Here we look at some of the biggest movers last week, while only considering the companies with a market cap of at least $5 billion.
Elastic NV (ESTC:US) shares closed nearly 48% higher last week after the Amsterdam-based company raised its full-year forecast following the Q2 outperformance. In the first fiscal quarter, Elastic reported revenue of $293.8 million, representing a 17% year-over-year increase, and higher than the consensus of $284.8 million. The company also reported adjusted EPS of $0.25, compared to a loss of $0.15 per share in the same period last year. The estimate was $0.11.
Elastic expects adjusted Q2 EPS to be in the range of $0.23 to $0.25, while the consensus estimate was $0.20 cents. The company also forecasts revenue in the range of $303 million to $305 million, compared to the analyst estimate of $301.9 million. Full-year revenue is expected to be between $1.24 billion to $1.25 billion, while analysts were looking for $1.24 billion. Adjusted EPS for the year is projected to be in the range of $1.01 to $1.11, surpassing the estimate of $0.94 to $1.06.
Dell Technologies (DELL:US) rose over 21% on strong Q2 results and commentary that the company already has more than $2 billion in AI-related orders. Total net revenue for the quarter amounted to $22.93 billion, surpassing the consensus estimate of $20.84 billion.
Dell reported adjusted operating income of $1.98 billion, exceeding the estimate of $1.5 billion. Adjusted EPS for the quarter was $1.74, significantly higher than the estimated $1.14. Additionally, Dell returned $525 million to shareholders in the second quarter through share repurchases and dividends.
"In addition to building strength through the quarter in both PCs and servers, Dell disclosed they had about $2 billion in AI server orders in backlog," UBS analyst David Vogt said in a note to clients. "Management highlighted that AI servers accounted for roughly 20% of server orders in the first half of fiscal 2024."
Rep. Khanna disclosed in April that he sold $2,000 - $30,000 worth of DELL shares in March.
Shopify (SHOP:US) saw its stock rise as much as 20% last week after the company announced a partnership with fellow e-commerce titan Amazon (AMZN:US). Amazon is set to launch an app within Shopify's app ecosystem, providing an exciting opportunity for U.S.-based merchants who utilize Amazon's fulfillment network. This app will enable these merchants to incorporate "Buy with Prime" functionality into their Shopify Checkout process when using Shopify Payments.
The introduction of this app is expected to provide Shopify merchants with the ability to offer Prime members a range of benefits, including fast and free delivery, along with hassle-free returns.
“This new app will make it easier for our merchants who also partner with Amazon to offer Buy with Prime to their customers on their Shopify-powered site,” said Harley Finkelstein, President of Shopify.
Okta (OKTA:US) shares surged more than 19% after the cybersecurity services provider offered a solid set of Q2 results, as well as guidance for this quarter and the full fiscal year. Adjusted EPS for the quarter was $0.31, a significant improvement compared to a loss per share of $0.10 in the same period last year. This result beat the consensus estimate of $0.22.
The company recorded total revenue of $556 million in the second quarter, marking a 23% year-over-year increase and surpassing the analyst estimate of $534.3 million. Subscription revenue was a major contributor, reaching $542 million, a 24% increase from the previous year, and exceeding the estimate of $518.3 million.
For Q3, total revenue is expected to be in the range of $558 million to $560 million, representing a year-over-year growth rate of 16%. Adjusted EPS is projected to be between $0.29 to $0.30. For FY24, total revenue for the full fiscal year is now expected to be in the range of $2.207 billion to $2.215 billion, reflecting a year-over-year growth rate of 19%. Adjusted profit per share is anticipated to be in the range of $1.17 to $1.20.
Congressman Khanna traded Okta shares in 2022.
Dollar General (DG:US) dropped nearly 16% after the off-price retailer was forced to cut its full-year outlook after very weak Q2 results. Comparable sales declined by 0.1%, in contrast to the 4.6% year-over-year growth in the same quarter the previous year. This figure missed the analyst consensus estimate of a 0.9% increase.
EPS for the quarter was $2.13, down from $2.98 in the previous year's second quarter. Net sales for the quarter reached $9.80 billion, reflecting a 3.9% year-over-year increase. However, this figure was slightly below the estimate of $9.91 billion.
The company now expects net sales to grow 1.3% - 3.3% YoY, compared to the previous forecast of 3.5% - 5%. Same-store sales were previously seen rising 1.5% at the midpoint of the guidance, but DG now expects flag growth (up or down 1%).
On the bottom line, Dollar General sees EPS falling 22% - 34% YoY, a significant revision compared to the previous outlook for an 8% decline to flat growth.
DG shares were further hit after several Wall Street analysts downgraded their rating after the guidance cut.