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Dell Technologies Inc. (NYSE:DELL) shares are trading lower Wednesday amid continued weakness in the technology sector.
What To Know:
Weakness in the technology sector continues Wednesday following a 3.26% drop in the Nasdaq Composite Index on Tuesday. Markets fell after August’s ISM Manufacturing PMI data indicated an economic contraction, and tech stocks moved lower with Nvidia Corporation (NASDAQ:NVDA) which ended Tuesday's session 9.7% lower.
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Dell and Red Hat:
The companies announced Wednesday that Red Hat Enterprise Linux AI (RHEL AI) has been designated as a preferred platform for AI deployments on Dell PowerEdge servers. RHEL AI on Dell PowerEdge servers will be available in the third quarter of 2024 and will allow organizations to implement artificial intelligence and machine learning (AI/ML) strategies to scale IT systems and power enterprise-level applications.
“Validating RHEL AI for AI workloads on Dell PowerEdge servers provides customers with greater confidence that the servers, GPUs, and foundational platforms are tested and validated on an ongoing basis. This simplifies the gen AI user experience and accelerates the process to build and deploy critical AI workloads on a trusted software stack,” said Arun Narayanan, senior vice president of Dell Technologies.
When trying to assess whether or not Dell Technologies will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $144.94 on Dell Technologies. The Street high target is currently at $165 and the Street low target is $97. Of all the analysts covering Dell Technologies, 16 have positive ratings, 2 have neutral ratings and no one has negative ratings.
In the last month, 16 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Dell Technologies have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Dell Technologies is 46.25% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Dell Technologies, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
DELL Price Action: According to Benzinga Pro, Dell Technologies shares are down 1.4% at $109.22 at the time of publication Wednesday.
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