesco Ltd. now owns 65,263 shares of the company’s stock valued at $8,800,000 after acquiring an additional 62,700 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Climb Global Solutions by 221.5% in the second quarter. JPMorgan Chase & Co. now owns 32,914 shares of the company’s stock valued at $3,519,000 after purchasing an additional 22,676 shares during the period. Geode Capital Management LLC grew its stake in Climb Global Solutions by 20.3% in the fourth quarter. Geode Capital Management LLC now owns 129,194 shares of the company’s stock worth $13,283,000 after purchasing an additional 21,781 shares in the last quarter. Finally, Polar Asset Management Partners Inc. grew its stake in Climb Global Solutions by 36.2% in the fourth quarter. Polar Asset Management Partners Inc. now owns 71,868 shares of the company’s stock worth $7,387,000 after purchasing an additional 19,087 shares in the last quarter. 49.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wall Street Zen downgraded Climb Global Solutions from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. Weiss Ratings cut Climb Global Solutions from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Finally, Barrington Research reissued an “outperform” rating and set a $30.00 target price on shares of Climb Global Solutions in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Climb Global Solutions has an average rating of “Moderate Buy” and a consensus target price of $31.00.

About Climb Global Solutions

Climb Global Solutions Inc operates as a value-added information technology (IT) distribution and solutions company in the United States, Canada, Europe, the United Kingdom, and internationally. It operates in two segments, Distribution and Solutions. The company distributes technical software to corporate and value-added resellers, consultants, and systems integrators under the name Climb Channel Solutions; and provides cloud solutions and resells software, hardware, and services under the name Grey Matter.