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3 Highly Ranked Tech Stocks to Watch as Earnings Approach
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There will be a slew of top-rated stocks reporting earnings this week with several belonging to the Zacks Rank #1 (Strong Buy) list and being attractive tech companies to watch.
Reporting their fourth quarter results on Tuesday, February 13, here are three of these highly-ranked tech stocks that investors will want to keep an eye on.
Market sentiment has been high for Shopify’s potential as a provider of essential internet infrastructure for commerce. To that point, SHOP shares have soared +87% in the last year as the company’s appealing growth narrative continues to take off.
Shopify’s products for commerce and an expanding merchant base are expected to have driven its fourth quarter sales up 19% to $2.07 billion. More intriguing, Q4 earnings are projected to skyrocket 343% to $0.31 a share versus $0.07 a share in the comparative quarter. Shopify has eclipsed its top and bottom-line expectations for five consecutive quarters and strong Q4 results along with positive guidance could certainly extend the impressive rally in SHOP shares.
Zillow is another internet platform that could be on the cusp of lofty expansion through its offering of real estate and home-related brands on the web and mobile. Fourth quarter results and guidance from Zillow will also give larger insight into the broader outlook of the housing industry and hopefully a rebound in the company’s bottom line in fiscal 2024.
With that being said, Zillow’s Q4 earnings are forecasted at $0.12 a share compared to $0.21 a share in a competitive prior-year quarter. Still, Q4 sales are projected to be up 3% to $450.75 million giving hope that Zillow could thrive upon easing inflation and lower rates.
More importantly, the busy home shopping season is near as the spring approaches and Zillow has surpassed its top and bottom line expectations for eight consecutive quarters. Even better, Zillow has posted an eye-catching average earnings surprise of 104.49% in its last four quarterly reports helping ZG shares rise a very respectable +23% over the last year.
Lastly, Blackline is a provider of cloud-based solutions that centralize and streamline financial operations and other key finance and accounting processes. Blackline’s growth prospects are very intriguing and may be overlooked at the moment with BL shares down -14% in the last year.
However, Q4 sales are expected to be up 10% to $154.24 million with earnings anticipated to climb 57% to $0.55 a share compared to $0.35 per share a year ago. Interestingly enough, Blackline has surpassed top line estimates for 30 consecutive quarters and every quarter since the company went public in 2016. Blackline has beaten earnings expectations in three of its last four quarterly reports and reconfirming its expansion and anticipation of double-digit EPS and sales growth in fiscal 2024 could very well lead to a rebound in BL shares.
Image Source: Zacks Investment Research
Takeaway
Making the prospects of these intriguing tech stocks more attractive is that earnings estimate revisions are up for their fiscal 2024 as they round out FY23 on Tuesday. This is a promising sign that Shopify, Zillow Group, and Blackline may be able to offer positive guidance and that it may be an ideal time to buy their stocks.
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3 Highly Ranked Tech Stocks to Watch as Earnings Approach
There will be a slew of top-rated stocks reporting earnings this week with several belonging to the Zacks Rank #1 (Strong Buy) list and being attractive tech companies to watch.
Reporting their fourth quarter results on Tuesday, February 13, here are three of these highly-ranked tech stocks that investors will want to keep an eye on.
Shopify (SHOP - Free Report)
Market sentiment has been high for Shopify’s potential as a provider of essential internet infrastructure for commerce. To that point, SHOP shares have soared +87% in the last year as the company’s appealing growth narrative continues to take off.
Shopify’s products for commerce and an expanding merchant base are expected to have driven its fourth quarter sales up 19% to $2.07 billion. More intriguing, Q4 earnings are projected to skyrocket 343% to $0.31 a share versus $0.07 a share in the comparative quarter. Shopify has eclipsed its top and bottom-line expectations for five consecutive quarters and strong Q4 results along with positive guidance could certainly extend the impressive rally in SHOP shares.
Image Source: Zacks Investment Research
Zillow Group (ZG - Free Report)
Zillow is another internet platform that could be on the cusp of lofty expansion through its offering of real estate and home-related brands on the web and mobile. Fourth quarter results and guidance from Zillow will also give larger insight into the broader outlook of the housing industry and hopefully a rebound in the company’s bottom line in fiscal 2024.
With that being said, Zillow’s Q4 earnings are forecasted at $0.12 a share compared to $0.21 a share in a competitive prior-year quarter. Still, Q4 sales are projected to be up 3% to $450.75 million giving hope that Zillow could thrive upon easing inflation and lower rates.
More importantly, the busy home shopping season is near as the spring approaches and Zillow has surpassed its top and bottom line expectations for eight consecutive quarters. Even better, Zillow has posted an eye-catching average earnings surprise of 104.49% in its last four quarterly reports helping ZG shares rise a very respectable +23% over the last year.
Image Source: Zacks Investment Research
Blackline (BL - Free Report)
Lastly, Blackline is a provider of cloud-based solutions that centralize and streamline financial operations and other key finance and accounting processes. Blackline’s growth prospects are very intriguing and may be overlooked at the moment with BL shares down -14% in the last year.
However, Q4 sales are expected to be up 10% to $154.24 million with earnings anticipated to climb 57% to $0.55 a share compared to $0.35 per share a year ago. Interestingly enough, Blackline has surpassed top line estimates for 30 consecutive quarters and every quarter since the company went public in 2016. Blackline has beaten earnings expectations in three of its last four quarterly reports and reconfirming its expansion and anticipation of double-digit EPS and sales growth in fiscal 2024 could very well lead to a rebound in BL shares.
Image Source: Zacks Investment Research
Takeaway
Making the prospects of these intriguing tech stocks more attractive is that earnings estimate revisions are up for their fiscal 2024 as they round out FY23 on Tuesday. This is a promising sign that Shopify, Zillow Group, and Blackline may be able to offer positive guidance and that it may be an ideal time to buy their stocks.