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Dropbox

Dropbox is a leading provider of cloud-storage and content collaboration tools with an emphasis on individuals and SMB. The company was founded in 2007 and was a pioneer in cloud storage and cross-platform file syncing. Utilizing inorganic and organic means, the firm has been working on diversifying its product mix and pivoting away from the cloud-storage space.

Dropbox Inc

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Laird Superfood (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/LSF#AMEX">LSF</a>) reported quarterly earnings of $0.02 per share which beat the analyst consensus estimate of $(0.07) by 128.57 percent. The company reported quarterly sales of $11.776 million which beat the analyst consensus estimate of $10.479 million by 12.38 percent. This is a 28.28 percent increase over sales of $9.180 million the same period last year.

Earnings

Earnings Beats

News

Laird Superfood Q3 2024 Adj. EPS $0.02 Beats $(0.07) Estimate, Sales $11.776M Beat $10.479M Estimate

Sports betting and online gaming company DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) could highlight early results from the 2024 NFL season and new state legalizations when the company reports third-quarter financial results Thursday<a href="https://www.benzinga.com/earnings"> after market close.</a>
Earnings Estimates: Analysts expect the company to report third-quarter revenue of $1.11 billion, up from last year's third-quarter total of $789.96 million according to data <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110624&amp;t=be2bearmibe3na1">from Benzinga Pro.</a>
The company missed analyst estimates for revenue for the second quarter and two of the past three quarters, but has beaten analyst estimates for revenue in eight of the last 10 quarters overall.
Analysts expect DraftKings to report a loss of 42 cents per share in the third quarter, compared to a loss of 35 cents per share in last year's third quarter. The company has beaten analyst estimates for earnings per share in 10 straight quarters.
Read Also: <a href="https://www.benzinga.com/general/politics/24/11/41725070/draftkings-offers-10k-in-prizes-for-2024-election-predictions-harris-trump-swing-state-performan">DraftKings Offers $10K In Prizes For 2024 Election Predictions: Harris, Trump Swing State Performance Among Key Questions</a>
What Analysts Are Saying: Strong market share in the sports betting space and the potential to surprise with updated financial guidance has Bank of America analyst Shaun C. Kelley bullish on DraftKings <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41589183/draftkings-stock-to-hit-new-52-week-highs-bullish-analyst-on-2025-guidance-upside-o">ahead of the earnings report.</a>
The analyst, who has a Buy rating and $50 price target, recently said revenue flowthrough for the second half of the fiscal year could be better than expected and "protect" EBITDA for fiscal 2024.
"We expect top-line growth in the fourth quarter to come in slightly below guidance driven by unfavorable hold and challenging iGaming comps," Kelley said.
The analyst said DraftKings could also show its hold expansion similar to peer FanDuel with lower promotional spending activity.
Concerns for DraftKings in the third quarter include slower app downloads and unfavorable NFL game outcomes, Kelley added.
A near duopoly of the online sports betting space for DraftKings and FanDuel owner Flutter Entertainment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLUT#NYSE">FLUT</a>) <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40985921/flutter-analyst-sees-significant-earnings-power-with-growing-duopoly-sports-betting">was highlighted by </a>Needham analyst Bernie McTernan recently.
McTernan said the total addressable market size of the U.S. online sports betting market could "continue to surprise to the upside."
&#8220;Scale and commitment to product leadership from FanDuel and DKNG likely keeps the OSB market dominated by these two players," McTernan said.
A Needham survey revealed that sports bettors primarily use FanDuel and DraftKings.
&#8220;We think share can continue to ebb and flow between FanDuel and DKNG as we do not see a physical network effect in OSB meaning there is not a structural reason for dominant market share leader like digital marketplaces.&#8221;
McTernan said unless the market structure in the U.S. changes, it&#8217;s &#8220;FanDuel and DKNG at the top and then everyone else.&#8221;
FanDuel (37.8%) and DraftKings (34.8%) had a combined 73% market share in 2023. BetMGM ranks a distant third at 8.6% market share.
In the second quarter of 2024, FanDuel had a market share of 37.3% with DraftKings at 37.0%. Both BetMGM and fourth-place Caesars had lower market share in the first two quarters of 2024 compared to 2023.
Key Items to Watch: DraftKings quarterly financial results come after the start of the 2024 NFL season, which is one of the most bet on sports in the U.S. and a key to revenue and earnings for the company in the fourth quarter.
Guidance from the company and early commentary on the NFL season will be closely watched by investors.
The company<a href="https://www.benzinga.com/news/earnings/24/08/40116073/draftkings-q2-earnings-highlights-sports-betting-company-launches-1-billion-buyback-misses-on-reven"> announced an inaugural</a> $1 billion share buyback in the second quarter. Investors and analysts will be watching to see if any shares were bought during the third quarter.
DraftKings acquisition of Jackpocket led to lower average revenue per monthly unique paying customer in the second quarter and could be an area to watch for investors and analysts.
As of July 25, DraftKings is live with mobile sports betting in 25 states and Washington, D.C., representing 49% of the U.S. population.
The company is live with iGaming in five states.
On Tuesday, voters in Missouri approved sports betting, becoming the 39th state to legalize. There is no current timetable on when the state will be live, but DraftKings and FanDuel supported the ballot proposal.
Missouri is the 18th most populous state and fourth-largest state that has not yet legalized sports betting, according to a report from <a href="https://www.sportico.com/business/sports-betting/2024/missouri-sports-betting-ballot-measure-caesars-draftkings-fanduel-1234803926/">Sportico</a>.
DraftKings previously said there were 10 jurisdictions representing 12% of the U.S. population that have introduced legislation or introduced a bill for a referendum to legalize mobile sports betting.
An update on the timetable in Missouri and where other states stand could come from the company on Thursday.
DKNG Price Action: DraftKings stock was up 4.94% to $38.25 on Wednesday at market close versus a 52-week trading range of $28.69 to $49.57. DraftKings stock is up 14% year-to-date in 2024.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41402089/goldman-sachs-highlights-20-top-short-squeeze-opportunities-for-q3-earnings-season">Goldman Sachs Highlights 20 Top Short-Squeeze Opportunities For Q3 Earnings Season</a></li>
</ul>
Photo: Shutterstock

Analyst Color

Sports Betting

Previews

Analyst Ratings

Trading Ideas

DKNG

FLUT

DraftKings Q3 Earnings Highlights: NFL In Focus, Will Missouri Legalization Factor Into Guidance?

CDMO

Trading Halt: Halt status updated at 6:30:00 PM ET: Quotation Resumption: News and Resumption Times

Redwire (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDW#NYSE">RDW</a>) reported quarterly losses of $(0.37) per share which missed the analyst consensus estimate of $(0.14) by 164.29 percent. This is a 164.29 percent decrease over losses of $(0.14) per share from the same period last year. The company reported quarterly sales of $68.638 million which missed the analyst consensus estimate of $70.514 million by 2.66 percent. This is a 9.62 percent increase over sales of $62.612 million the same period last year.

Earnings Misses

Redwire Q3 2024 GAAP EPS $(0.37) Misses $(0.14) Estimate, Sales $68.638M Miss $70.514M Estimate

Viemed Healthcare (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VMD#NASDAQ">VMD</a>) reported quarterly earnings of $0.10 per share which beat the analyst consensus estimate of $0.07 by 42.86 percent. This is a 42.86 percent increase over earnings of $0.07 per share from the same period last year. The company reported quarterly sales of $58.004 million which beat the analyst consensus estimate of $57.150 million by 1.49 percent. This is a 17.41 percent increase over sales of $49.402 million the same period last year.

Viemed Healthcare Q3 2024 GAAP EPS $0.10 Beats $0.07 Estimate, Sales $58.004M Beat $57.150M Estimate

Genworth Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNW#NYSE">GNW</a>) reported quarterly earnings of $0.11 per share which missed the analyst consensus estimate of $0.19 by 42.11 percent. This is a 22.22 percent increase over earnings of $0.09 per share from the same period last year. The company reported $1.88 billion in sales this quarter. This is a 2.68 percent increase over sales of $1.83 billion the same period last year.

Genworth Finl Q3 Adj $0.11 Misses $0.19 Estimate, Sales $1.88B Up From $1.83B YoY

Park-Ohio Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PKOH#NASDAQ">PKOH</a>) reported quarterly earnings of $1.07 per share which beat the analyst consensus estimate of $0.89 by 20.22 percent. The company reported quarterly sales of $417.600 million which missed the analyst consensus estimate of $438.700 million by 4.81 percent. This is a 0.29 percent decrease over sales of $418.800 million the same period last year.

PKOH

Park-Ohio Hldgs Q3 2024 Adj. EPS $1.07 Beats $0.89 Estimate, Sales $417.600M Miss $438.700M Estimate

Liberty Latin America (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LILA#NASDAQ">LILA</a>) reported quarterly losses of $(2.22) per share which missed the analyst consensus estimate of $0.05 by 4540 percent. The company reported quarterly sales of $1.089 billion which missed the analyst consensus estimate of $1.128 billion by 3.44 percent. This is a 3.29 percent decrease over sales of $1.126 billion the same period last year.

LILA

Liberty Latin America Q3 2024 GAAP EPS $(2.22) Misses $0.05 Estimate, Sales $1.089B Miss $1.128B Estimate

Gold production in 2025 is expected to increase significantly relative to 2024 as a result of the scheduled mining and processing of higher-grade ore from the Fekola and Cardinal pits made accessible by the meaningful stripping campaign that has been undertaken throughout 2024, the expected full year of contribution from Fekola Regional, which is anticipated to contribute between 80,000 and 100,000 ounces of additional production, and commencement of mining the higher-grade Fekola underground (subject to receipt of necessary permits for Fekola Regional and Fekola underground).

Guidance

B2Gold Expects Total Gold Production For 2024 To Be Towards Low End Of Guidance Range Of 800,000 - 870,000 Ounces; Expects Gold Production In 2025 To Increase Significantly Relative To 2024

OrthoPediatrics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KIDS#NASDAQ">KIDS</a>) raises FY2024 sales outlook from $200.00 million-203.00 million to $202.00 million-204.00 million.

KIDS

OrthoPediatrics Raises FY2024 Sales Guidance from $200.00M-203.00M to $202.00M-204.00M

Montrose Environmental Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MEG#NYSE">MEG</a>) reported quarterly earnings of $0.41 per share which beat the analyst consensus estimate of $0.35 by 17.14 percent. This is a 32.26 percent increase over earnings of $0.31 per share from the same period last year. The company reported quarterly sales of $178.69 million which missed the analyst consensus estimate of $185.47 million by 3.66 percent. This is a 6.40 percent increase over sales of $167.94 million the same period last year.

Montrose Environmental Gr Q3 Adj $0.41 Beats $0.35 Estimate, Sales $178.69M Miss $185.47M Estimate

B2Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/BTG#AMEX">BTG</a>) reported quarterly earnings of $0.02 per share which missed the analyst consensus estimate of $0.05 by 60 percent. This is a 60 percent decrease over earnings of $0.05 per share from the same period last year. The company reported quarterly sales of $448.23 million which beat the analyst consensus estimate of $444.81 million by 0.77 percent. This is a 6.21 percent decrease over sales of $477.89 million the same period last year.

B2Gold Q3 2024 Adj EPS $0.02 Misses $0.05 Estimate, Sales $448.23M Beat $444.81M Estimate

Lower than expected gold production at Candelaria and slower ramp-ups at newly contributing mines have resulted in fewer Precious Metal GEOs than originally anticipated. In addition, record gold prices in the current year have impacted the conversion of non-gold revenue into GEOs.&nbsp;

Franco-Nevada Expects Full-year 2024 Revenue To Be $1.05B - $1.15B, Est $1.127B

Trinseo (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSE#NYSE">TSE</a>) reported quarterly losses of $(1.62) per share which missed the analyst consensus estimate of $(1.47) by 10.2 percent. This is a 57.28 percent decrease over losses of $(1.03) per share from the same period last year. The company reported quarterly sales of $867.700 million which missed the analyst consensus estimate of $887.550 million by 2.24 percent. This is a 1.29 percent decrease over sales of $879.000 million the same period last year.

Trinseo Q3 2024 Adj. EPS $(1.62) Misses $(1.47) Estimate, Sales $867.700M Miss $887.550M Estimate

UMH Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UMH#NYSE">UMH</a>) reported quarterly earnings of $0.24 per share which met the analyst consensus estimate. This is a 9.09 percent increase over earnings of $0.22 per share from the same period last year. The company reported quarterly sales of $60.671 million which beat the analyst consensus estimate of $58.816 million by 3.15 percent. This is a 8.26 percent increase over sales of $56.044 million the same period last year.

UMH Properties Q3 2024 FFO $0.24, Inline, Sales $60.671M Beat $58.816M Estimate

Jazz Pharmaceuticals plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JAZZ#NASDAQ">JAZZ</a>) reported record third-quarter revenue of $1.05 billion on Wednesday afternoon, up 14% year-over-year, propelled by strong sales of key therapies like Xywav, Epidiolex and Rylaze.
The gross margin held steady at 89%. CEO Bruce Cozadd said Jazz remains "confident in its revenue guidance of $4.0 to $4.1 billion" for the full year.
<ul>
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</ul>
<h3 class="wp-block-heading">Net Income Boosted By Adjusted Expenses</h3>
The company generated net income in the range of $430 to $550 million, increasing its GAAP EPS guidance to between $6.70 and $8.50. Jazz also adjusted its R&amp;D expense forecast, reflecting strategic prioritization within its pipeline, notably the anticipated fourth-quarter launch of zanidatamab for 2L BTC, a significant step in oncology.
<h3 class="wp-block-heading">Liquidity And Debt Management</h3>
With $2.6 billion in cash and investments, Jazz maintains $500 million in undrawn credit. Jazz repaid $575 million in senior notes due 2024, illustrating its disciplined debt management. The company <a href="https://www.prnewswire.com/news-releases/jazz-pharmaceuticals-announces-third-quarter-2024-financial-results-302297961.html">reported</a> that its financial and product strategies are expected to drive growth in critical therapeutic areas, enhancing long-term shareholder value.
Price Action: Jazz Pharmaceuticals shares remained relatively stable, closing at $111.55 with a slight gain of 0.11%
Read Next:<a href="https://www.benzinga.com/markets/cannabis/24/11/41774692/aurora-cannabis-reports-strong-q2-growth-driven-by-international-medical-marijuana-sales"> Aurora Cannabis Reports Strong Q2 Growth Driven By International Medical Marijuana Sales</a>

Cannabis

Markets

JAZZ

Jazz Pharmaceuticals Reports Strong Q3: Will Debt Weigh On Its Future Growth?

Wolfspeed Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) shares are tumbling in Wednesday&#8217;s after-hours session in the wake of the company&#8217;s third-quarter financial results. Wolfspeed announced initiatives to streamline its cost structure. Here&#8217;s a <a href="https://www.benzinga.com/quote/WOLF">rundown of the report</a>.
<ul>
<li>Q1 Revenue: $194.7 million, versus estimates of $200.39 million</li>
</ul>
<ul>
<li>Q1 Adjusted EPS: Loss of 91 cents, versus estimates for a loss of $1.</li>
</ul>
&#8220;To drive operational improvements, we are taking action to enhance efficiency, align our business with current market conditions and become the first silicon carbide company to transition to pure-play 200-millimeter. The transition to a fully 200-millimeter platform allows us to take further initiatives to streamline our cost structure, including closing our manual Durham 150-millimeter Fab, other manufacturing footprint rationalization, and reducing our workforce,&#8221; said Gregg Lowe, CEO of Wolfspeed.
Wolfspeed ended the quarter with approximately $1.7 billion in cash and investments. The company also noted it has access to up to $2.5 billion in incremental funding to support its U.S. capacity expansion plans.
The company said it expects its cost-cutting initiatives to result in approximately $200 million in annual cash savings. 
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/11/41791722/applovin-stock-soars-after-q3-earnings-report-revenue-beat-eps-beat-strong-software-platform-growth">Applovin Stock Soars After Q3 Earnings Report: Revenue Beat, EPS Beat, Strong Software Platform Growth</a>
Q2 Guidance: Wolfspeed expects second-quarter revenue of $160 million to $200 million versus estimates of $214.58 million, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>. The company anticipates a second-quarter loss of 89 cents to $1.14 per share versus estimates for a loss of 90 cents per share.
&#8220;We delivered 2.5 times year-over-year growth in our automotive business in the&nbsp;first quarter, and we expect our EV revenue to continue to grow throughout calendar 2025, as the total number of car models using a Wolfspeed silicon carbide solution in the power train increased by 4x from 2023 to 2024 and is expected to grow by another approximately&nbsp;75%&nbsp;year over year in 2025,&#8221; Lowe said.
&#8220;We also remain confident in the long-term fundamentals of our industrial and energy business. Importantly, we believe the secular trends and long-term growth drivers for our core end markets remain intact, and we expect the actions we are taking today will allow us to become a more efficient and agile organization positioned to capture the long-term growth opportunities ahead.&#8221;
WOLF Price Action: <a href="http://benzinga.com/quote/wolf">Wolfspeed shares</a> were down 18.67% after hours at $11.15 at the time of publication Wednesday, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Courtesy of Wolfspeed.

After-Hours Center

Movers

WOLF

Wolfspeed Stock Is Falling After The Bell: What's Going On?

Workiva (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WK#NYSE">WK</a>) reported quarterly earnings of $0.21 per share which missed the analyst consensus estimate of $0.23 by 8.7 percent. This is a 132.31 percent increase over losses of $(0.65) per share from the same period last year. The company reported quarterly sales of $185.621 million which beat the analyst consensus estimate of $182.577 million by 1.67 percent. This is a 17.35 percent increase over sales of $158.175 million the same period last year.

Workiva Q3 2024 Adj. EPS $0.21 Misses $0.23 Estimate, Sales $185.621M Beat $182.577M Estimate

In 2025, as a result of a softer oil price outlook, APA plans to reduce capital to $2.5 to $2.6 billion, of which, $200 million is allocated to Suriname development activity and $100 million to other exploration, primarily in Alaska.&nbsp;
At this investment level, the company expects to run an eight-rig program in the Permian Basin and a 12-rig program in Egypt, which includes one rig dedicated to natural gas following the signing of a new gas pricing agreement.&nbsp;
The company expects this program will roughly sustain adjusted oil production in the U.S. and Egypt, while delivering mid-single digit adjusted BOE growth. &nbsp; &nbsp;

APA Expects Total Q4 Production On BOE Basis To Be The Highest Of The Year Despite Ongoing Curtailments In  Permian Basin In Response To Weak Regional Natural Gas Prices

Hecla Affirms 2024 Gold Production And Cost Outlook; Guidance For Silver Production Decreased And Cost Guidance Increased

Dropbox ( ($DBX) ) has shared an update. Dropbox is cutting 20% of its global workforce to streamline operations and align with its growth and prof...

Dropbox Announces Workforce Reduction and Strategic Focus

In a report released today, Brian White from Monness maintained a Hold rating on Dropbox (DBX – Research Report). The company's shares opened today...

Monness Sticks to Its Hold Rating for Dropbox (DBX)

In an email to staff, CEO Drew Houston said, in part, "I'm writing to let you all know that after careful consideration, we've decided to reduce ou...

Dropbox to reduce workforce by approximately 20%

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1. STOCK NEWS: Alphabet (GOOGL) reported upbeat Q3 re...

Alphabet, AMD report Q3 earnings beats: Morning Buzz

Dropbox ($DBX) stock is rising today after the company announced plans for layoffs. In a blog post published this morning, CEO Drew Houston&nbsp;st...

Dropbox (NASDAQ:DBX) Stock Pops as Company Announces Layoffs

Another mass layoff hit today as cloud services stock Dropbox ($DBX) joined the cataclysm of tech sector layoffs. Dropbox showed the door to around...

Dropbox (NASDAQ:DBX) Guts Workforce Again, Shares Jump

"Today, our cofounder and CEO Drew Houston shared the difficult news that we'll be making reductions to our global workforce. He sent the following...

Dropbox to reduce global workforce by 20% amid 'softening demand'

Bank of America Securities analyst Michael Funk reiterated a Sell rating on Dropbox (DBX – Research Report) yesterday and set a price target of $28...

Sell Recommendation for Dropbox Amid Workforce Reduction and Strategic Shift Towards AI

Earnings week ahead: O, PLTR, QCOM, SQ, AMC, PARA, LCID, RIVN, WBD, and more

As Q4 nears, undervalued tech stocks offer growth potential, especially in sectors like AI. Therefore, you might want to tap into this opportunity to invest in undervalued tech stocks like TD SYNNEX Corp (SNX), Jabil (JBL), and Dropbox (DBX) for long-term gains. Read on… As the tech sector heads into Q4 with factors like recent market corrections, profit-taking after a volatile year, and stronger-than-expected earnings in sub sectors like cloud computing and semiconductors, the companies are showing signs of potential rebound.
Amid this backdrop, investors looking for an opportunity to invest might consider adding strong fundamental tech stocks, TD SYNNEX Corporation (<a href="https://stocknews.com/stock/SNX/">SNX</a>), Jabil Inc. (<a href="https://stocknews.com/stock/JBL/">JBL</a>), and Dropbox, Inc. (<a href="https://stocknews.com/stock/DBX/">DBX</a>), as they are trading at discounts.
With market sentiment starting to improve and economic data stabilizing, there has been a bull market momentum for tech stocks. Out of eleven S&amp;P 500 sectors, the information technology sector is ranked ninth, where it is the largest sector, comprising <a href="https://www.usbank.com/investing/financial-perspectives/market-news/investing-in-tech-stocks.html">nearly 32% of the index's value</a>.
As companies lean more into digital transformation, tech stocks in software, hardware, and cloud sectors are anticipated to benefit from increasing demand. For the tech sector specifically, analysts are optimistic about a potential return to modest growth in 2024, <a href="https://www2.deloitte.com/us/en/pages/technology-media-and-telecommunications/articles/technology-industry-outlook.html">with more robust prospects for 2025</a>. As per the Deloitte report, economists project that AI-related investments <a href="https://www2.deloitte.com/content/dam/Deloitte/us/Documents/technology-media-telecommunications/2024-tmt-outlook-technology.pdf">will reach $200 billion</a> globally by 2025.
According to <a href="https://www.statista.com/outlook/tmo/it-services/worldwide">Statista</a>, the global IT services market is anticipated to reach $1.88 trillion by 2029, growing at a CAGR of 5.8%. Moreover, analysts expect growth-oriented stocks to recover, especially those with proven innovation and robust cash flows, setting the stage for undervalued tech stocks to gain renewed interest.
Considering these conducive trends, let's assess the fundamentals of the three abovementioned <a href="https://stocknews.com/category/technology-services/">Technology - Services</a> stocks, starting with the third choice.
Stock #3: TD SYNNEX Corporation (<a href="https://stocknews.com/stock/SNX/">SNX</a>)
SNX operates as a global distributor and solutions aggregator for the IT ecosystem. It has two primary solution portfolios: Endpoint Solutions and Advanced Solutions. The company provides personal computing devices, endpoint technology software, and a range of data center technologies, including hybrid cloud, security, storage, networking, servers, and computing components.
On October 15, SNX's subsidiary, Hyve Solutions Corporation, announced the launch of its Orion product line featuring the NVIDIA HGX platform. These solutions are optimized for the NVIDIA Hopper platform and are fully compatible with the NVIDIA Blackwell platform, ensuring customers address both present and emerging AI computational needs. The new launch offers a seamless solution to the customers.
On October 10, SNX launched its Destination AI Practice Accelerator to fast-track AI go-to-market efforts and monetization for partners. This launch enables partners to identify AI opportunities for their end customers and build an AI practice to meet those needs with a customized strategy and support.
In terms of forward non-GAAP <a href="https://www.investopedia.com/terms/p/price-earningsratio.asp">P/E</a>, SNX is trading at 9.86x, 58.9% lower than the industry average of 24.00x. Likewise, the stock's forward EV/Sales and Price/Sales multiples of 0.22 and 0.17 are 92.4% and 94.2% lower than their respective industry averages of 2.95 and 2.93.
In the fiscal third quarter that ended on August 31, 2024, SNX's revenue increased 5.2% year-over-year to $14.68 billion. The company reported an operating income[AD1]  of $302.88 million, indicating a 26.1% growth from the prior-year quarter.
SNX's net income came in at $178.56 million, up 28.2% year-over-year, while its non-GAAP earnings per share grew 2.9% from the year-ago value to $2.86.
Analysts expect SNX's revenue for the fiscal year (ending November 2024) to increase marginally year-over-year to $57.90 billion, while its EPS for the same period is expected to grow 3.53%from the prior year's period to $11.66.
The stock has gained 24.2% over the past year and 14.4% over the past nine months to close the last trading session at $115.50.
SNX's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect this robust outlook. The stock has an overall rating of B, which equates to Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.
SNX has a B grade for Value and Sentiment. It is ranked #18 out of 77 stocks in the <a href="https://stocknews.com/category/technology-services/">Technology - Services</a> industry. <a href="https://stocknews.com/stock/SNX/">Click here</a> to see the additional ratings for SNX (Growth, Momentum, Stability, and Quality).
Stock #2: Jabil Inc. (<a href="https://stocknews.com/stock/JBL/">JBL</a>)
JBL is a worldwide provider of manufacturing services and solutions. It operates in two segments: Electronics Manufacturing Services and Diversified Manufacturing Services. The company specializes in electronics design, production, product management, circuit design, firmware development, prototyping, and the design of plastic and metal enclosures with integrated electro-mechanical components like PCBA.
On October 14, JBL introduced an expansion of its server portfolio with the J421E-S and J422-S servers, powered by AMD 5th Generation EPYC and Intel Xeon 6 processors. This addition is efficient, high in performance, and optimized for AI, FinTech, and cloud applications.
On October 3, JBL completed its acquisition of Mikros Technologies LLC, a leader in the engineering and manufacturing of liquid cooling solutions for thermal management. This acquisition will allow JBL to extend its range of services and will also help its customers manage the intense thermal requirements of their current and next-generation products.
In terms of forward non-GAAP P/E, JBL is trading at 15.07x, 37.2% lower than the industry average of 24.00x. Likewise, the stock's forward EV/Sales and Price/Cash Flow multiples of 0.58 and 0.53 are 80.2% and 81.8% lower than the industry averages of 2.95x and 2.93x, respectively.
JBL's net revenue for the fiscal 2024, which ended on August 31, stood at $28.88 billion. Its operating income grew 31% from the prior year's period to $2.01 billion.
The company's net income attributable rose 69.7% from the year-ago value to $1.39 billion, while its EPS stood at $11.17, up 85.5% year-over-year. In addition, JBL's adjusted free cash flow rose 2.8% from the year-ago value to $1.06 million.
Street expects SNX's revenue for the fiscal third quarter (ending May 2025) to increase marginally year-over-year to $6.81 billion. Its EPS for the same period is expected to register a 20.1% growth from the prior year, settling at $2.27. In addition, it surpassed the EPS in three of the trailing four quarters, which is promising.
JBL shares have surged 17.1% over the past three months and 11.6% over the past six months to close the last trading session at $127.67.
It's no surprise that JBL has an overall rating of B, equating to a Buy in our POWR Ratings system. It has an A grade for Momentum and a B for Growth, Value, and Quality. Out of 77 stocks in the same industry, JBL is ranked #8.
Beyond what is stated above, we've also rated JBL for Stability and Sentiment. Get all JBL's ratings <a href="https://stocknews.com/stock/JBL/">here</a>.
Stock #1: Dropbox, Inc. (<a href="https://stocknews.com/stock/DBX/">DBX</a>)
DBX provides tools to help distributed teams prioritize, get organized, and keep work moving securely from anywhere. The company's platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app and upgrade to a paid subscription plan for premium features.
On October 15, DBX announced Dropbox Dash for Business, an AI-powered universal search product. This launch makes it easy for teams to find, organize, share, and secure company information, which helps save time and cost.
In terms of forward non-GAAP P/E, DBX is trading at 11.60x, which is 51.7% lower than the industry average of 24.00x. The stock's forward Price/Cash Flow ratio of 8.88x is 58.5% below the industry average of 21.38x. Also, its forward EV/EBITDA multiple of 9.31 compares to the industry average of 14.51x.
For the second quarter of 2024, which ended on June 30, DBX's total revenues increased marginally year-over-year to $634.50 million. Its non-GAAP income from operations stood at $227.90 million, indicating a 6.9% growth from the prior-year quarter, with a non-GAAP operating margin of 35.9% (up 170 bps year-over-year).
DBX's non-GAAP net income amounted to $194.10 million and $0.60 per share, reflecting 11.6% and 17.6% year-over-year increases, respectively. Also, the company's non-GAAP free cash flow grew by 21.7% from the year-ago value to $224.7 million.
The consensus revenue estimate of $642.81 million for the fiscal fourth quarter (ending December 2024) represents a marginal increase year-over-year. The consensus EPS estimate of $0.53 for the same quarter indicates a 5.1% improvement year-over-year. The company has an impressive surprise history; it surpassed the consensus revenue and EPS estimates in each of the trailing four quarters.
Over the past three months, the stock has gained 11.9%, closing the last trading session at $25.98.
DBX's bright prospects are reflected in its POWR Ratings. The stock has an overall rating of A, which translates to a Strong Buy in our proprietary rating system.
It also has an A grade of Quality and a B for Value. Within the Technology - Services industry, it is ranked #6. <a href="https://stocknews.com/stock/DBX/">Click here</a> to see DBX's ratings for Growth, Momentum, Stability, and Sentiment.
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JBL shares were trading at $128.32 per share on Monday afternoon, up $0.65 (+0.51%). Year-to-date, JBL has gained 0.93%, versus a 21.27% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: ShreyaRathi</h2> <img src='https:/wp-content/uploads/2024/10/0.jpeg' style="float:left; padding:5px;width:125px;"><a href="https://stocknews.com/authors/?author=shreya-rathi">More...</a>The post <a href=https://stocknews.com/news/jbl-snx-dbx-3-undervalued-tech-stocks-to-buy-before-q4-rallies/>3 Undervalued Tech Stocks to Buy Before Q4 Rallies</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Undervalued Tech Stocks to Buy Before Q4 Rallies

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Similarweb Welcomes Lisa Campbell and Barak Eilam to its Board of Directors

Introducing Dropbox Dash for Business — AI-powered Universal Search That Finds Anything and Protects Everything at Work

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