Technology sector

Tech Sector Update 3/25/2022: ASAN, SMRT, CIEN

JTech stocks were down on Friday, with the SPDR Technology Select Sector ETF (XLK) down 1.2% while the Philadelphia semiconductor index slid 1.5% this afternoon.

In company news, Asana (ASAN) was down sharply on Friday, dropping more than 13%, after the workplace management software company overnight filed a preliminary prospectus for an unspecified number common or preferred shares, warrants to purchase additional shares and other securities at any given time. in the future. The company also said current investors may sell some or all of their shares from time to time.

SmartRent (SMRT) fell 11% after the enterprise software company on Thursday evening guided first quarter and fiscal year 22 earnings below analysts’ estimates, prompting several analysts to lower their targets for course for action. The company also announced overnight its purchase of SightPlan, which developed a software suite for multi-family property operators and managers, for $135 million in cash.

Ciena (CIEN) edged lower, rebounding from a mid-morning 1.2% decline after Rosenblatt began hedging the networking hardware company with a buy stock rating.

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