Technology sector

Tech Sector Update 3/8/2022: ASTR, PING, FRSH, RNG

JTech stocks helped lift broader stock markets on Wednesday, with the SPDR Technology Select Sector ETF (XLK) up 2.7% and the Philadelphia Semiconductor Index up 2.6% this afternoon.

In corporate news, Astra Space (ASTR) was up 4.6% on Wednesday night after the company announced a $100 million committed capital facility with B. Riley Principal Capital II on Tuesday night.

Freshworks (FRSH) climbed 6.8% after the software development platform overnight reported a second-quarter non-GAAP net loss of $0.06 per share, improving a loss of 0 $.08 per share in the same quarter in 2021 and beating the Capital IQ consensus looking for a $0.07 adjusted loss per share for the three months ended June 30. Revenue rose 37.5% year-on-year to $121.4 million, also beating the analyst average of $118 million.

RingCentral (RNG) gained 6.8% after reporting improved second-quarter results also beating analysts’ forecasts and the networking software company also guided current-quarter net profit above opinion consensual. Excluding one-time items, RingCentral expects to earn $0.50 to $0.51 per share in the three months ending Sept. 30, while Capital IQ consensus expects adjusted net earnings of 0 $.48 per share.

Ping Identity (PING) jumped 60% after the software-as-a-service company on Wednesday accepted a $2.8 billion buyout offer from private equity investor Thoma Bravo, who will pay $28.50 in cash for every Ping share, representing a 63% premium to Tuesday’s closing price. Vista Equity Partners, which owns about 9.7% of Ping’s stock, will vote its shares in favor of the deal, the company said.

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