IBM’s stock continues steady climb, underperforms tech giants
IBM (NYSE:IBM)’s shares marked their fourth consecutive day of gains on Monday, with a modest increase of 0.12% to reach $142.20. Despite this upward trend, the tech giant’s performance fell short when compared to other industry leaders. Microsoft Corp (NASDAQ:MSFT). saw a rise of 0.78%, while Alphabet (NASDAQ:GOOGL) Inc.’s Class C and Class A shares ascended by 0.56% and 0.61% respectively.
IBM, a prominent player in the IT Services industry, has a market cap of 129.53B USD, according to InvestingPro data. The company’s P/E Ratio stands at 63.64, and the adjusted P/E Ratio for LTM2023.Q2 is 16.73. IBM’s revenue for the same period was 60.52B USD, with a growth rate of 1.42%.
Though IBM’s stock continues to rise, it remains $11.01 below its 52-week high of $153.21, which was reached on December 13th, 2022. The company’s trading volumes were also lower than usual, recorded at 2.3 million compared to the 50-day average of 3.9 million. However, it’s worth noting that the stock generally trades with low price volatility, as per InvestingPro Tips.
This data was sourced from Dow Jones and FactSet using Automated Insights’ technology, reflecting the recent developments in a robust stock market session on Monday. Additionally, IBM’s financial performance is expected to improve, with net income expected to grow this year, according to InvestingPro Tips. The company has a strong track record, having raised its dividend for 27 consecutive years, and maintained dividend payments for 53 consecutive years.
For those interested in more insights, InvestingPro offers additional tips and real-time metrics. These include details on IBM’s free cash flow, earnings per share trends, and more. For access to these tips, visit InvestingPro.
