Tech Data (NASDAQ:TECD) Updates Q3 2020 Earnings Guidance
Tech Data (NASDAQ:TECD) updated its third quarter 2020 earnings guidance on Thursday. The company provided earnings per share guidance of $2.85-3.15 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.85. The company issued revenue guidance of $9.2-9.5 billion, compared to the consensus revenue estimate of $9.25 billion.Tech Data also updated its Q3 guidance to $2.85-3.15 EPS.
A number of brokerages recently weighed in on TECD. BidaskClub lowered shares of Tech Data from a sell rating to a strong sell rating in a report on Wednesday. Citigroup decreased their price objective on shares of Tech Data from $105.00 to $100.00 and set a neutral rating for the company in a report on Friday, May 31st. ValuEngine lowered shares of Tech Data from a sell rating to a strong sell rating in a report on Wednesday. Zacks Investment Research upgraded shares of Tech Data from a sell rating to a hold rating and set a $95.00 target price for the company in a research note on Friday, August 23rd. Finally, Loop Capital boosted their target price on shares of Tech Data to $120.00 and gave the company a buy rating in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Tech Data has a consensus rating of Hold and a consensus target price of $101.67.
TECD traded up $1.17 during mid-day trading on Friday, reaching $95.85. 112,842 shares of the company traded hands, compared to its average volume of 334,124. The company has a quick ratio of 0.84, a current ratio of 1.26 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $2.95 billion, a P/E ratio of 8.42, a P/E/G ratio of 2.26 and a beta of 1.14. Tech Data has a 52-week low of $66.93 and a 52-week high of $111.08. The company’s fifty day moving average price is $94.23 and its 200-day moving average price is $99.85.
In related news, Director Harry J. Harczak, Jr. sold 2,200 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $95.29, for a total value of $209,638.00. Following the completion of the transaction, the director now owns 12,837 shares of the company’s stock, valued at approximately $1,223,237.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP John A. Tonnison sold 4,000 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $102.30, for a total transaction of $409,200.00. Following the completion of the transaction, the vice president now directly owns 29,657 shares of the company’s stock, valued at approximately $3,033,911.10. The disclosure for this sale can be found here. Insiders sold a total of 8,200 shares of company stock valued at $819,858 over the last 90 days. 1.10% of the stock is currently owned by company insiders.
About Tech Data
Tech Data Corporation operates as an IT distribution and solutions company. The company offers endpoint portfolio solutions, including personal computer systems, mobile phones and accessories, printers, peripherals, supplies, endpoint technology software, and consumer electronics. It also provides advanced portfolio solutions, such as data center technologies comprising storage, networking, servers, advanced technology software, and converged and hyper-converged infrastructure, as well as specialized solutions.
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