Technology sector

Tech Sector Update 6/4/2022: GTLB, TWLO, DMRC

JTech stocks fell sharply again on Wednesday, with the SPDR Technology Select Sector ETF (XLK) down 2.7% and the Philadelphia Semiconductor Index down 2.6% this afternoon as bond yields hit some of their highest levels in three years before the release of minutes from the last meeting of the Federal Open Markets Committee.

In company news, GitLab (GTLB) fell 8.1% after a new regulatory filing showed JPMorgan (JPM) cut its stake in the software-as-a-service company to 259,088 shares. , or about 0.9% of its shares outstanding, compared with with 826,966 shares and a 6.5% stake in January.

Twilio (TWLO) fell 7.6% after Piper Sandler lowered her price target for the cloud communications company from $130 to $270 per share on Wednesday, but maintained her overweight rating for the stock.

Digimarc (DMRC) rose 4.9% after the ID technology company on Wednesday announced deals with selected investors for a direct offering of nearly 2.3 million common shares at $25.90 each , generating approximately $58.3 million in gross proceeds.

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