Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Adam Eckert

Why Microsoft Shares Are Moving Higher Today

Microsoft Corp (NASDAQ:MSFT) shares are trading higher Wednesday after the company reported better-than-expected financial results and issued guidance above analyst estimates. 

Microsoft said fiscal third-quarter revenue increased 18% year-over-year to $49.4 billion, which beat the $49.03 billion estimate. The company reported quarterly earnings of $2.22 per share, which beat the estimate of $2.18 per share, according to data from Benzinga Pro.

On the company's earnings call Tuesday night, Microsoft said it expects fiscal fourth-quarter revenue to be between $52.4 billion and $53.2 billion versus the $51.83 billion estimate. 

See Also: Microsoft Q3 Earnings Beats Street Expectation by Slight Margin

Analyst Assessment: 

  • Wolfe Research analyst Alex Zukin maintained Microsoft with an Outperform rating and raised the price target from $330 to $350.
  • Deutsche Bank analyst Brad Zelnick maintained Microsoft with a Buy rating and lowered the price target from $390 to $350.
  • Stifel analyst Brad Reback maintained Microsoft with a Buy rating and lowered the price target from $380 to $350.
  • Wedbush analyst Daniel Ives maintained Microsoft with an Outperform rating and lowered the price target from $375 to $340.

MSFT 52-Week Range: $238.07 - $349.67

The stock was up 3.95% at $280.90 at press time.

Photo: courtesy of Microsoft.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.