Technology

Technology Sector Update for 02/15/2017: VDSI,IOTS,COYN

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Technology stocks were edging higher in afternoon trade, with shares of tech companies in the S&P 500 posting a 0.2% gain.

In company news, VASCO Data Security International ( VDSI ) slumped Wednesday after the transaction authentication and security company forecast FY17 revenue trailing the three-analyst consensus and upstaging better-than-expected Q4 results.

Excluding one-time items, VASCO Data earned $0.16 per share during its October-to-December quarter, exceeding the analyst mean expecting $0.10 per share. Revenue fell 6.5% from year-ago levels to $47.6 million, also topping the $46.63 million Street call.

But for the 12 months ending in December, the company is projecting FY17 revenue in a range of $180 million to $190 million, missing the two-analyst consensus by at least $10.4 million.

VDSI shares were down over 12% at $13.73 apiece in recent trade, maintaining a small gap above today's session low of $13.57 a share.

In other sector news,

(+) IOTS, (+16.5%) Non-GAAP Q4 net loss of $0.04 per share was $0.09 smaller than the analyst mean. Revenue grows 4.2% over year-ago levels to $12.33 mln, also edging out the $12.2 mln consensus.

(-) COYN, (-32.4%) Plans $1.1 mln public offering of 1.96 mln common shares at 57 cents apiece along with a concurrent offering of an equal number of five-year warrants exercisable at 46 cents a share. Net proceeds will be used to expand sales and marketing activities and for product development.

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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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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