Technology sector

Technology Sector Update 2/25/2022: PING,PLTK,SWCH,ALRM

JTech stocks rose on Friday, overcoming initial weakness. At last look, the SPDR Technology Select Sector ETF (XLK) climbed 1.0% while the Philadelphia Semiconductor Index rose 0.9% this afternoon.

In company news, Ping Identity Holding (PING) rose 1.1% after the enterprise identity software company forecast total revenue for FY22 in the range of 330 to 340 million, beating Wall Street expectations for $337.7 million in revenue this year.

Switch (SWCH) gained 7.6% after the data center operator on Thursday night reported a 26% increase in year-over-year revenue for its fourth quarter ended January 28, reaching 161, $4 million, but narrowly behind the Capital IQ consensus looking for $162.4 million in fourth quarter revenue.

Playtika Holding (PLTK) rose 18% after the mobile games company disclosed plans overnight to assess its strategic alternatives, including a potential sale. The company also said it has hired investment bankers The Raine Group and law firm Latham & Watkins to help with the process.

On the downside, Alarm.com (ALRM) slid 6% after projecting a net profit for FY22 after Wall Street estimates. Excluding one-time items, the security equipment company expects to earn between $1.86 and $1.88 per share compared to analysts’ consensus call for adjusted earnings of $1.99 per share for the 12 months ending December.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.