Technology sector

Tech Sector Update for 04/06/2022: TUFN, GTLB, TWLO, DMRC

JTech stocks pared some of their Wednesday decline, with the SPDR Technology Select Sector ETF (XLK) dropping 2.3% late in the session and the Philadelphia Semiconductor Index slipping 2.0% this after -midday.

In corporate news, Tufin Software Technologies (TUFN) soared more than 43% after accepting a $570 million private equity buyout offer from Turn/River Capital, which will pay $13 in cash for each Tufin share, representing a 44% premium over Tuesday. the last price.

Twilio (TWLO) fell 7.2% 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 5.9% after the ID technology company on Wednesday announced agreements with selected investors for a direct offering of nearly 2.3 million common shares at a price of 25.90 $ each and generating approximately $58.3 million in gross proceeds.

Grid Dynamics (GDYN) added 7.1% after information technology services raised its first-quarter revenue outlook on Wednesday, now expecting at least $65 million in revenue over the three months ended March 31, compared to its previous forecast of between $55 million and $60 million. Analysts polled by Capital IQ expect an average of $57.3 million in first-quarter revenue.

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