Analysts are Cutting Price Targets of These 10 Tech Stocks After Earnings

Published July 29, 2022 at 1:01 pm EDT Updated September 7, 2026 at 2:20 pm EDT

In this article, we will take a look at the 10 tech socks that received price-target cuts from analysts after their recent earnings.

Famous tech companies, including software giant Microsoft Corporation (NASDAQ:MSFT), chip behemoth Intel Corporation (NASDAQ:INTC) and smartphone giant Apple Inc. (NASDAQ:AAPL), recently came into the spotlight after posting financial results for their respective quarters.

While Microsoft Corporation and Intel Corporation failed to meet analysts’ estimates for Q2, Apple Inc. easily surpassed the expectations despite macro-economic headwinds.

Meanwhile, analysts are responding to the latest earnings reports from these tech companies. For instance, analysts recently lowered their price targets for several tech stocks, including Microsoft Corporation, Shopify Inc. (NYSE:SHOP) and Texas Instruments Incorporated (NASDAQ:TXN).

Several other tech companies also received price-target revisions from analysts following their recent earnings. We will discuss the new price targets for these stocks in the remaining article.

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10. SAP SE (NYSE:SAP)

Number of Hedge Fund Holders: 14

Barclays recently trimmed its price target for SAP SE (NYSE:SAP) from $108 per share to $106 per share, following the German software company’s mixed financial performance for the second quarter.

While SAP SE surpassed sales expectations for the quarter, its profit fell short of estimates. The lower-than-expected quarterly profit was partly attributed to the suspension of operations in Russia. Moreover, its rapid shift to a cloud-based model also affected the earnings.

In addition, SAP SE lowered its adjusted operating profit outlook to a range of 7.6 – 7.9 billion euros for the full year, compared to its earlier projection of 7.8 billion – 8.25 billion euros.

9. Sensata Technologies Holding plc (NYSE:ST)

Number of Hedge Fund Holders: 34

Sensata Technologies Holding plc (NYSE:ST) received a price-target cut from Citi on Wednesday, July 27, 2022, following its second-quarter results. Citi analyst Jim Suva slashed his price target for the industrial technology company from $50 per share to $45 per share. Suva thinks that a strong dollar and lower automobile production outlook could impact the financial performance of Sensata Technologies Holding plc (NYSE:ST).

For the second quarter, Sensata Technologies Holding plc (NYSE:ST) reported adjusted earnings of 83 cents per share, marginally below the consensus of 84 cents per share. Revenue came in at $1.02 billion, behind analysts’ average estimate of $1 billion.

Separately, investment management firm Diamond Hill Capital also mentioned Sensata Technologies Holding plc (NYSE:ST) in its first-quarter 2022 investor letter, stating:

“Our bottom contributors included Sensata Technologies. Developer of industrial sensors, Sensata Technologies is facing ongoing uncertainty in the automotive industry tied to supply chain disruptions and semiconductor chip shortages.”

8. Juniper Networks, Inc. (NYSE:JNPR)

Number of Hedge Fund Holders: 35

KeyBanc slashed its price target for Juniper Networks, Inc. (NYSE:JNPR) from $46 per share to $36 per share on Wednesday, July 27, 2022. KeyBanc analyst Thomas Blakey referred to the supply-chain challenges that impacted the company’s gross margin in the second quarter.

The revised price target came a day after Juniper Networks, Inc. missed profit expectations for the second quarter. The company earned 42 cents per share on an adjusted basis, while analysts were looking for 45 cents per share.

In addition, Juniper Networks, Inc. said that it expects higher logistics and component costs to weigh on its gross margin and profitability in the coming quarters.

Like Juniper Networks, Inc., analysts are also closely watching Microsoft Corporation, Intel Corporation and Apple Inc. following their recent earnings.

7. Tenable Holdings, Inc. (NASDAQ:TENB)

Number of Hedge Fund Holders: 35

BTIG slashed its price target for Tenable Holdings, Inc. (NASDAQ:TENB) from $73 per share to $58 per share on Wednesday, July 27, 2022. BTIG analyst Gray Powell pointed toward macro headwinds that affected the company’s second-quarter results. Nevertheless, Powell expressed optimism over the long-term growth prospects of the cybersecurity company.

Shares of Tenable Holdings, Inc. lost nearly 16 percent of their value on July 27 following its Q2 performance.

Tenable Holdings, Inc. reported adjusted earnings of 5 cents per share on revenue of $164.3 million for the second quarter. On the other hand, analysts were looking for earnings of 1 cent per share on revenue of $163.27 million.

Looking forward, Tenable Holdings, Inc. anticipates adjusted earnings in the range of 3 – 4 cents per share and revenue between $169 – $171 million for the current quarter.

6. Corning Incorporated (NYSE:GLW)

Number of Hedge Fund Holders: 43

Susquehanna trimmed its price target for Corning Incorporated (NYSE:GLW) from $48 per share to $46 per share on Wednesday, July 27, 2022. Susquehanna analyst Mehdi Hosseini referred to the weak performance of the company’s display business in the second quarter.

Corning Incorporated reported that revenue from its display technologies segment fell 6 percent on a year-over-year basis to $878 million in Q2. Overall, the company reported core earnings of 57 cents per share, in line with the consensus. Moreover, total sales for the quarter came in at $3.76 billion, slightly below the expectations of $3.78 billion.

For the third quarter, Corning Incorporated expects to earn 51 – 55 cents per share on an adjusted basis, below analysts’ average estimate of 59 cents per share.

5. International Business Machines Corporation (NYSE:IBM)

Number of Hedge Fund Holders: 43

Credit Suisse recently slashed its price target for International Business Machines Corporation (NYSE:IBM) from $166 per share to $156 per share. The revised price target follows the company’s second-quarter results.

International Business Machines Corporation reported adjusted earnings of $2.31 per share on revenue of $15.54 billion. This compares to analysts’ average estimates of $2.27 per share for earnings and $15.18 billion for revenue.

On the downside, International Business Machines Corporation lowered its free cash flow outlook for the full year amid a strong dollar and discontinuation of business in Russia. The company now expects a free cash flow of $10 billion for 2022, below its previous outlook in the range of $10 – $10.5 billion.

4. Texas Instruments Incorporated (NASDAQ:TXN)

Number of Hedge Fund Holders: 46

Texas Instruments Incorporated released its second-quarter results earlier this week, easily beating the consensus for both profit and sales. Yet, Mizuho trimmed its price target for the semiconductor giant from $175 per share to $168 per share on Wednesday, July 27. Mizuho analyst Vijay Rakesh thinks that Texas Instruments Incorporated could face pricing pressure amid an improving industry supply.

Looking at the latest performance, Texas Instruments Incorporated reported earnings of $2.45 per share for the second quarter, well above $2.13 per share estimated by analysts. The quarterly revenue of $5.21 billion also smashed the consensus of $4.65 billion.

For the current quarter, Texas Instruments Incorporated expects revenue in the range of $4.9 – $5.3 billion. The midpoint of the guidance is slightly above the expectations of $4.98 billion.

3. ASML Holding N.V. (NASDAQ:ASML)

Number of Hedge Fund Holders: 46

JPMorgan recently cut its price target for ASML Holding N.V. (NASDAQ:ASML) from $925 per share to $794 per share following its second-quarter results. While the semiconductor company surpassed financial expectations for the quarter, its results were overshadowed by the revised sales outlook for the full year.

ASML Holding N.V. reported earnings of 3.54 euros per share on revenue of 5.4 billion euros, while analysts were looking for earnings of 3.48 euros per share on sales of 5.3 billion euros.

On the downside, ASML Holding N.V. lowered its full-year sales growth outlook to 10 percent, from its previous projection of 20 percent growth.

2. Shopify Inc. (NYSE:SHOP)

Number of Hedge Fund Holders: 72

Deutsche Bank decreased its price target for Shopify Inc. from $50 per share to $40 per share on Thursday, July 28, 2022. According to Deutsche Bank analyst Bhavin Shah, the company’s Q2 performance and a decision to cut 10 percent of its global workforce indicate that e-commerce trends are normalizing.

Shah added that Shopify’s sales growth would likely be weighed down by inflationary pressure and normalizing e-commerce trends in the coming quarters.

Meanwhile, Shopify Inc. missed profit and sales expectations for the second earlier this week. The Ontario-based company reported an adjusted loss of 3 cents per share, contrary to analysts’ average estimate for a profit of 2 cents per share. In addition, Shopify Inc. posted revenue of $1.3 billion, below the consensus of $1.33 billion.

Separately, Shopify Inc. appeared in the second-quarter 2022 investor letter of investment management firm Rowan Street Capital LLC. Here’s what the firm said:

“Tobias Lutke, Shopify (NYSE:SHOP) Founder and CEO

When Tobias Lütke opened an online snowboarding store in 2004, he realized how painfully cumbersome e-commerce software was. So he decided to create Shopify – a platform that made it easy for anyone to open up an online store.

Tobi has built Shopify into one of the most popular e-commerce platforms in the world, with $175 billion in GMV (Gross Merchandise Value) and $4.6 billion in revenues in 2021. SHOP went public in 2015, when revenues were just lightly above $200 million, and the stock is up 1,233% since its IPO. Shopify stock peaked in November 2021 (traded at astronomical 47x sales), which coincided with peak enthusiasm for the tech-driven, “stay-home” stocks. Since then, the stock is down almost 80% and is currently trading at just 6x 2023E sales. We believe that Mr. Market is offering us an exceptional value, at current price levels, for an exceptional company led by a very talented, visionary founder/CEO.”

1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 259

Cowen lowered its price target for Microsoft Corporation from $330 per share to $320 per share, citing the software giant’s mixed financial performance for its fiscal fourth quarter.

Microsoft Corporation released its fiscal Q4 results on Tuesday, July 26, 2022. The company earned $2.23 per share on an adjusted basis, missing the expectations of $2.29 per share. Revenue for the quarter rose 12 percent versus last year to $51.87 billion, but analysts were looking for $52.44 billion.

The latest results were hurt by multiple macroeconomic factors. Microsoft Corporation blamed unfavorable foreign exchange rate, production delays in China and scaled-down presence in Russia for the weak performance.

For its fiscal first quarter, Microsoft Corporation expects to generate revenue in the range of $49.25 – $50.25 billion, below analysts’ average estimate of $51.49 billion.

You can also take a peek at The 9 China Rebound Stocks to Buy According to Jim Cramer and Jim Cramer Recommends These 10 Stocks For Recession.

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