Technology sector

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

JTech stocks pared some of their Friday decline, with the SPDR Technology Select Sector ETF (XLK) dropping 0.8% while the Philadelphia semiconductor index slid 1.0% this afternoon.

In corporate news, Rocket Lab USA (RKLB) fell 7.5% after the space launch company Thursday night cut its first-quarter revenue forecast below analysts’ estimates after postponing the scheduled to launch its next rocket mission early next month. The company now expects around $40 million in revenue for the three months ending March 31, down from its earlier forecast of between $42 million and $47 million, after weather issues pushed the day one Rocket Lab can now carry two geospatial payloads into low-Earth orbit for Blacksky Technologies (BSKY) through April 1.

Asana (ASAN) fell 11% after the workplace management software company overnight filed a preliminary prospectus for the potential sale of an unspecified number of common or preferred shares, warrants for purchase additional shares and debt securities in the future. The company also said current investors could sell some or all of their shares, either separately or as part of a larger offering.

SmartRent (SMRT) fell 12% after the enterprise software company on Thursday evening guided first quarter and fiscal 22 revenue below analysts’ estimates, leading several analysts to cut their targets for price for the shares of the company. The company also announced overnight its purchase of SightPlan, which developed a software suite for multi-family property managers, for $135 million in cash.

On the upside, Ciena (CIEN) was marginally higher, rebounding from a 1.2% mid-morning decline after Rosenblatt began hedging the networking hardware company with a buy rating.

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