Tech Data Corp. (TECD) Updates Q4 Earnings Guidance
Tech Data Corp. (NASDAQ:TECD) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.11-2.21 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.21. The company issued revenue guidance of $7.4-7.6 billion, compared to the consensus revenue estimate of $7.37 billion.
Shares of Tech Data Corp. (NASDAQ:TECD) opened at 86.40 on Wednesday. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of 14.03 and a beta of 0.87. The stock has a 50 day moving average price of $80.28 and a 200 day moving average price of $77.18. Tech Data Corp. has a 1-year low of $57.99 and a 1-year high of $89.36.
Tech Data Corp. (NASDAQ:TECD) last announced its earnings results on Tuesday, November 22nd. The company reported $1.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.26 by $0.18. The company earned $6.49 billion during the quarter, compared to the consensus estimate of $6.36 billion. Tech Data Corp. had a net margin of 0.83% and a return on equity of 10.39%. Tech Data Corp.’s revenue was up 1.0% compared to the same quarter last year. During the same period last year, the firm earned $1.28 earnings per share. Equities research analysts anticipate that Tech Data Corp. will post $5.93 EPS for the current year.
Several equities research analysts have weighed in on TECD shares. Zacks Investment Research downgraded shares of Tech Data Corp. from a buy rating to a hold rating in a research note on Tuesday, July 26th. Northcoast Research started coverage on shares of Tech Data Corp. in a research note on Wednesday, August 10th. They issued a neutral rating for the company. Needham & Company LLC restated a hold rating on shares of Tech Data Corp. in a research note on Friday, August 26th. Brean Capital restated a buy rating and issued a $82.00 target price on shares of Tech Data Corp. in a research note on Friday, August 26th. Finally, Bank of America Corp. upgraded shares of Tech Data Corp. from an underperform rating to a neutral rating and raised their target price for the company from $67.00 to $80.00 in a research note on Tuesday, August 30th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Tech Data Corp. presently has an average rating of Hold and an average target price of $90.87.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Tech Data Corp. by 12.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,295 shares of the company’s stock worth $110,000 after buying an additional 144 shares in the last quarter. Jane Street Group LLC acquired a new position in Tech Data Corp. during the second quarter worth about $208,000. Kempen Capital Management N.V. acquired a new position in Tech Data Corp. during the second quarter worth about $243,000. United Services Automobile Association increased its position in Tech Data Corp. by 3.3% in the second quarter. United Services Automobile Association now owns 4,050 shares of the company’s stock worth $291,000 after buying an additional 130 shares in the last quarter. Finally, Jefferies Group LLC acquired a new position in Tech Data Corp. during the second quarter worth about $386,000. Institutional investors own 99.42% of the company’s stock.
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About Tech Data Corp.
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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