5 Stocks Making Big Moves After Earnings Reports

In this article, we discuss the 5 stocks making big moves after earnings reports. If you want to read our detailed analysis of these companies, go directly to the 11 Stocks Making Big Moves After Earnings Reports.  

5. Veeva Systems Inc. (NYSE:VEEV)

Number of Hedge Fund Holders: 45

Shares of Veeva Systems Inc. (NYSE:VEEV) tumbled over 16 percent on Thursday, March 3, 2022, despite announcing better-than-expected financial results for its fiscal fourth quarter. The cloud-computing company reported earnings of 90 cents per share, up from 78 cents per share in the comparable period of 2020.

In addition, Veeva Systems Inc. (NYSE:VEEV) posted revenue of $485.5 million, up 22 percent on a year-over-year basis. The results exceeded the consensus of 88 cents per share for earnings and $476.23 million for revenue.

Veeva Systems Inc. (NYSE:VEEV) also issued its financial outlook for the first quarter. It expects adjusted earnings in the range of 91 – 92 cents per share and revenue between $494 – $496 million for the current quarter.

Commenting on the quarter, CFO Brent Bowman said:

“Our strong results in the quarter and the year reflect our continued outstanding execution and expanding position as a trusted partner to the industry. We are set up for another year of high growth and strong profitability and are tracking ahead of our 2025 targets.”

4. Okta, Inc. (NASDAQ:OKTA)

Number of Hedge Fund Holders: 52

Okta, Inc. (NASDAQ:OKTA) shares fell for two straight days even after posting narrower-than-expected loss for its fiscal fourth quarter. The identity and access management company reported an adjusted loss of 18 cents per share, compared to the consensus forecast for a loss of 24 cents per share.

Revenue for the quarter climbed 63 percent on a year-over-year basis to $383 million, while analysts were expecting Okta, Inc. (NASDAQ:OKTA) to generate revenue of $359.36 million. Its subscription revenue also jumped 64 percent to $369 million and accounted for more than 95 percent of the total quarterly sales.

Looking forward, Okta, Inc. (NASDAQ:OKTA) guided for an adjusted loss in the range of 35 – 34 cents per share for the current quarter. In addition, it expects to generate revenue between $388 – $390 million in the same period, representing a growth of about 55 percent over the same quarter of 2021.

3. Marvell Technology, Inc. (NASDAQ:MRVL)

Number of Hedge Fund Holders: 60

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) turned red in the early trading session on Friday, March 4, 2022, despite its upbeat financial performance for the fourth quarter. The Delaware-based semiconductors company reported adjusted earnings of 50 cents per share, significantly higher than 29 cents per share in the fourth quarter of 2020.

Revenue came in at $1.343 billion, up 68 percent on a year-over-year basis. Analysts expected Marvell Technology, Inc. (NASDAQ:MRVL) to report earnings of 48 cents per share on revenue of $1.32 billion.

Marvell Technology, Inc. (NASDAQ:MRVL) also released its profit outlook for the current quarter. It expects adjusted earnings between 48 – 54 cents per share, compared to analysts’ average estimate of 50 cents per share.

Speaking on the results, CEO Matt Murphy said in a statement:

“Revenue grew in all five of our end markets in the fourth quarter, with strong contributions from cloud, 5G and auto, which together represented 40% of total revenue. In addition, our enterprise networking end market has become another growth pillar, with revenue increasing 64% year over year, driven by our content gains and share increases, as enterprises continue to transform their infrastructure to address the needs of a more flexible, hybrid workforce.”

2. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 60

Shares of Broadcom Inc. (NASDAQ:AVGO) rose to a nearly one-month high in the mid-day trading session on Friday, March 4, 2022, after posting its fiscal first-quarter profit and sales above expectations.

Broadcom Inc. (NASDAQ:AVGO) earned $8.39 per share on an adjusted basis, well above $6.61 per share in the year-ago period. Revenue came in at $7.71 billion, compared to $6.66 billion in the same quarter of 2021. The results exceeded analysts’ average estimate of $8.13 per share for earnings and $7.61 billion for revenue.

Moving forward, Broadcom Inc. (NASDAQ:AVGO) expects to generate revenue of around $7.9 billion in its fiscal second quarter. This compares to analysts’ average estimate of $7.43 billion.

Commenting on the results, CFO Kirsten Spears said:

“We generated $3.4 billion in free cash flow and are expecting free cash flow to remain strong in the second quarter. Consistent with our commitment to return excess cash to shareholders, we returned $4.5 billion to shareholders in the quarter including $1.8 billion of cash dividends and $2.7 billion of share repurchases.”

1. Snowflake Inc. (NYSE:SNOW)

Number of Hedge Fund Holders: 84

Snowflake Inc. (NYSE:SNOW) recently delivered solid financial results for its fiscal fourth quarter. However, its sales outlook for the full year missed expectations, sending its shares down more than 15 percent on Thursday, March 3, 2022.

The Montana-based data cloud company guided for product revenue in the range of $1.88 billion to $1.90 billion for its FY 2023, representing a growth of 65 – 67 percent over last year. However, the guidance fell short of the consensus forecast of $2 billion.

For its fiscal fourth quarter ended January 31, 2022, Snowflake Inc. (NYSE:SNOW) reported a loss of 43 cents per share, narrower than the loss of 70 cents per share in the year-ago period. Revenue for the quarter skyrocketed 101 percent to $383.8 million. Analysts were looking for earnings of 3 cents per share on revenue of $373 million.

Speaking on the results, CEO of Snowflake Inc. (NYSE:SNOW), Frank Slootman, said:

“Snowflake finished fiscal 2022 with record-breaking consumption and bookings results, including triple-digit product revenue growth. Remaining performance obligations were $2.6 billion, representing year-on-year growth of 99%. Our net revenue retention rate reached 178% driven by continued growth from our largest customers.”

You can also take a peek at 15 Most Valuable Japanese Companies in the World and 10 Undervalued Dividend Kings To Buy In 2022.

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