5 Stocks Making Moves After Earnings Reports

In this article, we discuss the 5 stocks making moves after earnings reports. If you want to read our detailed analysis of these companies, go directly to the 10 Stocks Making Moves After Earnings Reports.  

5. CoStar Group, Inc. (NASDAQ:CSGP)

Number of Hedge Fund Holders: 49

Shares of CoStar Group, Inc. (NASDAQ:CSGP) plunged to a nearly three-year low in the pre-market trading session on Wednesday, February 23, 2022, despite beating expectations for the fourth quarter.

CoStar Group, Inc. (NASDAQ:CSGP) reported adjusted earnings of 35 cents per share, up from 29 cents per share in the same period of 2020. Revenue for the quarter rose 14 percent on a year-over-year basis to $507 million. The results easily surpassed the consensus forecast of 29 cents per share for earnings and $501.28 million for revenue.

Looking forward, CoStar Group, Inc. (NASDAQ:CSGP) expects revenue in the range of $510 – $515 million for the first quarter. The midpoint of the outlook translates to year-over-year growth of 12 percent.

Commenting on the results, CEO Andrew Florance said:

“Our fourth quarter 2021 revenue run rate is now over $2 billion and our sales production has never been stronger. Company-wide net sales bookings for 2021 increased 18% year-over-year to $217 million, while net sales bookings in the fourth quarter of 2021 reached an all-time high of $67 million.”

4. Medtronic plc (NYSE:MDT)

Number of Hedge Fund Holders: 55

Medtronic plc (NYSE:MDT) recently announced mixed financial results for its fiscal third quarter. The medical device company earned $1.37 per share on an adjusted basis, up from $1.29 per share in the same period last year.

Revenue for the quarter came in at $7.76 billion, nearly unchanged from the year-ago period. Analysts expected Medtronic plc (NYSE:MDT) to post earnings of $1.37 per share on revenue of $7.90 billion.

Medtronic plc (NYSE:MDT) also issued its segment-wise sales performance. Revenue from both Cardiovascular and Neuroscience segments inched up one percent to $2.74 billion and $2.14 billion, respectively. In comparison, revenue from the Medical-Surgical Portfolio slipped one percent to $2.290 billion, while Diabetes revenue fell seven percent to $584 million in the quarter.

The company also issued the earnings outlook for its fiscal fourth quarter. Medtronic plc (NYSE:MDT) expects adjusted earnings in the range of $1.56 – $1.58 per share, compared to the consensus of $1.58 per share.

3. The Home Depot, Inc. (NYSE:HD)

Number of Hedge Fund Holders: 68

Shares of The Home Depot, Inc. (NYSE:HD) fell to a nearly seven-month low on Tuesday, February 22, 2022, even after announcing better-than-expected financial results for the fourth quarter.

The Georgia-based home improvement retailer posted earnings of $3.21 per share, up from $2.65 per share it reported for the comparable period of 2020. Analysts were looking for earnings of $3.17 per share.

Revenue for the quarter advanced 10.7 percent versus last year to $35.72 billion, while analysts expected The Home Depot, Inc. (NYSE:HD) to post revenue of $34.87 billion. Comparable sales for the quarter increased 8.1 percent, while U.S. comparable sales rose 7.6 percent.

Looking forward, The Home Depot, Inc. (NYSE:HD) expects earnings to grow in the low single digits in the current fiscal year. Moreover, it expects FY 2022 sales and comparable sales to be slightly positively versus last year.

Speaking on the results, CEO Craig Menear said:

“Fiscal 2021 was another record year for The Home Depot. We achieved a milestone of over $150 billion in sales. Our ability to grow the business by over $40 billion in the last two years is a testament to investments we have made in the business, our ability to execute with agility, and our associates’ relentless focus on our customers.”

2. Palo Alto Networks, Inc. (NASDAQ:PANW)

Number of Hedge Fund Holders: 73

Shares of Palo Alto Networks, Inc. (NASDAQ:PANW) turned green in the pre-market trading session on Wednesday, February 23, 2022, following impressive financial results for its fiscal second quarter.

Palo Alto Networks, Inc. (NASDAQ:PANW) reported adjusted earnings of $1.74 per share, topping expectations of $1.65 per share. Revenue for the quarter jumped 30 percent on a year-over-year basis to $1.3 billion, ahead of the consensus forecast of $1.28 billion.

The California-based cybersecurity company also updated the financial outlook for its fiscal third quarter. Palo Alto Networks, Inc. (NASDAQ:PANW) expects adjusted earnings in the range of $1.65 – $1.68 per share and revenue between $1.345 – $1.365 billion.

Commenting on the quarter, CEO Nikesh Arora said:

“In Q2, our company continued to benefit from strength across our three security platforms, driven by strong cybersecurity demand, organizations architecting for hybrid work and growing their hyperscale cloud footprints.”

1. MercadoLibre, Inc. (NASDAQ:MELI)

Number of Hedge Fund Holders: 74

Shares of MercadoLibre, Inc. (NASDAQ:MELI) jumped over 10 percent in the pre-market trading session on Wednesday, February 23, 2022, despite its mixed financial performance for the fourth quarter.

MercadoLibre, Inc. (NASDAQ:MELI) reported a loss of 92 cents per share, narrower than a loss of $1.02 per share it posted for the comparable period of 2020. But on the contrary, analysts were looking for earnings of 95 cents per share.

On the bright side, the quarterly sales of $2.1 billion were up 73.9 percent versus last year and above the consensus of $2.03 billion. Commerce revenue for the quarter jumped 55.6 percent to $1.357 billion, while fintech revenue climbed 70.1 percent to $773 million.

Among other updates, MercadoLibre, Inc. (NASDAQ:MELI) reported that the total payment volume for the quarter reached $24.2 billion, translating to a year-over-year surge of 72.8 percent. In addition, its gross merchandise volume also surged 32.2 percent versus last year to $8 billion.

Speaking on the results, CFO of MercadoLibre, Inc. (NASDAQ:MELI), Pedro Arnt, said:

“Last year presented us with challenges, and with those also came many more opportunities. With our teams’ resilience and focus on delivering on our strategic objectives, we have been able to overcome shifting pandemic lockdown measures, rising inflationary cost pressures and a highly competitive environment in the digital commerce space. The final outcome was a year with record results across the board, sustained strong growth in key business metrics and topline, and improving margins and operating income for a second consecutive year.”

You can also take a peek at 11 Best Robotics Stocks To Buy For 2022 and Top 10 Stock Picks of Thomas Bancroft’s Makaira Partners.

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