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Amphenol APH shares have gained 27.6% year to date (YTD), outperforming the broader Zacks Computer & Technology sector’s appreciation of 19.9% and the Zacks Electronics – Connectors industry’s return of 27.3%.
The momentum in APH shares can be attributed to its strong first-half 2024 results. Net sales grew 9% year over year organically and 15% at constant currency, driven by strong organic growth in key end markets, including IT datacom, commercial aerospace, automotive and defense markets, and moderate improvement in the mobile devices market, along with contributions from APH’s acquisition program.
Amphenol achieved record orders of $4.061 billion in second-quarter 2024, up 33% year over year and 21% on a sequential basis. APH saw strong bookings from IT datacom customers focused on AI. This strong performance resulted in a solid book-to-bill ratio of 1.12:1.
APH also raised the dividend payout by 50% to 16.5 cents per share, indicating strong liquidity. As of June 30, 2024, it had cash and cash equivalents worth $1.3 billion. In the first half of 2024, net cash flow increased 18.2% from the year-ago period to $1.26 billion.
Amphenol Corporation Price and Consensus
Amphenol Corporation price-consensus-chart | Amphenol Corporation Quote
Does APH’s robust portfolio, acquisitions and strong liquidity make the stock attractive? Let us analyze.
APH’s Q3 Outlook Looks Promising
Amphenol expects third-quarter 2024 adjusted earnings between 43 cents and 45 cents per share, indicating growth between 10% and 15% on a year-over-year basis.
Net sales are anticipated between $3.7 billion and $3.8 billion, indicating growth between 16% and 19% on a year-over-year basis.
The Zacks Consensus Estimate for third-quarter 2024 net sales is pegged at $3.77 billion, suggesting growth of 17.86% over the figure reported in the year-ago quarter.
The consensus mark for third-quarter 2024 earnings is pegged at 45 cents per share, unchanged over the past 30 days. The estimate indicates growth of 15.38% over the figure reported in the year-ago quarter.
Defense, Commercial Aerospace to Aid APH’s Q3 Sales
In terms of end-market, APH expects defense market sales (11% of second-quarter sales) to increase in the mid-single-digit range sequentially, including the benefit of acquisitions (like CIT) and a strong portfolio of high-technology interconnect products.
Commercial aerospace (5% of second-quarter net sales) sales are expected to increase in the mid-40% for third-quarter 2024, driven by the addition of a full quarter of CIT revenues.
Industrial sales (24% of second-quarter sales) are expected to grow in the mid-single-digit range sequentially. Acquisitions, including those of CIT and Lutze US, have expanded Amphenol’s footprint in this end market.
Mobile devices (8% of second-quarter sales) sales are anticipated to increase 20% sequentially. IT datacom (24% of second-quarter sales) sales are expected to grow modestly on a sequential basis.
Factors to Drive APH Stock
Amphenol’s diversified business model lowers the volatility of individual end markets and geographies. Its wide array of interconnect and sensor products boosts long-term prospects.
Acquisitions are helping Amphenol expand its position across a broad array of technologies and markets. In May, APH completed the acquisition of CIT, which expanded its footprint across defense, commercial air and industrial end markets.
The company completed the acquisition of Lutze US in May and expects to close Lutze Europe by the end of third-quarter 2024. On a combined basis, the Lutze business generates $175 million in annual sales. This acquisition strengthens APH’s broad offering of high-technology interconnect products for industrial markets and expands the range of value-added interconnect products.
The recently announced acquisition of CommScope’s Outdoor Wireless Networks (OWN) and Distributed Antenna Systems (DAS) businesses expands Amphenol’s footprint in the areas of base station antennas and related interconnect solutions, as well as distributed antenna systems. These businesses are expected to generate revenues of $1.2 billion, with an EBITDA margin of 25% in 2024.
Amphenol’s long-term prospects benefit strong spending by countries around next-generation defense technologies. Strong demand for jet-liners and next-gen aircraft is bullish for the commercial aerospace segment.
APH plans to expand its high-technology interconnect antenna and sensor offerings, both organically and through complementary acquisitions in the industrial domain. The pending DAS and OWN acquisitions will expand its footprint in the mobile networks market.
Amphenol’s solutions are critical for both high-speed power and fiber optic interconnect solutions. The growing use of AI and machine learning is driving these technologies, benefiting APH’s long-term prospects in the IT datacom end market.
These factors bode well for Amphenol’s top-line growth over the long term. Its strong cash flow generating ability is noteworthy. Amphenol expects to deliver a strong cash flow in the near term despite a slight rise in capital expenditure as it increases spending on defense and IT datacom markets.
Amphenol Trades at Premium
Amphenol’s Value Score of D suggests a stretched valuation at this moment.
In terms of forward P/E, APH is currently trading at 32.58X higher than the broader sector’s 26.07X.
Zacks Rank & Key Picks
Amphenol currently has a Zacks Rank #3 (Hold), which implies that investors should wait for better entry points in the stock.
AudioEye AEYE, Aspen Technology AZPN, and Fortinet FTNT are a few better-ranked stocks in the broader sector. Each of these stocks currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The long-term earnings growth rates for AudioEye, Aspen Technology and Fortinet are pegged at 25%, 13.12%, and 16.25%, respectively.
Zacks Investment Research
The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. American Superconductor (AMSC) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.
American Superconductor is a member of our Computer and Technology group, which includes 617 different companies and currently sits at #8 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. American Superconductor is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for AMSC's full-year earnings has moved 477.8% higher within the past quarter. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, AMSC has moved about 92.5% on a year-to-date basis. In comparison, Computer and Technology companies have returned an average of 20.6%. This shows that American Superconductor is outperforming its peers so far this year.
Another stock in the Computer and Technology sector, Amphenol (APH), has outperformed the sector so far this year. The stock's year-to-date return is 28.3%.
For Amphenol, the consensus EPS estimate for the current year has increased 4% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, American Superconductor belongs to the Electronics - Miscellaneous Components industry, a group that includes 28 individual companies and currently sits at #76 in the Zacks Industry Rank. Stocks in this group have gained about 3.1% so far this year, so AMSC is performing better this group in terms of year-to-date returns.
In contrast, Amphenol falls under the Electronics - Connectors industry. Currently, this industry has 2 stocks and is ranked #94. Since the beginning of the year, the industry has moved +27.3%.
Investors interested in the Computer and Technology sector may want to keep a close eye on American Superconductor and Amphenol as they attempt to continue their solid performance.
Zacks Investment Research
For Immediate Release
Chicago, IL – September 13, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Micron Technology Inc. MU, Amphenol Corp. APH, Arista Networks Inc. ANET, Spotify Technology S.A. SPOT and Datadog Inc. DDOG.
Here are highlights from Thursday’s Analyst Blog:
Buy 5 Beaten-Down Tech Stocks with Huge Near-Term Upside
The Wall Street rally, which started at the beginning of 2023, has sustained till today despite intermittent fluctuations. The technology sector, especially the so-called “magnificent 7” and other artificial intelligence-centric bigwigs predominantly drove the rally. However, the space started suffering to a good extent from the beginning of August.
Consequently, valuation of several technology stocks declined significantly, which makes them attractive at the current price levels. We have selected five beaten-down tech giants (market capital > $35 billion) of past month. These are — Micron Technology Inc., Amphenol Corp., Arista Networks Inc., Spotify Technology S.A. and Datadog Inc.
In the past month, these stocks have provided either negative returns or returns well below the broad-market S&P 500 Index (4%). Nevertheless, these stocks have solid price appreciation potential in the short term. Further, each of our picks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Technology Sector Melts Recently
The tech rally was led by a massive thrust toward artificial intelligence (AI), especially generative AI. The rapid penetration of digital technologies and the Internet worldwide during the lockdown led to significant adoption of AI.
During this tech-driven rally, most of the technology behemoths have become overvalued. The price of some of these AI stocks skyrocketed by 200-400%. Therefore, a correction was overdue.
Fear of a near-term recession after the release of a series of weak economic data, specifically, the labor market data, which has been resilient so far, shook U.S. stock markets. As a result, market participants rushed to book profit on overvalued tech stocks.
Buy 5 Beaten Down Tech Stocks of Past Month
Micron Technology Inc.
Zacks Rank #2 Micron Technology has been benefiting from the enormous growth of AI applications that boosted demand for its high bandwidth memory chips. MU is a major producer of memory chips used in NVIDIA’s GPUs. MU is benefiting from improved market conditions, robust sales executions and strong growth across multiple business units.
Micron Technology anticipates the pricing of DRAM and NAND chips to increase, thereby improving its revenues. The pricing benefits will primarily be driven by rising AI servers, causing a scarcity in the availability of cutting-edge DRAM and NAND supplies. Also, 5G adoption in IoT devices and wireless infrastructure will spur demand for memory and storage.
Strong Earnings Estimate Revisions for MU Stock
Micron Technology has an expected revenue and earnings growth rate of 61% and more than 100%, respectively, for the current year (ending August 2025). The Zacks Consensus Estimate for the current-quarter, current-year and next-year earnings has improved over the last 60 days.
Tremendous Price Upside Potential for MU Shares
Micron Technology has provided a negative return of 4.4% in the past month. At present, the short-term average price target of brokerage firms for the stock represents a jump of 85.3% from the last closing price of $90.65. The brokerage target price is currently in the range of $100-$225.
Amphenol Corp.
Zacks Rank #2 Amphenol witnessed strong order growth in second-quarter 2024 resulting in a strong book-to-bill ratio of 1.12:1. Acquisitions are helping APH expand its position across a broad array of technologies and markets. APH’s wide array of interconnect and sensor products boosts long-term prospects.
APH’s diversified business model lowers the volatility of individual end markets and geographies. Strong cash flow generating ability is noteworthy. APH expects to deliver strong cash flow despite a slight rise in capital expenditure as it increases spending on defense and IT datacom markets.
Solid Earnings Estimate Revisions for APH Stock
Amphenol has an expected revenue and earnings growth rate of 15.7% and 16.6%, respectively, for the current year. The Zacks Consensus Estimate for the current-quarter, current-year and next-year earnings has improved over the last 60 days.
Impressive Price Upside Potential for APH Shares
Amphenol has provided a negative return of 1.6% in the past month. At present, the short-term average price target of brokerage firms for the stock represents an increase of 20.8% from the last closing price of $62.06. The brokerage target price is currently in the range of $60-$82.
Arista Networks Inc.
Zacks Rank #2 Arista Networks is likely to benefit from a software-driven, data-centric approach that helps customers build their cloud architecture. Innovative product launches and steady customer additions backed by ANET’s best-in-class portfolio strength have ensured steady top-line expansion.
ANET provides routing and switching platforms with industry-leading capacity, low latency, port density and power efficiency. In addition to high capacity and easy availability, ANET’s cloud networking solutions promise predictable performance along with programmability that enables seamless integration with third-party applications for network management, automation and orchestration.
Robust Earnings Estimate Revisions for ANET Stock
Arista Networks has an expected revenue and earnings growth rate of 16.1% and 18.7%, respectively, for the current year. The Zacks Consensus Estimate for the current-quarter, next-quarter, current-year and next-year earnings has improved over the last 60 days.
Impressive Price Upside Potential for ANET Shares
The stock price of Arista Networks has provided a mere 1.4% in the past month. At present, the short-term average price target of brokerage firms for the stock represents an increase of 10.4% from the last closing price of $342.93. The brokerage target price is currently in the range of $265-$432.
Spotify Technology S.A.
Zacks Rank #1 Spotify Technology provides audio streaming services worldwide. SPOT operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its subscribers on their computers, tablets, and compatible mobile devices. SPOT also offers sales, distribution and marketing, contract research and development, and customer support services.
SPOT Stock’s Earnings Estimate Revisions on the Rise
Spotify Technology has an expected revenue and earnings growth rate of 19.4% and more than 100%, respectively, for the current year. The Zacks Consensus Estimate for the current-quarter, next-quarter, current-year and next-year earnings has improved over the last 60 days.
Solid Price Upside Potential for SPOT Shares
Spotify Technology has provided a negative return of 1% in the past month. At present, the short-term average price target of brokerage firms for the stock represents an increase of 15% from the last closing price of $336.66. The brokerage target price is currently in the range of $225-$460.
Datadog Inc.
Zacks Rank #2 Datadog is benefiting from new customer additions and increased adoption of its cloud-based monitoring and analytics platform, driven by accelerated digital transformation and cloud migration across organizations. DDOG’s solid adoption of Synthetics and Network Performance Monitoring products is expected to aid customer wins in the near term.
Contributions from a solid cloud partner base, including Google Cloud, Microsoft Azure and Amazon Web Services, remain a key growth driver for DDOG besides an expanding portfolio. Considering the abovementioned factors, we expect 2024 net sales to increase 22% from 2023.
Strong Earnings Estimate Revisions for DDOG Stock
Datadog has an expected revenue and earnings growth rate of 23.4% and 23.5%, respectively, for the current year. The Zacks Consensus Estimate for the current-quarter, current-year and next-year earnings has improved over the last 60 days.
Attractive Price Upside Potential for DDOG Shares
Datadog has provided a negative return of 2.4% in the past month. At present, the short-term average price target of brokerage firms for the stock represents a surge of 33.1% from the last closing price of $109.52. The brokerage target price is currently in the range of $98-$160.
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Media Contact
Zacks Investment Research
800-767-3771 ext. 9339
support@zacks.com
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Investment Research
The Wall Street rally, which started at the beginning of 2023, has sustained till today despite intermittent fluctuations. The technology sector, especially the so-called “magnificent 7” and other artificial intelligence-centric bigwigs predominantly drove the rally. However, the space started suffering to a good extent from the beginning of August.
Consequently, valuation of several technology stocks declined significantly, which makes them attractive at the current price levels. We have selected five beaten-down tech giants (market capital > $35 billion) of past month. These are — Micron Technology Inc. MU, Amphenol Corp. APH, Arista Networks Inc. ANET, Spotify Technology S.A. SPOT and Datadog Inc. DDOG.
In the past month, these stocks have provided either negative returns or returns well below the broad-market S&P 500 Index (4%). Nevertheless, these stocks have solid price appreciation potential in the short term. Further, each of our picks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Technology Sector Melts Recently
The tech rally was led by a massive thrust toward artificial intelligence (AI), especially generative AI. The rapid penetration of digital technologies and the Internet worldwide during the lockdown led to significant adoption of AI.
During this tech-driven rally, most of the technology behemoths have become overvalued. The price of some of these AI stocks skyrocketed by 200-400%. Therefore, a correction was overdue.
Fear of a near-term recession after the release of a series of weak economic data, specifically, the labor market data, which has been resilient so far, shook U.S. stock markets. As a result, market participants rushed to book profit on overvalued tech stocks.
Buy 5 Beaten Down Tech Stocks of Past Month
Micron Technology Inc.
Zacks Rank #2 Micron Technology has been benefiting from the enormous growth of AI applications that boosted demand for its high bandwidth memory chips. MU is a major producer of memory chips used in NVIDIA’s GPUs. MU is benefiting from improved market conditions, robust sales executions and strong growth across multiple business units.
Micron Technology anticipates the pricing of DRAM and NAND chips to increase, thereby improving its revenues. The pricing benefits will primarily be driven by rising AI servers, causing a scarcity in the availability of cutting-edge DRAM and NAND supplies. Also, 5G adoption in IoT devices and wireless infrastructure will spur demand for memory and storage.
Strong Earnings Estimate Revisions for MU Stock
Micron Technology has an expected revenue and earnings growth rate of 61% and more than 100%, respectively, for the current year (ending August 2025). The Zacks Consensus Estimate for the current-quarter, current-year and next-year earnings has improved over the last 60 days.
Tremendous Price Upside Potential for MU Shares
Micron Technology has provided a negative return of 4.4% in the past month. At present, the short-term average price target of brokerage firms for the stock represents a jump of 85.3% from the last closing price of $90.65. The brokerage target price is currently in the range of $100-$225.
Amphenol Corp.
Zacks Rank #2 Amphenol witnessed strong order growth in second-quarter 2024 resulting in a strong book-to-bill ratio of 1.12:1. Acquisitions are helping APH expand its position across a broad array of technologies and markets. APH’s wide array of interconnect and sensor products boosts long-term prospects.
APH’s diversified business model lowers the volatility of individual end markets and geographies. Strong cash flow generating ability is noteworthy. APH expects to deliver strong cash flow despite a slight rise in capital expenditure as it increases spending on defense and IT datacom markets.
Solid Earnings Estimate Revisions for APH Stock
Amphenol has an expected revenue and earnings growth rate of 15.7% and 16.6%, respectively, for the current year. The Zacks Consensus Estimate for the current-quarter, current-year and next-year earnings has improved over the last 60 days.
Impressive Price Upside Potential for APH Shares
Amphenol has provided a negative return of 1.6% in the past month. At present, the short-term average price target of brokerage firms for the stock represents an increase of 20.8% from the last closing price of $62.06. The brokerage target price is currently in the range of $60-$82.
Arista Networks Inc.
Zacks Rank #2 Arista Networks is likely to benefit from a software-driven, data-centric approach that helps customers build their cloud architecture. Innovative product launches and steady customer additions backed by ANET’s best-in-class portfolio strength have ensured steady top-line expansion.
ANET provides routing and switching platforms with industry-leading capacity, low latency, port density and power efficiency. In addition to high capacity and easy availability, ANET’s cloud networking solutions promise predictable performance along with programmability that enables seamless integration with third-party applications for network management, automation and orchestration.
Robust Earnings Estimate Revisions for ANET Stock
Arista Networks has an expected revenue and earnings growth rate of 16.1% and 18.7%, respectively, for the current year. The Zacks Consensus Estimate for the current-quarter, next-quarter, current-year and next-year earnings has improved over the last 60 days.
Impressive Price Upside Potential for ANET Shares
The stock price of Arista Networks has provided a mere 1.4% in the past month. At present, the short-term average price target of brokerage firms for the stock represents an increase of 10.4% from the last closing price of $342.93. The brokerage target price is currently in the range of $265-$432.
Spotify Technology S.A.
Zacks Rank #1 Spotify Technology provides audio streaming services worldwide. SPOT operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.
The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its subscribers on their computers, tablets, and compatible mobile devices. SPOT also offers sales, distribution and marketing, contract research and development, and customer support services.
SPOT Stock’s Earnings Estimate Revisions on the Rise
Spotify Technology has an expected revenue and earnings growth rate of 19.4% and more than 100%, respectively, for the current year. The Zacks Consensus Estimate for the current-quarter, next-quarter, current-year and next-year earnings has improved over the last 60 days.
Solid Price Upside Potential for SPOT Shares
Spotify Technology has provided a negative return of 1% in the past month. At present, the short-term average price target of brokerage firms for the stock represents an increase of 15% from the last closing price of $336.66. The brokerage target price is currently in the range of $225-$460.
Datadog Inc.
Zacks Rank #2 Datadog is benefiting from new customer additions and increased adoption of its cloud-based monitoring and analytics platform, driven by accelerated digital transformation and cloud migration across organizations. DDOG’s solid adoption of Synthetics and Network Performance Monitoring products is expected to aid customer wins in the near term.
Contributions from a solid cloud partner base, including Google Cloud, Microsoft Azure and Amazon Web Services, remain a key growth driver for DDOG besides an expanding portfolio. Considering the abovementioned factors, we expect 2024 net sales to increase 22% from 2023.
Strong Earnings Estimate Revisions for DDOG Stock
Datadog has an expected revenue and earnings growth rate of 23.4% and 23.5%, respectively, for the current year. The Zacks Consensus Estimate for the current-quarter, current-year and next-year earnings has improved over the last 60 days.
Attractive Price Upside Potential for DDOG Shares
Datadog has provided a negative return of 2.4% in the past month. At present, the short-term average price target of brokerage firms for the stock represents a surge of 33.1% from the last closing price of $109.52. The brokerage target price is currently in the range of $98-$160.
Zacks Investment Research
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