Tech Data (TECD) Stock Price Up 10.2% Following Earnings Beat
Tech Data Corporation (NASDAQ:TECD)’s share price rose 10.2% during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $104.09 and last traded at $102.76. Approximately 1,764,310 shares were traded during mid-day trading, an increase of 297% from the average daily volume of 444,932 shares. The stock had previously closed at $93.22.
The company reported $2.00 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.90 by $0.10. The business had revenue of $9.14 billion for the quarter, compared to analysts’ expectations of $9.10 billion. Tech Data had a return on equity of 11.60% and a net margin of 0.63%. The business’s revenue for the quarter was up 40.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.44 EPS.
Several brokerages have recently weighed in on TECD. Stifel Nicolaus lowered their target price on Tech Data from $115.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, September 1st. Citigroup restated a “hold” rating and set a $100.00 target price on shares of Tech Data in a report on Friday, September 1st. Northcoast Research restated a “neutral” rating on shares of Tech Data in a report on Monday, August 28th. Zacks Investment Research upgraded Tech Data from a “sell” rating to a “hold” rating in a report on Monday, August 7th. Finally, Loop Capital began coverage on Tech Data in a report on Thursday, August 24th. They set a “buy” rating and a $130.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $112.33.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Palisade Capital Management LLC NJ acquired a new position in Tech Data during the third quarter worth $888,000. Prudential Financial Inc. lifted its stake in Tech Data by 30.2% during the second quarter. Prudential Financial Inc. now owns 381,747 shares of the company’s stock worth $38,557,000 after purchasing an additional 88,598 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Tech Data by 37.5% during the second quarter. JPMorgan Chase & Co. now owns 785,299 shares of the company’s stock worth $79,316,000 after purchasing an additional 214,058 shares in the last quarter. Geneva Advisors LLC acquired a new position in Tech Data during the second quarter worth $606,000. Finally, State of Tennessee Treasury Department lifted its stake in Tech Data by 40.8% during the second quarter. State of Tennessee Treasury Department now owns 98,593 shares of the company’s stock worth $9,958,000 after purchasing an additional 28,593 shares in the last quarter. Hedge funds and other institutional investors own 98.39% of the company’s stock.
The company has a quick ratio of 0.94, a current ratio of 1.34 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $3,526.12, a P/E ratio of 12.32, a P/E/G ratio of 0.48 and a beta of 0.77.
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About Tech Data
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.
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