5 Stocks in Focus After Releasing Their Earnings Reports

In this article, we discuss the 5 stocks in focus after releasing their earnings reports. If you want to read our detailed analysis of these companies, go directly to the 11 Stocks in Focus After Releasing Their Earnings Reports. 

5. Pure Storage, Inc. (NYSE:PSTG)

Number of Hedge Fund Holders: 35

Shares of Pure Storage, Inc. (NYSE:PSTG) 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. (NYSE:PSTG) 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. (NYSE:PSTG) 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. (NASDAQ:NTAP) 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. (NASDAQ:NTAP) 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. (NASDAQ:NTAP) 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. (NYSE:PVH) 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. (NYSE:PVH) 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. (NYSE:PVH) 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. (NYSE:VEEV) 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. (NYSE:VEEV) 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. (NYSE:VEEV) 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. (NYSE:CRM) 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. (NYSE:CRM) 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. (NYSE:CRM) 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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