Technology Sector Update for 10/11/2017: CUDA,RGSE,XGTI

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Technology stocks were slightly higher, with shares of tech companies in the S&P 500 climbing about 0.2% this afternoon.

In company news, Barracuda Networks ( CUDA ) declined Wednesday, sinking almost 13% to a session low of $22.51 a share, after the company late Tuesday reported a drop for its non-GAAP Q2 net income compared with year-ago levels despite improved revenue for the period.

Excluding one-time items, the company earned $0.17 per share during the three months ended Aug. 31, down from a $0.21 per share adjusted profit during the same quarter last year but still matching the Capital IQ consensus. Revenue rose 7.3% to $94.3 million, also narrowly topping the $93.3 million Street view.

Core billings grew 22% year-over-year to $70.9 million while gross billings reached $108.5 million from $100.3 million last year, exceeding internal expectations, the company added. The number of active subscribers rose 17% to more than 348,000 by the end of June-to-August reporting period.

In other sector news,

(+) RGSE, (+35.1%) Selected by municipal officials in New Haven, Conn., to bring solar electricity to homes and business owners throughout the city. The "Solarize New Haven" campaign begins Oct. 18 and runs through March 7.

(-) XGTI, (-5.2%) Discloses plans for a secondary offering of around 1.1 mln shares of common stock now owned by certain shareholders. The company will not receive any proceeds from the offering although it would receive funds should any of selling shareholders exercise their warrants to buy additional stock.

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: RGSE , XGTI

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