Top Tech Stocks
Technology stocks were hanging on to moderate gains Tuesday afternoon, with shares of tech companies in the S&P 500 adding almost 0.4% in value today while the Philadelphia semiconductor index also was posting a nearly 0.4% rise.
Among technology stocks moving on news:
+ Smartsheet Inc. ( SMAR ) sped to an outsized gain on Tuesday, at one point climbing almost 24% after late Monday reporting better-than-expected Q1 results and issuing upbeat forecasts for its current quarter and FY19, prompting at least one research shop to raise its price target for the cloud-based work platform company's stock. Excluding one-time items, the company put up an adjusted net loss of $0.12 per share during the three months ended April 30, expanding on an $0.08 per share non-GAAP loss during the same quarter last year but still topping the Capital IQ consensus expecting an $0.18 per share net loss. Revenue rose 63% year over year to $36.3 million, also exceeding the $33.4 million Street view. Following the company announcements, analysts at Jefferies Tuesday raised their price target by $6 to $31 a share and reiterating its Buy rating for the company's stock.
In other sector news:
+ Twitter ( TWTR ) was more than 5% higher in late Tuesday trading after the microblogging platform was selected to replace Monsanto Company ( MON ) in the S&P 500 index, effective with the start of the regular session on Friday, June 7. Monanto is being acquired by German chemical conglomerate Bayer in a $62.5 billion deal set to close on Thursday.
+ Renesola ( SOL ) climbed over 4% on Tuesday after the solar power company raised its forecast for Q1 revenue by $10 million over its previous guidance. It now sees revenue for the three months ended March 31 in a range of $40 million to $45 million compared with its prior view expecting between $30 million to $35 million in sales. The single-analyst estimate is projecting $29.8 million in Q1 revenue. The company will report its full Q1 financial results on June 20.
- Sabre ( SABR ) fell over 4% on Tuesday, staying within close range of its session low that followed the technology consulting company pricing a $392.8 million secondary public offering of 16 million shares of its common stock previously held by TPG Global and Silver Lake Management Company at $24.55 apiece, representing a 3% discount to Monday's closing price for the stock. from the stock's previous close. Concurrent with the stock sale, Sabre repurchased and then retired 1 million of the available shares.