Technology sector

Tech Sector Update 3/22/2022: YEXT, DTSS, OKTA, INPX

JTech stocks fell slightly from their intraday highs on Tuesday, with the SPDR Technology Select Sector ETF (XLK) rising 1.4% in late trading while the Philadelphia semiconductor index climbed 0.7 % this afternoon.

In corporate news, Yext (YEXT) soared more than 12% after the enterprise software company authorized the repurchase of up to $100 million of its outstanding common stock.

Datasea (DTSS) rose 5.6% after the Chinese big data security system company announced on Tuesday a new one-year business cooperation agreement to help private company Unicorner with supply chain management and expand its product distribution in the United States. Financial terms were not disclosed.

Among denials, Okta (OKTA) fell 2% after the cybersecurity firm said it was investigating a possible digital security breach after hackers shared screenshots online possibly depicting internal chat messages between Okta employees, but added that it had so far found no evidence of ongoing malicious activity. . Truist Securities also cut its stock rating for Okta to hold back from buying and lowered its price target for Okta shares from $100 to $170.

Inpixon (INPX) fell 5.3% after the enterprise software company on Tuesday announced a $50 million private placement of 53,198 of its Series 8 convertible preferred shares at a 6% discount to at their stated value of $1,000 and convertible into common shares of Inpixion at $0.4717 each. Institutional investors participating in the stock sale also received warrants for up to 112.8 million common shares, also exercisable at $0.4717 per share.

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