Technology Sector Update for 02/12/2019: IPGP,RAMP,MIME,VRNS

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Top Tech Stocks

MSFT +1.39%

AAPL +0.73%

IBM +1.44%

CSCO +0.55%

GOOG +2.41%

Technology stocks continued to firm in afternoon trading, with the shares of tech stocks in the S&P 500 adding nearly 1.3% in value while the Philadelphia Semiconductor Index rose about 2.1%.

Among technology stocks moving on news:

(+) IPG Photonics ( IPGP ) jumped almost 8% higher on Tuesday after the high-performance laser company reported a 9% year over year decline in Q4 revenue to $330 million but still beat the Capital IQ consensus by $15.1 million. It also authorized a new stock buyback program for up to $125 million of its common shares following completion of its current $125 million share repurchase program.

In other sector news:

(+) Mimecast ( MIME ) soared Tuesday, climbing almost 16%, after the cloud security company reported adjusted fiscal Q3 net income of $0.09 per share, trebling its $0.03 per share non-GAAP profit during the same quarter last year and exceeding the Street view by $0.03 per share.

(+) LiveRamp ( RAMP ) rose 10% after reporting a surprise fiscal Q3 profit, earning $0.03 per share during the three months ended Dec. 31, excluding one-time items. That compares with a $0.01 per share net loss during the year-ago period and it easily beat the analyst consensus looking for a $0.14 per share net loss for the final three months of 2018.

(-) Varonis Systems ( VRNS ) fell 14% after the cybersecurity and data protection company issued Q1 and FY19 forecasts trailing Wall Street expectations. The company is looking to earn between $0.04 to $0.16 per share during the 12 months ending Dec. 31, or no more than half of the $0.32 per share profit analysts are modeling for the company this year.

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

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This article appears in: Technology , Commodities
Referenced Symbols: IPGP , MIME , RAMP , VRNS

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