Top Tech Stocks
Technology stocks declined Wednesday, with shares of tech companies in the S&P 500 posting a 1.1% drop.
In company news, Autodesk ( ADSK ) retreated Wednesday after swinging to a Q3 non-GAAP net loss compared with a year-ago adjusted profit, missing some analyst estimates, while the design software firm also forecast revenue for the current quarter trailing Street views.
Excluding one-time items, the company recorded an $0.18 per share net loss during the three months ended Oct. 31, reversing a non-GAAP profit of $0.14 per share during the same quarter last year but still beating the Capital IQ consensus by $0.06 per share. Revenue fell 18% from year-ago levels to $490 million, also topping the $476.78 million consensus.
For Q4, the company is projecting a non-GAAP net loss of $0.39 to $0.32 per share, missing the Street view expecting a $0.31 per share adjusted loss. It also sees revenue falling compared with last year to a range of $460 million to $480 million, trailing the $488.5 million consensus.
Following the mixed results and forecast, Wedbush Wednesday raised its price target for Autodesk shares by $6 to $76 each, maintaining a Neutral rating for the stock. Analysts at RBC Capital Markets today also nudged their price target higher by $1 to $71 a share while also reiterating a Sector Perform investment rating for Autodesk.
ADSK shares were down more than 3% in after-hours trading at $72.61,recovering from a prior drop to $70.55 a share.
In other sector news,
(+) SCON, U.S. Department of Energy issues $4.5 mln contract to improve high temperature superconductor wire for the agency's next-generation electric machines program.
(-) GWRE, Sees adjusted Q2 EPS in a range of $0.12 to $0.15 per share, missing Street view by at least $0.05 per share. Revenue projected between $106 mln to $110 mln, lagging consensus estimate by $5.03 mln. Upstages better-than-expected Q1 EPS, revenue.