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, (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.

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