Top Tech Stocks
Technology stocks were outperforming most sectors Thursday, with shares of tech companies in the S&P 500 adding just under 1.0% in value while the Philadelphia semiconductor index was posting a more than 0.2% gain.
Among technology stocks moving on news:
+ Cisco ( CSCO ) jumped out to its best share price since October 2000, climbing over 7% to an intra-day high of $45.10 a share, after the networking equipment company exceeded Wall Street estimates with its fiscal Q2 financial results and also increased its quarterly cash dividend and authorized more money for stock buybacks. Excludidng one-time items, the company earned $0.63 per share on $11.9 billion in revenue, a 3% increase over its year-ago revenue. Analysts, on average, were expecting $0.59 per share on $11.8 billion in revenue. The company also raised its quarterly dividend by 14% to $0.33 per share and added $25 billion to its share-repurchase program. Following the upbeat results, analysts at Oppenheimer increased their price target for Cisco shares by $4 to $50 while RBC Capital Markets added $6 to its prevous target, also now expecting Cisco's share price to reach $50. BMO raised its price target for Cisco by $7 to $43 a share.
In other sector news:
+ Computer Task Group ( CTG ) was holding on to a small gain on Thursday after the information-technology company said it was acquiring Paris-based consulting and engineering firm Soft Company for $16.5 million in cash plus potential earn-out payments in the future. Computer Task Group is expecting Soft Company to boost its yearly revenue by around $30 million and immediately increasing its operating margin and adjusted per-share earnings.
+ CyberArk Software ( CYBR ) advanced Thursday after reporting adjused Q4 net income of $0.41 per share, unchanged from the same quarter last year but still beating the Capital IQ consensus forecast by $0.05 per share. Revenue increased to $80.4 million from $64.4 million last year, also exceeding the $75.6 analyst mean.
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