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Technology Sector Update for 09/22/2017: PSDO,MB,FALC


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Technology stocks were little changed Friday, with shares of tech companies in the S&P 500 declining less than 0.1% in recent trade.

In company news, Presidio ( PSDO ) declined Friday, at one point today sinking to within 15 cents of its 52-week low of $12.90 a share, after the enterprise software and cybersecurity company last night missed Wall Street expectations with its fiscal Q4 revenue and also issued a below-consensus FY18 outlook.

Excluding one-time items, the company earned $0.32 per share during the three months ended June 30, improving on a $0.25 per share non-GAAP profit during the same quarter last year and matching the Capital IQ consensus expecting $0.32 per share.

On a GAAP basis, it swung to a $0.11 per share Q4 profit, reversing a $0.10 per share Q4 net loss during the year-ago period. Total revenue declined 3.3% year-over-year to $729.3 million, missing the $741.59 million Street view.

Looking forward, the company also expressed confidence in its ability to meet its FY18 financial targets, including a rise in the high-single percentage digits for its pro forma per-share earnings and growth of around 5.5% over its $2.82 billion in revenue during the just-concluded fiscal year.

That works out to non-GAAP EPS rising from $1.18 during FY17 to as much as $1.29 per share this year if Presidio can achieve 9% earnings growth on around $2.98 billion in revenue. Analysts, on average, are modeling FY18 pro forma net income of $1.48 per share and 6.7% revenue growth to around $3.16 billion.

In other sector news,

(+) MB, (+8.5%) Raised to Overweight from Sector Weight at KeyBanc Capital Markets.

(-) FALC, (-15.6%) Reports its stock will be delisted from the Nasdaq stock market and transfer to the OTCQB over-the-counter market prior to the start of Monday's regular session after failing to comply with listing standards for its minimum bid price and market value.

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: PSDO , MB , FALC



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