Tech Data Corp Sees Strong Trading Volume on Earnings Beat (TECD)
Tech Data Corp (NASDAQ:TECD) shares saw unusually-strong trading volume on Tuesday after the company announced better than expected quarterly earnings, Analyst Ratings Network reports. Approximately 301,575 shares changed hands during trading, an increase of 53% from the previous session’s volume of 197,365 shares.The stock last traded at $66.48 and had previously closed at $66.29.
The company reported $1.12 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.77 by $0.35. The company had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $6.68 billion. During the same quarter last year, the company posted $0.73 earnings per share. Tech Data Corp’s revenue was up 8.1% compared to the same quarter last year.
TECD has been the subject of a number of recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Tech Data Corp in a research note on Friday. They now have a $70.00 price target on the stock. Separately, analysts at Bank of America upgraded shares of Tech Data Corp from an “underperform” rating to a “neutral” rating in a research note on Wednesday, July 16th. Finally, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Tech Data Corp in a research note on Friday, May 30th. They now have a $62.00 price target on the stock, down previously from $66.00. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $66.00.
The stock has a 50-day moving average of $63.73 and a 200-day moving average of $61.26. The company has a market cap of $2.541 billion and a price-to-earnings ratio of 14.45.
Tech Data Corporation (NASDAQ:TECD) is a wholesale distributor of technology products.
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