Tech Data (TECD) Trading Up 5.4% After Earnings Beat
Tech Data (NASDAQ:TECD)’s share price was up 5.4% during trading on Thursday following a better than expected earnings announcement. The company traded as high as $92.92 and last traded at $86.81. Approximately 1,333,013 shares traded hands during mid-day trading, an increase of 210% from the average daily volume of 430,374 shares. The stock had previously closed at $82.40.
The company reported $1.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.37. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.13 billion. Tech Data had a net margin of 0.32% and a return on equity of 12.83%. The company’s revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.87 EPS.
A number of analysts recently issued reports on TECD shares. BidaskClub downgraded shares of Tech Data from a “hold” rating to a “sell” rating in a research report on Saturday, February 3rd. Northcoast Research set a $127.00 price objective on shares of Tech Data and gave the company a “buy” rating in a research report on Wednesday, February 28th. Pivotal Research set a $105.00 price objective on shares of Tech Data and gave the company a “buy” rating in a research report on Thursday, March 8th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $110.00 price objective (down previously from $120.00) on shares of Tech Data in a research report on Friday, March 9th. Finally, Citigroup lowered their price objective on shares of Tech Data from $110.00 to $95.00 and set a “neutral” rating for the company in a research report on Friday, March 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $110.29.
The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.88 and a current ratio of 1.26. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of 9.52, a P/E/G ratio of 1.01 and a beta of 0.87.
About Tech Data
Tech Data Corporation engages in the wholesale distribution of technology products. It offers endpoint portfolio solutions, including PC systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, and consumer electronics; and advanced portfolio solutions, such as storage, networking, servers, advanced technology software, and converged and hyper-converged infrastructure, as well as specialized solutions.
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