Tech Data Corporation (TECD) Expected to Post Quarterly Sales of $8.71 Billion
Equities research analysts expect Tech Data Corporation (NASDAQ:TECD) to announce $8.71 billion in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Tech Data Corporation’s earnings, with the highest sales estimate coming in at $8.74 billion and the lowest estimate coming in at $8.66 billion. Tech Data Corporation posted sales of $6.35 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 37.2%. The company is scheduled to report its next earnings report after the market closes on Thursday, August 31st.
According to Zacks, analysts expect that Tech Data Corporation will report full year sales of $8.71 billion for the current financial year, with estimates ranging from $34.74 billion to $35.19 billion. For the next fiscal year, analysts expect that the company will report sales of $35.35 billion per share, with estimates ranging from $35.05 billion to $35.82 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow Tech Data Corporation.
Tech Data Corporation (NASDAQ:TECD) last released its quarterly earnings results on Thursday, June 1st. The company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.34 by $0.53. The firm had revenue of $7.66 billion for the quarter, compared to analyst estimates of $7.31 billion. Tech Data Corporation had a return on equity of 11.67% and a net margin of 0.69%. Tech Data Corporation’s revenue for the quarter was up 28.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.05 EPS.
Several analysts recently weighed in on the company. Zacks Investment Research upgraded Tech Data Corporation from a “sell” rating to a “hold” rating in a research note on Monday. Citigroup Inc. upgraded Tech Data Corporation from a “sell” rating to a “neutral” rating and set a $115.00 target price for the company in a research note on Friday, June 2nd. Bank of America Corporation restated a “buy” rating and set a $110.00 target price on shares of Tech Data Corporation in a research note on Thursday, June 1st. Finally, BidaskClub downgraded Tech Data Corporation from a “buy” rating to a “hold” rating in a research note on Friday. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Tech Data Corporation presently has an average rating of “Buy” and a consensus price target of $105.57.
In other Tech Data Corporation news, CEO Robert M. Dutkowsky sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $100.08, for a total value of $2,001,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Alain Amsellem sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $104.63, for a total value of $104,630.00. Following the completion of the sale, the chief financial officer now owns 26,379 shares of the company’s stock, valued at approximately $2,760,034.77. The disclosure for this sale can be found here. Insiders sold a total of 34,888 shares of company stock valued at $3,519,704 in the last quarter. Corporate insiders own 1.60% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund increased its stake in shares of Tech Data Corporation by 1.6% in the first quarter. Oregon Public Employees Retirement Fund now owns 12,399 shares of the company’s stock worth $1,164,000 after buying an additional 200 shares in the last quarter. DUPONT CAPITAL MANAGEMENT Corp purchased a new stake in shares of Tech Data Corporation during the first quarter worth approximately $2,657,000. Sapphire Star Partners LP increased its stake in shares of Tech Data Corporation by 8.9% in the first quarter. Sapphire Star Partners LP now owns 5,649 shares of the company’s stock worth $530,000 after buying an additional 462 shares in the last quarter. Sawgrass Asset Management LLC purchased a new stake in shares of Tech Data Corporation during the first quarter worth approximately $355,000. Finally, Glen Harbor Capital Management LLC increased its stake in shares of Tech Data Corporation by 1.8% in the first quarter. Glen Harbor Capital Management LLC now owns 1,276 shares of the company’s stock worth $120,000 after buying an additional 22 shares in the last quarter. Institutional investors own 94.16% of the company’s stock.
Tech Data Corporation (NASDAQ TECD) traded down 0.63% during trading on Friday, reaching $100.70. The company had a trading volume of 157,805 shares. The stock has a 50 day moving average of $103.85 and a 200-day moving average of $95.41. The company has a market capitalization of $3.84 billion, a P/E ratio of 18.79 and a beta of 0.79. Tech Data Corporation has a 12 month low of $67.67 and a 12 month high of $107.50.
Tech Data Corporation Company Profile
Tech Data Corporation is a wholesale distributor of technology products. The Company serves as a link in the technology supply chain by bringing products from the technology vendors to market, as well as providing its customers with logistics capabilities and services. It operates through the segment of distributing technology products, logistics management and other value-added services.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Tech Data Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tech Data Corporation and related companies with MarketBeat.com's FREE daily email newsletter.