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Aug 19, 2020

Second Round of Software Earnings Reports Set for Next Week

The most actively traded software ETF is the iShares North American Tech-Software ETF (NYSE: IGV). The fund trades just over a million shares per day and has total assets of approximately $5 billion. The fund has seen a tremendous run up since the March low, rallying over 70%.

The rally has stalled a little in recent weeks with the IGV trading between $280 and $300 for most of the last seven weeks, going back to the beginning of July. The range-bound trading could come to a halt next week as there are nine different software companies set to report earnings results. Five of the companies set to report are among the top 10 holdings in the IGV.

Looking at the Tickeron scorecard we see that the overall group ranking is a “strong buy”. There are five “strong buy” ratings and four “buy” ratings.

The table below shows the nine stocks with the current consensus EPS estimate, where the estimate was three months ago, and what the company reported for EPS in the same time period last year. I also included the scorecard ratings for each individual company.

Granted these companies offer different kinds of software products. Some are application software firms and others are infrastructure oriented. Some investors might even argue that Veeva Systems (VEEV) is healthcare company more so than a software company.

Regardless of their classifications, we see that almost all of the companies are expected to see earnings improve compared to last year. Splunk (SPLK) and VMware (VMW) are the exceptions in this case. Intuit (INTU), Workday (WDAY), and Autodesk (ADSK) are expected to see the greatest increases.

Diving into the fundamental analysis scorecard, Intuit, Autodesk, Veeva, and Salesforce.com (CRM) have the best ratio of bullish signals to bearish signals. Intuit has two positive indicators and zero bearish signals. The other three all have three bullish signals and three bearish signals.

Conversely, Okta (OKTA) has the worst ratio of positive signals to negative signals with five negatives and zero positives. Splunk has one positive indicator and four negative indicators. Box Inc. (BOX) and Workday both have one positive signal and four negative signals.

Two specific areas of concern for the group as a whole are the Outlook Ratings and the P/E Growth Ratings. Seven of the nine get negative indications in the Outlook Rating category. Six of the nine get negative indications from the P/E Growth Rating category.

The technical analysis is much better for the group as a whole. Autodesk gets five positive signals and zero negative signals. Salesforce.com gets three bullish signals and only one bearish signal.

Splunk has the worst technical outlook with four bearish signals and only one bullish signal. Veeva gets four negative signals and two bullish signals.

There isn’t a single category where the majority of companies are seeing bearish signals. The worst two categories are MACD and Bollinger Bands where four different companies are getting bearish signals from those indicators.

Conversely, five of the nine companies are getting positive signals from the AROON indicator and four are getting bullish signals from the Moving Average Indicator.

The overall scorecard grades are good with five strong buy ratings and four buy ratings. Individual indicator scores are far more mixed as the companies head in to earnings reports.

All nine stocks are up over the last three months with Veeva leading the way with a gain of 36.5%. Autodesk is up 25%, Splunk has gained 21.2%, Workday has moved up 17.3%, and Salesforce has gained 17.1%. All five of those stocks are up more than the S&P 500.

The individual moves that occur after the earnings reports will likely be a mixture of gains and losses, but one thing is for certain—the volatility within the software industry is likely to increase dramatically next week.

Related Ticker: IGV

IGV's RSI Oscillator recovers from overbought zone

The 10-day RSI Indicator for IGV moved out of overbought territory on February 12, 2024. This could be a sign that the stock is shifting from an upward trend to a downward trend. Traders may want to look at selling the stock or buying put options. Tickeron's A.I.dvisor looked at 54 instances where the indicator moved out of the overbought zone. In of the 54 cases the stock moved lower in the days that followed. This puts the odds of a move down at .

Price Prediction Chart

Technical Analysis (Indicators)

Bearish Trend Analysis

The Momentum Indicator moved below the 0 level on February 16, 2024. You may want to consider selling the stock, shorting the stock, or exploring put options on IGV as a result. In of 82 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .

The Moving Average Convergence Divergence Histogram (MACD) for IGV turned negative on February 13, 2024. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 49 similar instances when the indicator turned negative. In of the 49 cases the stock turned lower in the days that followed. This puts the odds of success at .

IGV moved below its 50-day moving average on February 21, 2024 date and that indicates a change from an upward trend to a downward trend.

Following a 3-day decline, the stock is projected to fall further. Considering past instances where IGV declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .

Bullish Trend Analysis

The Stochastic Oscillator is in the oversold zone. Keep an eye out for a move up in the foreseeable future.

Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where IGV advanced for three days, in of 364 cases, the price rose further within the following month. The odds of a continued upward trend are .

IGV may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.

The Aroon Indicator entered an Uptrend today. In of 345 cases where IGV Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .

Fundamental Analysis (Ratings)

Fear & Greed

Notable companies

The most notable companies in this group are Microsoft Corp (NASDAQ:MSFT), Oracle Corp (NYSE:ORCL), Salesforce (NYSE:CRM), Adobe (NASDAQ:ADBE), Intuit (NASDAQ:INTU), SERVICENOW (NYSE:NOW), Palo Alto Networks (NASDAQ:PANW), Workday (NASDAQ:WDAY), CrowdStrike Holdings (NASDAQ:CRWD), Autodesk (NASDAQ:ADSK).

Industry description

The investment seeks to track the investment results of the S&P North American Expanded Technology Software IndexTM. The fund generally will invest at least 80% of its assets in the component securities of its underlying index and in investments that have economic characteristics that are substantially identical to the component securities of its underlying index. The index measures the performance of U.S.-traded stocks from the software industry and select companies from the interactive home entertainment and interactive media and services sub-industries in the U.S. and Canada. The fund is non-diversified.

Market Cap

The average market capitalization across the iShares Expanded Tech-Software Sect ETF ETF is 69.67B. The market cap for tickers in the group ranges from 644.94M to 2.99T. MSFT holds the highest valuation in this group at 2.99T. The lowest valued company is MTTR at 644.94M.

High and low price notable news

The average weekly price growth across all stocks in the iShares Expanded Tech-Software Sect ETF ETF was -6%. For the same ETF, the average monthly price growth was -3%, and the average quarterly price growth was 19%. PEGA experienced the highest price growth at 24%, while PANW experienced the biggest fall at -29%.

Volume

The average weekly volume growth across all stocks in the iShares Expanded Tech-Software Sect ETF ETF was -2%. For the same stocks of the ETF, the average monthly volume growth was -5% and the average quarterly volume growth was 34%

Fundamental Analysis Ratings

The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows

Valuation Rating: 69
P/E Growth Rating: 68
Price Growth Rating: 50
SMR Rating: 76
Profit Risk Rating: 69
Seasonality Score: -49 (-100 ... +100)
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A.I.Advisor
published price charts
A.I. Advisor
published General Information

General Information

Category Technology

Profile
Fundamentals
Details
Category
Technology
Address
iShares Trust400 Howard StreetSan Francisco
Phone
1-800-474-2737
Web
www.ishares.com
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IGV and

Correlation & Price change

A.I.dvisor indicates that over the last year, IGV has been closely correlated with VGT. These tickers have moved in lockstep 91% of the time. This A.I.-generated data suggests there is a high statistical probability that if IGV jumps, then VGT could also see price increases.

1D
1W
1M
1Q
6M
1Y
5Y
Ticker /
NAME
Correlation
To IGV
1D Price
Change %
IGV100%
-2.80%
VGT - IGV
91%
Closely correlated
-0.85%
IYW - IGV
91%
Closely correlated
-0.77%
XLK - IGV
89%
Closely correlated
-0.63%
SMH - IGV
75%
Closely correlated
-0.64%
SOXX - IGV
74%
Closely correlated
-0.23%
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