Technology sector

Tech Sector Update 04/01/2022: RDW, BB, BB.TO, HUSN

JTech stocks extended their declines from Friday, with the SPDR Technology Select Sector ETF (XLK) dropping 1.3% while the Philadelphia semiconductor index fell 3.0% this afternoon.

In corporate news, Redwire (RDW) fell nearly 32% after Jefferies cut its price target for the stock to $13 from $15 while retaining its buy rating after its results of 2021.

BlackBerry (BB) fell more than 10% after the security software company reported non-GAAP net income of $0.01 per share for its fiscal fourth quarter ended Feb. 28, halving its profit adjusted from a year ago, while revenue fell 11.9% year-over-year. at $185 million. The results, however, still topped the consensus of analysts looking for a non-GAAP net loss of $0.04 per share on $183.8 million in revenue.

nCino (NCNO) rose more than 13% after the software-as-a-service company on Thursday night reported fourth-quarter revenue beating Wall Street expectations and projected revenue for its first quarter and fiscal 23 also exceeding analysts’ estimates. The company forecasts revenue for the three months ending April 30 in the range of $91 million to $92 million and between $398 million and $400 million in fiscal 23 revenue, compared to Capital IQ’s consensus calls on the research of $75.9 million and $331.7 million, respectively.

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