Super Micro Computer, Inc. SMCI shares are trading higher Friday after the company said it expects to exceed its prior second-quarter financial guidance.
What To Know:
Super Micro Computer announced updated financial guidance for the second-quarter after the market close on Thursday. The company said it estimates second-quarter net sales will be between $3.6 billion and $3.65 billion, versus the previous guidance of between $2.7 billion and $2.9 billion.
The company also raised its guidance for non-GAAP diluted net income per common share to between $5.40 and $5.55, versus the prior forecast of between $4.40 to $4.88.
Super Micro Computer attributed the increase in expected results to a robust market and end-customer demand for its rack-scale, AI and Total IT Solutions.
Barclays analyst George Wang maintained Super Micro Computer with an Overweight and raised the price target from $335 to $396, and Wedbush analyst Matt Bryson reiterated Super Micro Computer with a Neutral and maintained $250 price target after the company updated its guidance.
The company is set to release its second-quarter financial results after the market close on Jan. 29 and will host a conference call to discuss the results at 5:00 p.m. ET the same day.
Related News: What’s Going On With Meta Platforms Stock?
SCMI Price Action: According to Benzinga Pro, Super Micro Computer shares are up 30% at $405.00 at the time of publication.
Image: acgence from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
