Technology Sector Update for 03/14/2023: GTLB, MNTV, CVT, BX, XLK, SOXX

Technology stocks were rising premarket Tuesday, with the Technology Select Sector SPDR Fund (XLK) and iShares Semiconductor ETF (SOXX) both up more than 1%.

GitLab (GTLB) stock was falling more than 32% after the company said late Monday it expects fiscal Q1 revenue of $117 million to $118 million and fiscal 2024 revenue of $529 million to $533 million. Analysts polled by Capital IQ expect $126.4 million and $587.6 million, respectively.

Momentive Global (MNTV) was rising over 19% in value after saying overnight it agreed to be acquired by a consortium led by Symphony Technology Group in an all-cash deal that values the company at about $1.50 billion.

Cvent Holding (CVT) was up more than 12% after saying it agreed to be acquired by an affiliate of private equity funds managed by Blackstone (BX) in an all-cash deal that gives the company an enterprise value of about $4.60 billion. Cvent also reported a Q4 net loss of $0.04 per diluted share, narrower than a net loss of $0.05 a year earlier. Revenue for the quarter ended Dec. 31 was $170.9 million, up from $144.7 million a year ago.

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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