10 Stocks Moving on Quarterly Reports

In this article, we will take a look at the 10 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.

Photo by Austin Distel on Unsplash

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.”

5. Dell Technologies Inc. (NYSE:DELL)

Number of Hedge Fund Holders: 59

Shares of Dell Technologies Inc. (NYSE:DELL) jumped over 12 percent in the pre-market trading session on Friday, May 27, 2022, after beating profit and sales expectations for its fiscal first quarter.

Dell Technologies Inc. (NYSE:DELL) reported adjusted earnings of $1.84 per share, crushing expectations of $1.39 per share. Revenue for the quarter climbed 16 percent on a year-over-year basis to $26.1 billion, beating estimates of $25.04 billion.

Dell Technologies Inc. (NYSE:DELL) also released its segment-wise sales results. Revenue from the client solutions group climbed 17 percent to $15.6 billion, helped by solid demand for PCs. In comparison, infrastructure solutions’ revenue jumped 16 percent to $9.3 billion in the quarter.

Speaking on the results, co-chief operating officer Chuck Whitten said:

“Our first quarter – with record Q1 revenue, operating income and diluted EPS – demonstrates the benefits of having a strong, geographically and sector-diverse business covering the edge to the core data center to the cloud.”

4. Costco Wholesale Corporation (NASDAQ:COST)

Number of Hedge Fund Holders: 61

Shares of Costco Wholesale Corporation (NASDAQ:COST) turned red in the pre-market trading session on Friday, May 27, 2022, despite announcing better-than-expected financial results for its fiscal third quarter.

Costco Wholesale Corporation (NASDAQ:COST) reported earnings of $3.04 per share, compared to $2.75 per share in the year-ago period. Revenue for the quarter increased to $52.6 billion, from $45.3 billion in the same period last year. Analysts were looking for earnings of $3.03 per share on revenue of $51.76 billion.

Among other updates, Costco Wholesale Corporation (NASDAQ:COST) confirmed that it has no plans to increase the price of its famous hot dog and soda combo deal, currently selling at $1.50. The company’s clarification came in response to rumors circulating on various social networks that it might increase the price of its hot dog and soda combo due to inflationary pressure.

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

Number of Hedge Fund Holders: 63

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) rose over four percent in the pre-market trading session on Friday, May 27, 2022, following an upbeat financial performance for its fiscal first quarter.

Marvell Technology, Inc. (NASDAQ:MRVL) earned 52 cents per share on an adjusted basis, just above the consensus of 51 cents per share. Revenue for the quarter skyrocketed 74 percent versus last year to $1.45 billion, exceeding the expectations of $1.43 billion.

For its fiscal second quarter, Marvell Technology, Inc. (NASDAQ:MRVL) guided for adjusted earnings of approx. 56 cents per share and revenue of about $1.515 billion.

Discussing the results, CEO Matt Murphy said in a statement:

“Revenue exceeded the midpoint of guidance, driven by higher-than-forecasted results from the datacenter end market. Our new product ramps and growth in content have been instrumental in driving strong revenue growth.”

2. Workday, Inc. (NASDAQ:WDAY)

Number of Hedge Fund Holders: 87

Shares of Workday, Inc. (NASDAQ:WDAY) plummeted to a nearly two-year low in the pre-market trading session on Friday, May 27, 2022, after missing profit expectations for its fiscal first quarter.

Workday, Inc. (NASDAQ:WDAY) reported adjusted earnings of 83 cents per share, down from 87 cents per share in the same period last year. The numbers were below analysts’ average estimate of 86 cents per share.

In addition, Workday, Inc. (NASDAQ:WDAY) posted revenue of $1.43 billion, up 22.1 percent on a year-over-year basis and in line with the expectations. Subscription revenue jumped 23 percent to $1.27 billion and represented nearly 89 percent of the total sales.

Looking forward, Workday, Inc. (NASDAQ:WDAY) now expects subscription revenue in the range of $5.54 – $5.56 billion for its fiscal 2023, compared to its earlier projection of $5.53 – $5.55 billion.

1. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 100

Shares of Alibaba Group Holding Limited (NYSE:BABA) jumped nearly 15 percent on Thursday, May 26, 2022, after the Chinese e-commerce giant surpassed profit and sales expectations for its fiscal fourth quarter.

Alibaba Group Holding Limited (NYSE:BABA) reported adjusted earnings of $1.25 per ADS, beating the consensus of $1.10. Revenue for the quarter advanced 9 percent versus last year to $32.19 billion, surpassing the expectations of $29.94 billion.

Alibaba Group Holding Limited (NYSE:BABA) also disclosed its segment-wise sales results. Revenue from the China commerce business increased 8 percent to $22.14 billion, international commerce revenue grew 7 percent to $2.26 billion, cloud revenue jumped 12 percent to $2.99 billion and local consumer services revenue climbed 29 percent to $1.65 billion in the quarter.

Among other updates, Alibaba Group Holding Limited (NYSE:BABA) reported that its annual active customers reached 1.31 billion at the end of the quarter. Moreover, the company said that it repurchased $2 billion worth of its common stock during the three months ended March 31, 2022.

Speaking on the results, CFO Toby Xu said:

“We delivered healthy results this quarter with revenue growth of 9% year-over-year. Total revenue for the fiscal year grew 19% year-over-year, despite a challenging macro environment. Our continued investments in strategic initiatives have generated promising growth momentum and improved operating efficiency.”

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Disclosure: None. 10 Stocks Moving on Quarterly Reports is originally published on Insider Monkey.