Hewlett Packard Enterprise Co. (NYSE:HPE) shares are trending on Tuesday night.
Shares of the enterprise technology company surged 3.99% to $52.90 in after-hours trading on Tuesday.
Dell’s Blowout Earnings Lift AI Hardware Sentiment
The jump in the stock price came alongside Dell Technologies Inc.‘s (NYSE:DELL) second-quarter results, in which the company reported $46.97 billion in revenue and a record $95 billion AI server backlog. Dell also raised its full-year guidance.
The results boosted confidence in AI infrastructure spending broadly, a category where HPE competes directly through servers, storage and networking.
Analysts Weigh In Ahead Of HPE’s Own Earnings
Hewlett Packard is set to report third-quarter results Wednesday after markets close. Ahead of the print, Deutsche Bank initiated coverage Tuesday with a Buy rating and a $62 price target, while B of A Securities raised its target from $80 to $82 a day earlier.
Hewlett Packard also announced a new “Saudi Made, Developed, Deployed” program Tuesday with Intel Corp. (NASDAQ:INTC) and Saudi Arabia’s Ministry of Communications and Information Technology, aimed at accelerating AI and digital transformation solutions in the Kingdom.
The company also deepened its manufacturing partnership with Saudi firm Alfanar, formalizing local server production and assembly in the Kingdom.
Mohammad Alrehaili, HPE’s vice president and managing director for the Middle East, said, “The investments we are announcing at LEAP represent the next phase of HPE’s long-term commitment to Saudi Arabia.”
Trading Metrics, Technical Analysis
Hewlett Packard has a market capitalization of approximately $67.36 billion. Its stock has traded between a 52-week high of $64.25 and a 52-week low of $19.84.
HPE has a Relative Strength Index (RSI) of 45.56.
Over the past 12 months, shares of the tech company have gained 124.29%.
HPE is currently positioned at about 69.9% of its 52-week range.
Price Action: HPE closed the regular session on Tuesday at $50.87, down 2.62%, according to Benzinga Pro data.
With strong Momentum in the 97th percentile, Benzinga’s Edge Stock Rankings indicate that Hewlett Packard Enterprise stock has a positive price trend across all time frames.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Sundry Photography on Shutterstock.com
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