Technology Sector Update for 02/17/2017: BCOV,ANET,AMBR
Top Tech Stocks
Technology stocks were drifting back near the break-even mark on Friday, with shares of tech companies in the S&P 500 dropping less than 0.1%.
In company news, Brightcove Inc. ( BCOV ) advanced Friday despite the provider of cloud services for video last night saying it swung to a non-GAAP Q4 net loss and forecast financial results for the current quarter trailing analyst estimates.
Excluding one-time items, the company produced a non-GAAP Q4 net loss of $0.03 per share during the three months ended Dec. 31, reversing a $0.05 per share non-GAAP profit during the same quarter last year and trailing the analyst mean looking for an adjusted Q4 profit of $0.03 per share. Revenue rose 10% over year-ago levels to $38.6 million, roughly in line with the Capital IQ consensus expecting $38.78 million.
The company also said it was expecting an adjusted Q1 net loss of $0.03 to $0.05 per share, missing the Street view looking for a net income of $0.02 per share for the current quarter ending March 31. Revenue is expected in the range of $37.25 million to $38.0 million, lagging the $39.5 million consensus estimate.
For FY17, non-GAAP net income is expected between $0.07 to $0.14 per diluted share, bridging the $0.12 per share consensus. Revenue this year is expected to be in a range of $163 million to $167 million, also straddling the $164.69 million consensus.
BCOV shares were up almost 6% at $8.05 apiece, backing down from a session high this morning of $8.20 a share.
In other sector news,
(+) ANET, (+18.6%) RBC Capital Markets boosts price target by $10 to $115 while BMO raises its target by $20 to $130 a share. Late Thursday reports non-GAAP Q4 EPS of $1.04, beating analyst mean by $0.22 per share. Revenue rises 34% to $328 mln, also surpassing $317.1 mln Street view.
(-) AMBR, (-17.1%) Projected non-GAAP Q1 net loss of $0.15 to $0.12 per share at least $0.02 wider than Capital IQ consensus. Also sees Q1 revenue between $18.2 mln to $18.8 mln, also missing the $19.4 mln consensus. Q4 net loss of $0.10 on $19.2 mln in revenue match and beat analyst estimates, respectively.
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