Technology Sector Update for 02/17/2017: BCOV,ANET,AMBR

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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.

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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