Technology Sector Update for 04/21/2017: PFPT,STV,EFII

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Declines for technology stocks were increasing in afternoon trading, with share of tech companies in the S&P 500 dropping by about 0.4%.

In company news, Proofpoint ( PFPT ) raced to a 12% gain on Friday after the data security company reported above-consensus Q1 results, provided guidance for the current quarter toward the top of its prior forecast and raised its FY17 outlook above Wall Street expectations.

Excluding one-time items, Proofpoint earned $0.12 per share during the January-to-March period, reversing a $0.09 per share net loss during the same quarter last year and beating the Capital IQ consensus by $0.03 per share. Revenue increased 43.4% over year-ago levels to $113.3 million, also topping the $110.6 million analyst mean.

For Q2, the company is expecting adjusted earnings in a range of $0.11 to $0.13 per share on between $118 million to $120 milion in revenue. Analysts, on average, are looking for the company to earn $0.11 per share on $118.18 million in revenue.

Proofpoint also sees adjusted earnings for the 12 months ending in December rising to $0.56 to $0.59 per share, exceeding the Street view by at least $0.05 per share. Revenue is projected in a range of $496 million to $500 million, also climbing past the analyst consensus by $3.74 million or more.

PFPT shares were maintaining a 7% advance in recent trading after previously opening today at their session high of $79.47 a share.

In other sector news,

(+) STV, (+29.1%) Climbs to a 16-month high after declaring a special dividend of $1.50 per ordinary share, payable to shareholders of record on May 31.

(-) EFII, (-8.6%) Lowers Q2 earning outlook by $0.02 from its prior guidance to a new range of $0.54 to $0.60 per share and trailing the Capital IQ consensus by at least $0.03 per share. Also sees revenue in a range of $244 million to $250 mln compared with the $260.80 mln consensus estimate.

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: PFPT , EFII

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