In this article, we will take a look at the 10 stocks moving on quarterly reports. You can skip our detailed analysis of these companies and go directly to the 5 Stocks Moving on Quarterly Reports.
Notable companies from the tech sector, including Dell Technologies Inc. (NYSE:DELL), Workday, Inc. (NASDAQ:WDAY) and Marvell Technology, Inc. (NASDAQ:MRVL), recently came into the spotlight after releasing their quarterly reports.
Shares of Dell and Marvell rose in the pre-market trading Friday, May 27, following their upbeat financial performance. On the other hand, Workday stock plummeted to a new low after missing profit expectations for its fiscal first quarter.
In addition, discount stores operator Costco Wholesale Corporation (NASDAQ:COST) and Chinese e-commerce giant Alibaba Group Holding Limited (NYSE:BABA), were also seen trading on unusual volumes following their earnings reports.
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Stocks Moving on Quarterly Reports
10. The Gap, Inc. (NYSE:GPS)
Number of Hedge Fund Holders: 23
Shares of The Gap, Inc. (NYSE:GPS) lost more than 16 percent of their value in the extended hours on Thursday, May 26, 2022, after the clothing retailer posted a wider-than-expected loss for its fiscal first quarter.
The Gap, Inc. (NYSE:GPS) reported a loss of 44 cents per share, swinging from earnings of 43 cents per share in the year-ago period. Analysts were looking for a loss of 13 cents per share.
In addition, its quarterly revenue dropped 13 percent on a year-over-year basis to $3.48 billion, mainly due to weak sales at Old Navy. However, the numbers were slightly higher than the consensus of $3.46 billion.
The Gap, Inc. (NYSE:GPS) also released its brand-wise sales results. Revenue from the Banana Republic brand jumped 24 percent to $482 million, while Athleta revenue rose 4 percent to $360 million in the quarter. On the downside, Old Navy’s revenue plummeted 19 percent to $1.8 billion, mainly due to inventory delays and assortment discrepancies.
In addition, the company trimmed its profit outlook for the full year. The Gap, Inc. (NYSE:GPS) now expects adjusted earnings in the range of 30 – 60 cents per share, well below its previous projection of $1.85 – $2.05 per share. The updated outlook also missed the consensus of $1.34 per share with a big margin.
9. Zscaler, Inc. (NASDAQ:ZS)
Number of Hedge Fund Holders: 39
Shares of Zscaler, Inc. (NASDAQ:ZS) slightly moved up in the after-hours trading session on Thursday, May 26, 2022, after announcing better-than-expected financial results for its fiscal third quarter.
Zscaler, Inc. (NASDAQ:ZS) earned 17 cents per share on an adjusted basis, topping estimates of 11 cents per share. Revenue for the quarter climbed 63 percent versus last year to $286.8 million, beating analysts’ average estimate of $271.38 million. Deferred revenue, a key growth indicator, also jumped 65 percent to $818.7 million in the quarter.
For the current quarter, Zscaler, Inc. (NASDAQ:ZS) guided for adjusted earnings in the range of 20 – 21 cents per share and revenue between $304 – $306 million. For the full year, the cloud security company projected adjusted earnings of 64 – 65 cents per share on revenue of about $1.078 billion.
Like Zscaler, Inc. (NASDAQ:ZS), shares of Dell Technologies Inc. (NYSE:DELL), Workday, Inc. (NASDAQ:WDAY) and Marvell Technology, Inc. (NASDAQ:MRVL) also moved on quarterly reports.
8. Dollar Tree, Inc. (NASDAQ:DLTR)
Number of Hedge Fund Holders: 40
Shares of Dollar Tree, Inc. (NASDAQ:DLTR) rallied nearly 22 percent on Thursday, May 26, 2022, after delivering impressive financial performance for its fiscal first quarter and lifting its outlook for the full year.
An increasing number of Americans have started shopping at discount retailers, including Dollar Tree, Inc. (NASDAQ:DLTR), amid rising inflation. Low-income households are looking for cheaper products at leading discount stores, and the trend is apparently helping Dollar Tree.
For its fiscal first quarter, Dollar Tree, Inc. (NASDAQ:DLTR) reported earnings of $2.37 per share, well above $1.60 per share in the same quarter of the prior year. Revenue came in at $6.90 billion, up 6.5 percent on a year-over-year basis. The results easily exceeded the consensus of $2 per share for earnings and $6.76 billion for revenue.
For the full year, Dollar Tree, Inc. (NASDAQ:DLTR) raised its adjusted earnings outlook to a range of $7.80 – $8.20 per share, from its previous projection of $7.60 – $8.00 per share. In addition, the company lifted its fiscal 2022 revenue outlook to a range of $27.76 – $28.14 billion versus its previous guidance of $27.22 – $27.85 billion.
Commenting on the results, CEO Michael Witynski said in a statement:
“During the quarter, the Dollar Tree team successfully completed its conversion to the $1.25 price point, contributing to both sales and margin improvements. Shoppers are responding favorably as the new, greater value products hit our shelves.”
7. Ulta Beauty, Inc. (NASDAQ:ULTA)
Number of Hedge Fund Holders: 48
Shares of Ulta Beauty, Inc. (NASDAQ:ULTA) jumped over eight percent in the extended hours on Thursday, May 26, 2022, after beating profit and sales expectations for its fiscal first quarter. The Illinois-based beauty retailer benefitted from double-digit comparable sales gain across all key categories.
Ulta Beauty, Inc. (NASDAQ:ULTA) reported earnings of $6.30 per share, compared to $4.10 per share in the year-ago period. Revenue for the quarter rose 21 percent versus last year to $2.35 billion. Analysts were looking for earnings of $4.46 per share on revenue of $2.12 billion.
Among other updates, Ulta Beauty, Inc. (NASDAQ:ULTA) reported that it repurchased $132.8 million worth of its common stock during the quarter. Moreover, the company opened ten new stores in the quarter, bringing the total count to 1,318.
For the full year, Ulta Beauty, Inc. (NASDAQ:ULTA) now expects to generate revenue in the range of $9.35 – $9.55 billion, compared to its previous guidance of $9.05 – $9.15 billion. The updated outlook is above the expectations of $9.18 billion.
Like Ulta Beauty, Inc. (NASDAQ:ULTA), investors are also closely watching Dell Technologies Inc. (NYSE:DELL), Workday, Inc. (NASDAQ:WDAY) and Marvell Technology, Inc. (NASDAQ:MRVL), following their quarterly reports.
6. Autodesk, Inc. (NASDAQ:ADSK)
Number of Hedge Fund Holders: 50
Shares of Autodesk, Inc. (NASDAQ:ADSK) rose nearly two percent after the closing bell on Thursday, May 26, 2022. The surge followed the company’s solid financial results for its fiscal first quarter.
Autodesk, Inc. (NASDAQ:ADSK) earned $1.43 per share on an adjusted basis, up from $1.03 per share in the same period of 2021. In addition, revenue came in at $1.17 billion, representing a jump of 18 percent over the year-ago quarter. The results surpassed the consensus of $1.34 per share for earnings and $1.15 billion for revenue.
If we look at its segment-wise sales figures, design revenue jumped 16 percent to $1.004 billion, while make revenue climbed 27 percent to $103 million in the quarter.
Autodesk, Inc. (NASDAQ:ADSK) also released its financial outlook for the current quarter. The software company anticipates adjusted earnings in the range of $1.54 – $1.60 per share and revenue between $1.220 – $1.235 billion for its fiscal second quarter.
Praising the latest performance, CEO Andrew Anagnost said:
“Autodesk’s strong Q1 results reflect the company’s steady execution, industry leading products and platforms, and resilience through elevated times of uncertainty. Our unique ability to connect workflows within and between the industries we serve cements the important role we play in our customers’ digital transformation journeys, and increases our confidence in our strategy.”
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Disclosure: None. 10 Stocks Moving on Quarterly Reports is originally published on Insider Monkey.
