Climb Global Solutions (NASDAQ:CLMB) Sets New 52-Week High – Here’s Why

Climb Global Solutions, Inc. (NASDAQ:CLMB)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $118.77 and last traded at $118.77, with a volume of 2332 shares trading hands. The stock had previously closed at $109.46.

Analysts Set New Price Targets

Separately, Barrington Research reissued an “outperform” rating and set a $90.00 price target on shares of Climb Global Solutions in a report on Thursday, October 10th.

Climb Global Solutions Trading Up 11.8 %

The company has a market cap of $564.36 million, a P/E ratio of 31.80, a price-to-earnings-growth ratio of 2.99 and a beta of 1.06. The company’s 50-day moving average price is $98.83 and its two-hundred day moving average price is $76.64.

Climb Global Solutions (NASDAQ:CLMB) last issued its earnings results on Tuesday, August 6th. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.35. Climb Global Solutions had a return on equity of 23.63% and a net margin of 4.11%. The business had revenue of $92.08 million for the quarter, compared to analysts’ expectations of $97.27 million. Equities analysts forecast that Climb Global Solutions, Inc. will post 3.28 earnings per share for the current year.

Climb Global Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Monday, November 11th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 0.56%. The ex-dividend date is Friday, November 8th. Climb Global Solutions’s dividend payout ratio (DPR) is currently 18.43%.

Hedge Funds Weigh In On Climb Global Solutions

Several institutional investors and hedge funds have recently bought and sold shares of CLMB. Choreo LLC purchased a new stake in shares of Climb Global Solutions during the second quarter worth $4,491,000. Royce & Associates LP increased its holdings in Climb Global Solutions by 314.5% in the third quarter. Royce & Associates LP now owns 35,919 shares of the company’s stock worth $3,575,000 after buying an additional 27,254 shares during the last quarter. Vanguard Group Inc. raised its position in Climb Global Solutions by 3.4% during the first quarter. Vanguard Group Inc. now owns 223,907 shares of the company’s stock valued at $15,871,000 after acquiring an additional 7,447 shares in the last quarter. Pinnacle Associates Ltd. increased its stake in shares of Climb Global Solutions by 66.8% during the 3rd quarter. Pinnacle Associates Ltd. now owns 18,221 shares of the company’s stock worth $1,814,000 after purchasing an additional 7,298 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Climb Global Solutions by 17.7% in the 3rd quarter. Janney Montgomery Scott LLC now owns 23,030 shares of the company’s stock valued at $2,292,000 after purchasing an additional 3,463 shares during the last quarter. Hedge funds and other institutional investors own 49.72% of the company’s stock.

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.