Technology Sector Update for 02/17/2017: COHU,ANET,AMBR
Top Tech Stocks
Technology stocks were edging higher today, with shares of tech companies in the S&P 500 climbing 0.1%.
In company news, Cohu ( COHU ) was set to finish with a double-digit advance Friday at a six-year high after the semiconductor testing company reported Q4 financial results beating analyst estimates and also forecast Q1 revenue also beating Wall Street expectations.
Excluding one-time items, the company earned $0.24 per share during the three months ended Dec. 31, improving on a $0.09 per share profit during the same quarter last year and beating the Capital IQ consensus by $0.15 per share. Revenue increased 11.3% over year-ago levels to $70.7 million, also breezing past the the $65.12 million consensus.
For the current quarter ending March 31, the company is expecting around $78 million in Q1 revenue compared with the Street view looking for $69 million. The company last night also declared a quarterly cash dividend of $0.06 per share, payable on April 14 to shareholders of record on February 28.
COHU shares were up more than 15% at $15.73 apiece in late trade, earlier climbing to their best price since January 2011 at $16.09 a share.
In other sector news,
(+) ANET, 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, 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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