Streetbeat News

Earnings

VEEV

Veeva Systems (NYSE:VEEV) shares are trading higher after beating earnings expectations and raising its financial guidance for fiscal year 2024. The company reported Q1 EPS of 91 cents, beating the estimated 79 cents, and sales of $526.33 million, above the projected $515.81 million. Several analysts raised price targets following the results.

Portfolio Pulse from Erica Kollmann

June 01, 2023 | 5:45 pm

CRDO

MSFT

Mizuho analyst Vijay Rakesh reiterated a Buy rating on Credo Technology Group Holding Ltd (NASDAQ:CRDO) and raised the price target to $18 from $16. Credo's advanced SerDes analog design positions it well against competitors, and it could see multi-year adoption starting with Microsoft Corporation (NASDAQ:MSFT). Q4 earnings aligned with estimates, while sales surpassed expectations.

Portfolio Pulse from Nabaparna Bhattacharya

June 01, 2023 | 5:39 pm

VSCO

Victoria's Secret shares fell 11% due to a sharp decline in first-quarter EPS. Other stocks experienced significant gains and losses during Thursday's mid-day session, with Reunion Neuroscience, U Power, and Wearable Devices among the top gainers, while DZS, E-Home Household Service, and Aridis Pharmaceuticals were among the top losers.

Portfolio Pulse from Lisa Levin

June 01, 2023 | 4:58 pm

IBKR

Interactive Brokers Group (NASDAQ: IBKR) reported its Electronic Brokerage monthly performance metrics for May 2023, with 1.860 million Daily Average Revenue Trades (DARTs), 19% lower than the prior year but 5% higher than the prior month. Client equity reached $345.1 billion, a 10% increase YoY and 1% increase MoM.

Portfolio Pulse from Happy Mohamed

June 01, 2023 | 4:55 pm

CRDO

Credo Technology Group reported better-than-expected Q4 revenue results and issued Q1 revenue guidance above estimates, leading to multiple analysts raising their price targets on the stock.

Portfolio Pulse from Benzinga Newsdesk

June 01, 2023 | 4:54 pm

PSTG

Pure Storage (NYSE:PSTG) reported better-than-expected Q1 financial results and issued Q2 revenue guidance of $680 million, beating the consensus of $656.13 million. Multiple analysts raised price targets following the company's quarterly results.

Portfolio Pulse from Erica Kollmann

June 01, 2023 | 4:48 pm

LFCR

Lifecore Biomedical Inc (NASDAQ:LFCR) reported a Q3 FY23 revenue decline of 26% Y/Y to $27.60 million, missing the consensus of $28 million. The company is currently evaluating strategic alternatives to maximize stockholder value.

Portfolio Pulse from Lekha Gupta

June 01, 2023 | 4:40 pm

SCLX

SRNEQ

Scilex Holding Company (SCLX) reports preliminary unaudited financial results for May 2023, with estimated gross sales of $13.0M-$15.0M and net sales of $4.2M-$5.1M. The company is a majority-owned subsidiary of Sorrento Therapeutics (SRNEQ).

Portfolio Pulse from Happy Mohamed

June 01, 2023 | 4:31 pm

REED

Reed's Inc reported a Q1 FY23 sales decrease of 8.4% YoY to $11.16 million, missing the analyst consensus estimate of $14.12 million. The decrease was primarily due to tightened credit terms from suppliers, impacting inventory. The company expects to turn cash flow positive in H2 2023.

Portfolio Pulse from Shivani Kumaresan

June 01, 2023 | 4:16 pm

CRM

Salesforce (CRM) shares dropped despite reporting upbeat Q1 revenues and earnings. Analysts from Piper Sandler, Mizuho Securities, Needham, and Oppenheimer shared their insights on the company's performance and outlook, with most maintaining positive ratings and raising price targets.

Portfolio Pulse from Priya Nigam

June 01, 2023 | 4:15 pm