Stocks were in mostly positive territory on Wednesday, with enterprise tech earnings leading the way. Here are some of the top tech movers for Aug. 26.
Shares of Salesforce (CRM) - Get Report surged 26.5% to $273.45 on Wednesday, reaching record highs, following its second quarter earnings release. The enterprise software firm posted an across-the-board beat, also raising its guidance for the current quarter and full fiscal year. The report earned rave reviews from analysts, sending shares higher in Wednesday intraday trading.
Shares of Anaplan (PLAN) - Get Report skyrocketed 29% on Wednesday to $61.74 after the enterprise planning software firm delivered a strong second quarter result. Its quarterly revenue was $106.5 million, up 26% year-over-year, and above both the company's own guidance and a Wall Street consensus of $103 million. Anaplan's non-GAAP loss of 4 cents per share was narrower-than-expected, and it is guiding for revenue of $109 million to $110 million in the current quarter.
Shares of Roku (ROKU) - Get Report rose 9.2% to $161.37 after a bullish note from Citi. Analysts at Citi initiated coverage of Roku with a buy rating and $180 price target, writing that its business model hinges on subscription growth and rising value per sub, which bodes well for shares. Citi's price target estimates a $330 enterprise value for each of Roku's active accounts, and applies that to the company's 2022 forecast of 70 million active accounts.
Likewise, shares of Netflix (NFLX) - Get Report rose 9.4% to $536.48 on Wednesday. Citi analysts noted on Wednesday that as far as streaming goes, "in the U.S., we think there are just two firms: Netflix and Roku. Their business models couldn’t be more different. But, the fate of the equity we suspect is similar. Both turn on sub growth and rising value per sub." Netflix shares have gained 63% year to date.
Shares of Pure Storage (PSTG) - Get Report fell 10.1% to $15.06 following its second quarter results. The data storage firm said it lost $65 million, or 25 cents a share, while revenue rose 2% to $404 million. The company expects its third quarter results to be roughly flat, sending shares down in late trading Tuesday.