IBM Shares Surge 2.4% After Quarterly Earnings Report

International Business Machines (NYSE:IBM) shares experienced a 2.4% increase during mid-day trading on Monday, reaching as high as $251.37 before settling at $249.0920.

A total of 6,452,899 shares traded hands, representing a decline of 16% from the average session volume of 7,710,577 shares.

The company's quarterly earnings data released on July 22nd showed a revenue of $17.16 billion, slightly above the consensus estimate of $17.46 billion, with net margin at 15.52% and return on equity at 35.65%.

Analysts have varying opinions about IBM shares, with 17 rating it 'Buy', 10 holding a 'Hold' rating, and one giving a 'Sell' rating, resulting in a consensus rating of 'Moderate Buy' with a price target of $265.90.