In this article, we will take a look at the 11 stocks in focus after releasing their earnings reports.
Recently, popular tech stocks, including Salesforce, Inc. (NYSE:CRM), NetApp, Inc. (NASDAQ:NTAP) and Pure Storage, Inc. (NYSE:PSTG), delivered upbeat financial results for their respective quarters.
Shares of Salesforce, NetApp and Pure Storage rallied as investors cheered their latest earnings reports. In addition, clothing retailer PVH Corp. (NYSE:PVH) and cloud-based business solutions provider Veeva Systems Inc. (NYSE:VEEV), also gained value after posting their financial results.
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11. ChargePoint Holdings, Inc. (NYSE:CHPT)
Number of Hedge Fund Holders: 16
Shares of ChargePoint Holdings, Inc. (NYSE:CHPT) fell nearly three percent on Wednesday, June 1, 2022, after posting a larger-than-expected loss for its fiscal first quarter. The electric vehicle infrastructure company reported a loss of 27 cents per share, compared to analysts’ average estimate for a loss of 19 cents per share.
On the bright side, ChargePoint Holdings, Inc. posted revenue of $81.6 million, representing a jump of 102 percent over the same period of 2021. Analysts were looking for revenue of $75.72 million.
For its fiscal second quarter, ChargePoint Holdings, Inc. expects to generate revenue in the range of $96 – $106 million, compared to the consensus of $105.59 million.
Speaking on the results, CEO Pasquale Romano said:
“Positive first quarter results, despite expected significant headwinds due to global supply constraints, are a testament to the strength of our business. Our investments in a comprehensive portfolio for all verticals we serve continue to set us apart when customers seek a charging solution.”
10. C3.ai, Inc. (NYSE:AI)
Number of Hedge Fund Holders: 18
C3.ai, Inc. (NYSE:AI) managed to surpass financial expectations for its fiscal fourth quarter. However, its sales outlook for the current quarter and full year disappointed investors, sending its shares down more than 20 percent in the extended hours on Wednesday, June 1, 2022.
The artificial intelligence company reported an adjusted loss of 21 cents per share, compared to an adjusted loss of 15 cents per share in the year-ago period. Revenue for the quarter climbed 38 percent on a year-over-year basis to $72.3 million. Analysts were expecting C3.ai, Inc. to report a loss of 29 cents per share on revenue of $71.28 million.
Looking forward, C3.ai, Inc. expects revenue in the range of $65 – $67 million for its fiscal first quarter and between $308 -$316 million for its fiscal 2023. However, the outlook is significantly lower than the consensus of $74.44 million for the current quarter and $333.88 million for the full year.
Like C3.ai, Inc., investors are also closely watching Salesforce, Inc., NetApp, Inc. and Pure Storage, Inc., following their earnings reports.
9. Chewy, Inc. (NYSE:CHWY)
Number of Hedge Fund Holders: 21
Shares of Chewy, Inc. (NYSE:CHWY) rallied over 18 percent in the after-hours trading session on Wednesday, June 1, 2022, after surprising investors by posting a profit for its fiscal first quarter.
The pet food retailer reported earnings of 4 cents per share, contrary to analysts’ average estimate for a loss of 13 cents per share. In addition, Chewy, Inc. generated revenue of $2.43 billion in the quarter, up 13.7 percent from the same period of 2021 and slightly above estimates of $2.42 billion. On the downside, the gross margin decreased 10 basis points to 27.5 percent.
Discussing the results, CEO of Chewy, Inc., Sumit Singh, said in a statement:
“Fiscal year 2022 is off to a good start as we drove solid 14 percent top-line growth and delivered sequential improvements in gross margin and profitability. Our first quarter results are a testament to the resiliency of the pet category and clearly demonstrate our ability to execute against our strategic priorities.”
8. Victoria’s Secret & Co. (NYSE:VSCO)
Number of Hedge Fund Holders: 28
Shares of Victoria’s Secret & Co. rose nearly nine percent on Wednesday, June 1, 2022, after surpassing profit and sales expectations for its fiscal first quarter. The specialty retailer earned $1.11 per share on an adjusted basis, compared to $1.97 per share in the year-ago period.
In addition, Victoria’s Secret & Co. posted revenue of $1.484 billion versus $1.554 billion for the comparable period of 2021. The results surpassed the consensus of 84 cents per share for earnings and $1.48 billion for revenue.
Victoria’s Secret & Co. also issued its earnings outlook for the current quarter. The company guided for adjusted earnings in the range of 95 cents – $1.25 per share, compared to analysts’ average estimate of $1.19 per share.
7. Ambarella, Inc. (NASDAQ:AMBA)
Number of Hedge Fund Holders: 32
Ambarella, Inc. (NASDAQ:AMBA) recently delivered upbeat results for its fiscal first quarter. However, its sales outlook wasn’t up to the mark, overshadowing its better-than-expected quarterly performance and sending its shares down about 2 percent on Wednesday, June 1, 2022.
The fabless semiconductor design company reported adjusted earnings of 44 cents per share, crushing the consensus of 36 cents per share. Revenue climbed 29 percent versus last year to $90.3 million, while analysts were expecting Ambarella, Inc. to post revenue of $90.05 million.
For its fiscal second quarter, Ambarella, Inc. anticipates revenue in the range of $78 – $82 million, missing analysts’ average estimate of $91.48 million with a big margin.
Like Ambarella, Inc., Salesforce, Inc., NetApp, Inc. and Pure Storage, Inc. also came into focus after releasing their earnings reports.
6. UiPath Inc. (NYSE:PATH)
Number of Hedge Fund Holders: 33
Shares of UiPath Inc. (NYSE:PATH) turned green in the extended hours on Wednesday, June 1, 2022, after posting financial results for its fiscal first-quarter above expectations. The robotic process automation software maker reported an adjusted loss of 3 cents per share, narrower than analysts’ average estimate for a loss of 5 cents per share.
In addition, the quarterly revenue of $245.1 million also exceeded the consensus of $225.26 million. Among other updates, UiPath Inc. reported that its annualized renewal run-rate (ARR), a key growth indicator, climbed 50 percent to $977.1 million in the quarter.
Looking forward, UiPath Inc. anticipates revenue in the range of $229 – $231 million for the current quarter and between $1.085 – $1.09 billion for the full year. This compares to the consensus of $227.14 million and $1.07 billion for the current quarter and full year, respectively.
Discussing the results, CFO Ashim Gupta said in a statement:
“Our financial model and strong balance sheet position us well in the current macroeconomic environment. The automation market is large and growing and we continue to take market share given the measurable return on investment we create for our customers and the breadth and depth of our automation platform.”
5. Pure Storage, Inc. (NYSE:PSTG)
Number of Hedge Fund Holders: 35
Shares of Pure Storage, Inc. jumped more than 9 percent in the after-hours trading session on Wednesday, June 1, 2022, following an impressive financial performance for its fiscal first quarter.
Pure Storage, Inc. reported adjusted earnings of 25 cents per share, beating the consensus of 4 cents per share with a big margin. Revenue for the quarter jumped 50 percent on a year-over-year basis to $620.4 million, well ahead of the expectations of $521.99 million.
Looking forward, Pure Storage, Inc. expects to generate revenue of about $635 million for its fiscal second quarter and about $2.66 billion for its fiscal year 2023.
Praising the results, CFO Kevan Krysler said:
“We are very pleased with our exceptional performance this quarter, marking a strong start to the fiscal year. Pure’s flash leadership makes us the best choice for customers who prioritize performance, reliability, and significantly reducing their energy consumption.”
4. NetApp, Inc. (NASDAQ:NTAP)
Number of Hedge Fund Holders: 37
Shares of NetApp, Inc. rose over three percent in the extended hours on Wednesday, June 1, 2022, after posting solid profit and sales for its fiscal fourth quarter. The data management company earned $1.42 per share on an adjusted basis, up from $1.17 per share in the same period of 2021.
Revenue for the quarter increased to $1.68 billion, from $1.56 billion in the year-ago period. Analysts were expecting NetApp, Inc. to report earnings of $1.28 per share on revenue of $1.68 billion.
If we look at the performance of its flagship segments, revenue from the Hybrid Cloud business increased to $1.56 billion versus $1.49 billion in the year-ago period. In comparison, revenue from the Public Cloud segment nearly doubled to $120 million in the quarter.
For the current quarter, NetApp, Inc. projected adjusted earnings in the range of $1.05 – $1.15 per share. For the full year, the company anticipates adjusted earnings between $5.40 – $5.60 per share.
3. PVH Corp. (NYSE:PVH)
Number of Hedge Fund Holders: 37
Shares of PVH Corp. rose over four percent in the after-hours trading session on Wednesday, June 1, 2022, after announcing better-than-expected financial results for its fiscal first quarter.
PVH Corp. reported adjusted earnings of $1.92 per share, beating the consensus of $1.60 per share. The quarterly revenue of $2.123 billion also exceeded analysts’ average estimate of $2.09 billion.
PVH Corp. also released its brand-wise sales results. Calvin Klein revenue jumped 13 percent, while Tommy Hilfiger revenue inched up 2 percent in the quarter. On the downside, Heritage Brands revenue fell 31 percent on a year-over-year basis.
Commenting on the quarter, CEO Stefan Larsson said:
“We are pleased with our first quarter performance in which we delivered strong underlying top-line growth and beat our guidance. This performance is just the beginning of our multi-year journey to execute the PVH+ Plan – our strategic growth plan that we unveiled at our recent Investor Day.”
2. Veeva Systems Inc. (NYSE:VEEV)
Number of Hedge Fund Holders: 41
Shares of Veeva Systems Inc. turned green in the after-hours trading session on Wednesday, June 1, 2022, following an upbeat financial performance for its fiscal first quarter.
Veeva Systems Inc. reported adjusted earnings of 99 cents per share, up from 91 cents per share in the year-ago period. Revenue for the quarter jumped 16 percent versus last year to $505.1 million. The results surpassed the consensus of 92 cents per share for earnings and $495.93 million for revenue.
Looking forward, Veeva Systems Inc. guided for adjusted earnings in the range of $1.00 – $1.01 per share ad revenue between $529 – $531 million for its fiscal second quarter.
Discussing the results, CFO Brent Bowman said:
“We are starting the year with a strong first quarter and have crossed the $2 billion revenue run rate mark. Our multiple engines of long-term growth and innovation will continue to fuel strong expansion and customer success well into the future.”
1. Salesforce, Inc. (NYSE:CRM)
Number of Hedge Fund Holders: 114
Shares of Salesforce, Inc. recently rose to a nearly 1-month high after beating profit and sales expectations for its fiscal first quarter. The cloud-based software company earned 98 cents per share on an adjusted basis, topping expectations of 94 cents per share.
In addition, Salesforce, Inc. posted revenue of $7.41 billion, representing a surge of 24 percent over the same period of 2021. Analysts were looking for revenue of $7.38 billion.
For its fiscal second quarter. Salesforce, Inc. expects adjusted earnings in the range of $1.01 – $1.02 per share and revenue between $7.69 – $7.7 billion. The outlook is below the consensus of $1.14 per share for earnings and $7.77 billion for revenue.
Speaking on the results, co-CEO Bret Taylor said:
“Our financial results once again demonstrate the strength and durability of our business model as we continue to see strong demand from customers across the entire Customer 360 portfolio. Salesforce has become even more strategic and relevant to our customers as we are providing them with the agility and resilience they need to drive growth and efficiency in these uncertain economic times.”
You can also take a peek at 10 Fertilizer Stocks to Buy Today and 10 Favorite Stocks of Dan Loeb’s Third Point.
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This article is originally published at Insider Monkey.
