Dell Beat Last Quarter's EPS Estimate by 65% — Can It Repeat That Next Time?

Dell Technologies Inc. (NASDAQ:DELL) shares are in the spotlight Thursday, with earnings on deck, recent analyst activity, a technical setup showing the stock trading nearly 95% above its 200-day average and Edge Rankings all drawing attention.

• Dell stock is showing upward movement. Why are DELL shares climbing?

Earnings Preview & History

Dell is scheduled to report second-quarter earnings on Sept. 1, before market open. Analysts estimate earnings per share of $4.91 along with revenue of approximately $44.90 billion. For the prior quarter, Dell reported earnings per share of $4.86, beating the consensus estimate of $2.94. The company also posted revenue of $43.84 billion, exceeding the consensus estimate of $35.45 billion.

Dell’s AI Backlog and Storage Growth in Focus

Investors will be closely tracking AI server backlog growth beyond last quarter’s record $51.3 billion figure, since supply — not demand — has become the primary constraint on how quickly Dell can convert orders into recognized revenue, with component shortages now spanning memory, CPUs, optical parts, and hard drives. Storage segment performance will also be in focus, with analysts expecting roughly 10% year-over-year growth on easier comparisons and rising AI-driven demand.

Commentary on cloud customer spending, including from CoreWeave Inc. (NASDAQ:CRWV) and SpaceX (NASDAQ:SPCX), along with any updates to full-year fiscal 2027 guidance, should offer additional signals on whether Dell’s recent momentum can continue given the stock’s more than 240% gain over the past year.

Analyst Consensus & Recent Actions

The stock carries a Buy rating with an average price forecast of $491.44. Recent analyst moves include:

• UBS: Neutral (Raises Target to $455.00) (Aug. 26)
• Morgan Stanley: Equal-Weight (Raises Target to $434.00) (Aug. 24)
• Evercore ISI Group: Outperform (Raises Target to $550.00) (Aug. 19)

Dell Trades Nearly 95% Above Its 200-Day Average

Dell’s longer-term trend is still pointed up, with the stock up 250.05% over the past 12 months and holding well above its major moving averages. At the current level, it’s trading 4% above the 20-day SMA ($452.03), 9.1% above the 50-day SMA ($431.07), 34.4% above the 100-day SMA ($349.73), and 94.7% above the 200-day SMA ($241.54).

From a trend-structure standpoint, the moving-average stack remains bullish: the 20-day SMA is above the 50-day SMA, and the golden cross that triggered in March (50-day SMA above the 200-day SMA) continues to support the bigger uptrend narrative. The more recent turning points also matter here: the stock put in a swing low in June, then pushed to a swing high and a 52-week high in August, which helps frame the current area as consolidation after a strong run.

For momentum, RSI is the cleanest read right now: at 54.79, it’s in neutral territory, suggesting the stock isn’t especially stretched in either direction despite the big multi-month move. In plain terms, RSI helps traders gauge whether buying or selling pressure is getting "overheated," and this reading implies Dell has room to move without immediately flashing an overbought/oversold warning.

• Key Resistance: $485.50 — a nearby ceiling that sits between current price and the 52-week high ($514.00), where rallies can start to stall
• Key Support: $378.50 — a prior buyer-defense zone that also lines up as a meaningful pullback level versus the current uptrend

Benzinga Edge Rankings

Below is the Benzinga Edge scorecard for Dell, highlighting its strengths and weaknesses compared to the broader market:

• Momentum: Bullish (Score: 99.32) — The stock is showing strong relative strength, consistent with its extended uptrend.
• Value: Weak (Score: 23.34) — The setup screens as expensive versus typical value metrics, which can raise the bar for earnings execution.
• Growth: Bullish (Score: 76.52) — Growth factors are supportive, helping explain why buyers have been willing to pay a premium.

The Verdict: Dell’s Benzinga Edge signal reveals a momentum-driven, growth-leaning profile with a clear premium-valuation tradeoff. For longer-term holders, the chart strength is the draw, but the low Value score means the next earnings update can matter more than usual for sentiment.

Dell Shares Edge Higher

DELL Price Action: At the time of publication, Dell shares are trading 1.35% higher at $470.06, according to data from Benzinga Pro.

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