Technology Sector Update for 11/22/2019: SPLK,OOMA,MRIN,SHSP,PSTG – Nasdaq

Top Tech Stocks

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Technology stocks fell Friday lower, with the shares of tech stocks in the S&P 500 dropping nearly 0.2% in recent trade although the Philadelphia Semiconductor Index was rising almost 0.3% this afternoon.

Among technology stocks moving on news:

(+) Splunk (SPLK) rose over 10% after the data-analytics company raised its FY20 revenue forecast for the second time time year following a surge in Q3 software sales also exceeding Wall Street forecasts. Total revenue grew 30.2% during the three months ended Oct. 31 compared with year-ago levels to $626.3 million, topping the Capital IQ consensus by $21.1 million.

In other sector news:

(+) Ooma (OOMA) climbed slightly more than 8% on Friday after the communications software firm reported a surprise non-GAAP Q3 profit of $0.01 per share, reversing a $0.03 adjusted net loss during the same quarter last year and outpacing the Capital IQ consensus expecting a non-GAAP net loss $0.05 per share. Revenue increased 21% year-over-year to $39.6 million, also edging out the $38.4 million analyst mean.

(+) Marin Software (MRIN) declined 3% after the company said it’s selling its Perfect Audience business, including key assets and liabilities, to rival marketing software firm SharpSpring (SHSP) for $4.6 million.

(-) Pure Storage (PSTG) closed 15% lower after the data storage company missed Wall Street estimates with its Q3 revenue and projected revenue for the current quarter and FY20 below analyst projections. Separately, it also said VMware (VMW) chief accounting officer will join the company as chief financial officer in early December.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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