CDW Misses Q2 Estimates Amid Challenging IT Spending Environment
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 31 2024
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Source: Benzinga
Financial Performance: CDW Corporation reported a 3.6% year-over-year decline in net sales for Q2 FY24, totaling $5.423 billion, which slightly missed analyst expectations. The decrease was attributed to economic uncertainty and cautious technology spending among customers.
Stock Movement and Dividend: Following the earnings report, CDW shares fell by 5.73% to $219.15. The company declared a quarterly cash dividend of $0.62 per share, payable on September 10, while maintaining a strong cash position of $665.3 million as of June-end.
Analyst Views on FCTE
Wall Street analysts forecast FCTE stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for FCTE is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 26.601
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Current: 26.601
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
