Technology sector

Tech Sector Update 4/19/2022: MTTR,SMCI,NTGR,GTLB

JTech stocks added to their advance on Tuesday, with the SPDR Technology Select Sector ETF (XLK) up 1.8% and the Philadelphia Semiconductor Index up 2.1% this afternoon.

In company news, Matterport (MTTR) gained 3.9% on Tuesday after Morgan Stanley began analyst coverage of the space data company with an equal-weighted stock rating and price target. of $9.

Super Micro Computer (SMCI) was up nearly 22% after the server and data storage equipment company raised its third-quarter profit forecast, now expecting net profit to fall short of expectations. GAAP between $1.40 and $1.50 per share for the three months ended March 31. up from its earlier guidance of $0.70 per share to $0.90 per share and beating Capital IQ’s consensus that expects it to earn $0.79 per share, excluding one-time items.

GitLab (GTLB) added 8.1% after announcing on Tuesday a new Software Licensing Program agreement through the State of California allowing local and state agencies to purchase discounted software licenses from the company. GitLab said the deal will also expand its software development and operations services and potentially reduce costs and streamline customer provisioning.

Netgear (NTGR) fell 3.7% after the networking equipment company cut its first-quarter revenue outlook, blaming a declining consumer market for connected home products in the United States as well as supply disruptions to its Server Message Block protocol business due to recent COVID-19 lockdowns in Shenzhen. The company now expects revenue for the three months ended March 31 in the range of $202 million to $212 million, down from its previous forecast of between $225 million and $240 million and behind. the analyst average of $231.6 million.

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