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Super Micro (SMCI) Soars 10.3%: Is Further Upside Left in the Stock?
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Super Micro Computer (SMCI - Free Report) shares soared 10.3% in the last trading session to close at $61.34. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 1% gain over the past four weeks.
The increase in share price can be attributed to raising of first quarter fiscal 2023 (ended Sep 30, 2022) guidance by the company owing to bump in customer design wins and increase in total IT solution value.
The company now expects net sales to be in the range of $1.78-$1.82 billion compared with earlier guided range of $1.52-$1.62 billion. Non-GAAP earnings are now expected to be in the range of $3.05- $3.20 per share compared with earlier guided range of $2.07- $2.32 per share.
The company is scheduled to report fiscal first quarter results on Nov 1, 2022.
This server technology company is expected to post quarterly earnings of $2.20 per share in its upcoming report, which represents a year-over-year change of +279.3%. Revenues are expected to be $1.57 billion, up 51.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Super Micro, the consensus EPS estimate for the quarter has been revised 22.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SMCI going forward to see if this recent jump can turn into more strength down the road.
Super Micro is part of the Zacks Computer- Storage Devices industry. NetApp (NTAP - Free Report) , another stock in the same industry, closed the last trading session 0.3% higher at $62.48. NTAP has returned -4.7% in the past month.
NetApp's consensus EPS estimate for the upcoming report has changed +0.3% over the past month to $1.34. Compared to the company's year-ago EPS, this represents a change of +4.7%. NetApp currently boasts a Zacks Rank of #3 (Hold).
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Super Micro (SMCI) Soars 10.3%: Is Further Upside Left in the Stock?
Super Micro Computer (SMCI - Free Report) shares soared 10.3% in the last trading session to close at $61.34. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 1% gain over the past four weeks.
The increase in share price can be attributed to raising of first quarter fiscal 2023 (ended Sep 30, 2022) guidance by the company owing to bump in customer design wins and increase in total IT solution value.
The company now expects net sales to be in the range of $1.78-$1.82 billion compared with earlier guided range of $1.52-$1.62 billion. Non-GAAP earnings are now expected to be in the range of $3.05- $3.20 per share compared with earlier guided range of $2.07- $2.32 per share.
The company is scheduled to report fiscal first quarter results on Nov 1, 2022.
This server technology company is expected to post quarterly earnings of $2.20 per share in its upcoming report, which represents a year-over-year change of +279.3%. Revenues are expected to be $1.57 billion, up 51.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Super Micro, the consensus EPS estimate for the quarter has been revised 22.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SMCI going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Super Micro is part of the Zacks Computer- Storage Devices industry. NetApp (NTAP - Free Report) , another stock in the same industry, closed the last trading session 0.3% higher at $62.48. NTAP has returned -4.7% in the past month.
NetApp's consensus EPS estimate for the upcoming report has changed +0.3% over the past month to $1.34. Compared to the company's year-ago EPS, this represents a change of +4.7%. NetApp currently boasts a Zacks Rank of #3 (Hold).