Technology Sector Update for 04/08/2020: FNJN,JNPR,FVRR,PINS,RNG
Top Tech Stocks
Technology stocks were ending higher on Wednesday, with the SPDR Technology Select Sector ETF advancing 1.9% while the Philadelphia Semiconductor Index was rising 2.9%.
Among technology stocks moving on news:
(+) Finjan Holdings (FNJN) climbed over 17% after the cybersecurity company Wednesday said the US Patent and Trademark Office's Patent Trial and Appeal Board determined its filing was patentable in a challenge by Juniper Networks (JNPR) over its prior art.
In other sector news:
(+) Fiverr International (FVRR) raced 29% higher after the online platform for freelance services Wednesday projected Q1 revenue and adjusted EBITDA to exceed its prior outlook by a small margin. In a letter to investors, CEO Micha Kaufman said Fiverr has enjoyed a strong start to 2020 and did not feel the impact of the COVID-19 pandemic until the third week of March, experiencing a 10% to 15% sequential decline in activity.
(+) RingCentral (RNG) was nearly 12% higher after Evercore ISI began coverage of the networking software-as-a-service company with an outperform rating and a $240 price target.
(+) Pinterest (PINS) rose 12% after late Tuesday saying it expects to report Q1 revenue in a range of $269 million to $272 million compared with the Capital IQ consensus looking for $268.9 million in revenue at the social network website during the three months ended March 31.