TipRanks offers a useful tool for its investors, Website Traffic Tool, which provides an estimation of website visits over a specific time frame. This tool aids in predicting a company’s impending earnings report.
Using the Website Traffic Screener, we have shortlisted two stocks that experienced impressive website visits growth during the recent quarter and have received buy ratings from Wall Street analysts.
Let’s take a look at the website traffic trends for Gildan Activewear (NYSE:GIL) and Cloudflare (NYSE:NET) ahead of their first-quarter results.
Gildan Activewear, Inc.
Basic apparel manufacturer Gildan has been battling moderate demand and cost pressures in the activewear market with the help of its strategic pricing and cost-reduction moves. Further, the company’s global expansion efforts and marketing tactics have probably helped attract consumers’ interest in the past three months.
During the Q4 earnings call, Gildan stated that it expects the positive industry trends to support demand. On the other hand, it expects the first quarter’s results to be negatively impacted by higher raw material costs, fierce competition, and demand headwinds.
Meanwhile, the website traffic tool points to an encouraging picture for the upcoming results. The total global visits to gildan.com climbed 583.5% sequentially in the quarter that ended March 2023.
Gildan is expected to report its first-quarter 2023 numbers on May 3, 2023.
Overall, Wall Street is bullish about GIL stock. It has received six Buy and one Hold recommendations for a Strong Buy consensus rating. Further, analysts’ 12-month average price target of $38.21 implies 19.1% upside potential from current levels.
Cloudflare, Inc.
Cloudflare is a web infrastructure and website security company. Over the years, it has partnered with several significant technology companies and has a sizable customer base. Additionally, the company’s topline has grown at a compound annual growth rate of 31.3%, over the last three years.
This remarkable growth demonstrates Cloudflare’s ability to boost sales in the face of general economic uncertainty. The company’s efforts to entice larger enterprise customers, its broad product offerings, and its goal to innovate new products all support its performance.
Moreover, the tool also indicates a positive scenario for the first three months of 2023. Global visits to cloudflare.com climbed by 127.1% sequentially in the quarter, indicating strong results in the upcoming quarter.
Cloudflare is scheduled to announce the first quarter numbers on April 27, 2023, after the market closes
Analysts have a Moderate Buy rating on Cloudflare based on 9 Buys, 10 Holds, and two Sells assigned in the past three months. The average NET stock price target of $65.81 implies 8.4% upside potential from current levels.
Ending Thoughts
Website trends help in forecasting the popularity of stocks, which could help in making prudent investments to some extent. Both Gildan and Cloudflare are trending higher in terms of web visits and could report strong results in the Q1 quarter.
