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In this article, we look at 10 tech stocks that are gaining value after earnings. If you want to see a higher trading volume following some other tech companies’ quarterly results, go straight to them 5 Tech Stocks Are Gaining Value After Earnings.
Earnings reports from the technology sector continued this week, with most stocks meeting expectations in their respective areas. Uber Technologies, Inc. (NYSE: UBER ), Microchip Technology Incorporated (NASDAQ:MCHP ) and ON Semiconductor Corporation (NASDAQ:ON ) were among the top tech companies that rose after releasing their financial results.
Additionally, ZoomInfo Technologies Inc. (NASDAQ:ZI) and Dynatrace, Inc. (NYSE:DT) gained value following their best quarterly performance. We will discuss the financial highlights of these companies and subsequent stock price movements in the rest of the article.
10. Freshworks Inc. (NASDAQ:FRSH)
Number of Hedge Fund Holders: 25
Freshworks Inc. (NASDAQ:FRSH) rose to a near one-month high on Wednesday, August 3, 2022 after reporting strong sales for the second quarter. The customer service software provider generated sales of $121.4 million in the quarter, up 37 percent year-over-year.
Also Freshworks Inc. (NASDAQ: FRSH ) reported an adjusted loss of 6 cents a share, down from a loss of 8 cents in the same period in 2021. Analysts were looking for a loss of 6 cents on revenue of $118.24 million. .
Freshworks Inc. (NASDAQ:FRSH) also released its financial outlook for the third quarter. For the current quarter, it expects an adjusted loss of 7 – 5 cents per share and revenue between $124.5 – $126.5 million.
9. Alteryx, Inc. (NYSE:AYX)
Number of Hedge Fund Holders: 31
Alteryx, Inc. (NYSE:AYX) recently reported better-than-expected financial results for the second quarter with a higher sales outlook. Following its recent performance on Wednesday, August 3, 2022, Alteryx stock is up more than 19%.
The Irvine-based technology company posted an adjusted loss of 46 cents a share, less than analysts’ average estimate of a loss of 60 cents. Revenue for the quarter rose 50 percent to $180.6 million from last year, while analysts said Alteryx, Inc. (NYSE:AYX) is expected to post revenue of $161.02 million.
For the third quarter, Alteryx, Inc. (NYSE:AYX) guided for revenue of $191 – $194 million, representing year-over-year growth of 55 – 57 percent. For the full year, the company estimates revenue of $770-780 million, which represents an increase of 44-45 percent from 2021.
Like Alteryx, Inc. (NYSE:AYX), Uber Technologies, Inc. (NYSE: UBER ), Microchip Technology Inc. (NASDAQ: MCHP ) and ON Semiconductor Corp. (NASDAQ: ON ) also rose after posting earnings.
8. Gartner, Inc. (NYSE:IT)
Number of Hedge Fund Holders: 35
Gartner Inc. (NYSE: IT ) hit a near three-month high on Tuesday, August 2, 2022, after technology research and consulting firm Gartner easily beat expectations for second-quarter financials.
Gartner, Inc. expects revenue to rise to $1.377 billion in 2022 from $1.167 billion in the same period.
Gartner, Inc. said research revenue rose 13.9 percent to $1.14 billion, conference revenue rose 95.1 percent to $114 million, and consulting revenue rose nearly 14 percent to $121 million in the quarter.
Separately, investment management firm Weitz Investment Management Gartner, Inc.
“We have added a new location. Gartner (NYSE: IT ) as tech-adjacent stocks continued to fall from grace during the quarter. Gartner is a leading provider of subscription-based research services for IT and business professionals (think C-suite executives and more). The company has an attractive business model of “build once, sell many times” that is familiar to long-term fund investors. While Gartner doesn’t scream “cheap” on current earnings, we’re drawn to the company’s sustainability, business momentum and potential for extended capital-light, double-digit earnings and cash flow growth.
7. Alight, Inc. (NYSE:a little bit)
Number of Hedge Fund Holders: 38
Alight, Inc. (NYSE:ALIT) jumped more than 10% on Wednesday, August 3, 2022 following its second quarter results. The Illinois-based company posted adjusted earnings of 12 cents per share, in line with expectations.
In addition, Alight, Inc. (NYSE:ALIT) posted revenue of $715 million, up 6.4 percent year-over-year and beating expectations of $710.29 million. The Employer Solutions segment was the biggest sales driver, generating $614 million in revenue. By comparison, professional services revenue came in at $91 million, while hosted business revenue stood at $10 million in the quarter.
Alite, Inc
According to Alight, Inc. (NYSE:ALIT), Uber Technologies, Inc.
6. Saber Corporation (NASDAQ:SABR)
Number of Hedge Fund Holders: 38
Shares of Saber Corporation (NASDAQ:SABR) are up more than 16% for two consecutive days after reporting strong Q2 results on Tuesday, August 2nd.
Saber Corporation (NASDAQ:SABR) posted an adjusted loss of 25 cents per share, which was less than analysts’ average estimate of a loss of 31 cents per share. Revenue for the quarter rose 57 percent from a year ago to $657.5 million, beating estimates of $649.7 million.
Looking at the performance of its major segments, Travel Solutions revenue rose 60 percent to $599 million, Distribution revenue rose 98 percent to $432 million and IT Solutions revenue increased 8 percent to $168 million in the quarter.
Saber Corporation (NASDAQ:SABR) also raised its fiscal 2022 sales outlook to $2.3 – $2.6 billion, up from previous guidance of between $2.2 – $2.5 billion.
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Disclosure: None. 10 Tech Stocks Gaining Value After Earnings Originally published on Insider Monkey.
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