Hewlett Packard Enterprise (HPE) saw an increase in its shares following the release of its second-quarter fiscal 2024 earnings report. Earnings per share exceeded analyst expectations, coming in at $0.42 compared to the consensus estimate of $0.39. Sales also saw a year-over-year increase of 3.3%, reaching $7.2 billion, surpassing analyst predictions by $370 million.
Looking forward, management projects revenue growth and adjusted earnings per share for fiscal 2024 to fall within the range of 1% to 3% and $1.85 to $1.95, respectively. Analysts had previously anticipated revenue growth of 0.1% and adjusted EPS of $1.89.
Internally, there has been significant selling activity, with insiders selling shares worth $1.9 million in the past three months. As a result, internal sentiment for HPE stock appears low, as indicated by a very negative signal below the industry average.
On Wall Street, analysts have given HPE stock a consensus rating of Hold, with one Buy, five Holds, and zero Sells assigned over the past three months. Despite a 21% increase in share price over the past year, the average price target for HPE stands at $18.33 per share, suggesting a potential upside of 3.5%. However, these estimates are subject to change following the latest earnings report.
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