CDW (NASDAQ:CDW) Posts Quarterly Earnings Results, Beats Expectations By $0.13 EPS

CDW (NASDAQ:CDW) announced its quarterly earnings results on Wednesday. The information technology services provider reported $2.57 earnings per share for the quarter, topping analysts’ consensus estimates of $2.44 by $0.13, FiscalAI reports. CDW had a net margin of 4.76% and a return on equity of 51.89%. The firm had revenue of $5.51 billion during the quarter, compared to analysts’ expectations of $5.33 billion. During the same period in the prior year, the company earned $2.48 EPS. The firm’s revenue was up 6.3% on a year-over-year basis.

CDW Trading Up 3.1%

Shares of CDW traded up $3.90 on Wednesday, reaching $130.06. 169,804 shares of the company’s stock were exchanged, compared to its average volume of 1,555,052. CDW has a 12 month low of $123.08 and a 12 month high of $222.92. The company has a current ratio of 1.39, a quick ratio of 1.30 and a debt-to-equity ratio of 2.21. The business has a 50 day moving average price of $136.72 and a two-hundred day moving average price of $151.75. The stock has a market capitalization of $16.93 billion, a P/E ratio of 16.72, a price-to-earnings-growth ratio of 1.66 and a beta of 1.08.

Insider Buying and Selling

In related news, insider Sona Chawla sold 7,400 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $146.17, for a total transaction of $1,081,658.00. Following the transaction, the insider directly owned 28,110 shares of the company’s stock, valued at approximately $4,108,838.70. The trade was a 20.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.90% of the company’s stock.

Institutional Trading of CDW

Hedge funds and other institutional investors have recently bought and sold shares of the business. Jones Financial Companies Lllp boosted its position in shares of CDW by 316.0% during the 1st quarter. Jones Financial Companies Lllp now owns 4,896 shares of the information technology services provider’s stock worth $785,000 after acquiring an additional 3,719 shares in the last quarter. Empowered Funds LLC lifted its position in shares of CDW by 1.2% during the 1st quarter. Empowered Funds LLC now owns 18,076 shares of the information technology services provider’s stock worth $2,897,000 after buying an additional 216 shares during the last quarter. California State Teachers Retirement System increased its position in CDW by 0.6% during the 2nd quarter. California State Teachers Retirement System now owns 225,709 shares of the information technology services provider’s stock worth $40,309,000 after purchasing an additional 1,242 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its position in CDW by 1,339.7% in the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 49,380 shares of the information technology services provider’s stock valued at $8,819,000 after buying an additional 45,950 shares in the last quarter. Finally, State of Tennessee Department of Treasury grew its position in CDW by 17.7% during the 2nd quarter. State of Tennessee Department of Treasury now owns 40,927 shares of the information technology services provider’s stock worth $7,309,000 after acquiring an additional 6,143 shares during the last quarter. Institutional investors and hedge funds own 93.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CDW. Weiss Ratings reissued a “hold (c-)” rating on shares of CDW in a report on Tuesday, January 27th. UBS Group lowered their target price on shares of CDW from $200.00 to $190.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Citigroup lowered their target price on CDW from $160.00 to $148.00 and set a “neutral” rating on the stock in a report on Tuesday, January 20th. Barclays decreased their target price on CDW from $176.00 to $148.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 5th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $180.00 target price on shares of CDW in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $171.00.

About CDW

CDW (NASDAQ: CDW) is a leading provider of information technology products and integrated solutions for business, government, education and healthcare customers. The company sources and resells hardware and software from major technology vendors and packages those products with professional services, managed services and lifecycle support. Its offerings span IT infrastructure, cloud and data center solutions, cybersecurity, networking, unified communications, endpoint devices, and software licensing and procurement services designed to simplify IT operations for customers.

CDW combines a broad product portfolio with consultative sales, implementation and technical support capabilities.