Benzinga | Aug 25, 2021 02:24PM EDT

Why Are ScanSource Shares Trading Higher Today?

* ScanSource Inc (NASDAQ:SCSC) traded higher by 16% at $35.61 on the last check Wednesday.

* The value-added technology product and service provider reported Q4 revenue of $852.7 million, up 34% year-on-year, beating the analyst consensus of $733.9 million. The adjusted EPS of $0.96 beat the consensus of $0.57.

* ScanSource also announced a new $100 million share buyback authorization by its board.

* Raymond James raised the price target for ScanSource from $35 to $40, implying a 30.3% upside, and reiterated an Outperform.