Technology Sector Update for 05/14/2019: CYBR,PS,IMMR

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Technology stocks were rebounding Tuesday, with the shares of tech companies in the S&P 500 adding 2.2% in value this afternoon while the Philadelphia Semiconductor Index was rising 2.7%.

Among technology stocks moving on news:

(+) CyberArk Software (CYBR) was about 1.5% higher after reporting non-GAAP Q1 net income of $0.56 per share, up from $0.32 per share during the same quarter last year and beating the Capital IQ consensus by $0.15 per share. Revenue increased to $95.9 million from $71.8 million during the year-ago period, also topping the $92.4 million Street view.

In other sector news:

(+) Pluralsight (PS) rose just over 6% after Citigroup began coverage of the technology skill development company with a buy investment recommendation and a $42 price target.

(-) Immersion Corp (IMMR) turned sharply lower Tuesday, giving back a 10% gain from soon after the opening bell. The technology firm late Monday reported a $0.28 per share non-GAAP net loss, reversing a $2.34 per share adjusted profit last year as revenue declined 94% to just $5.12 million. The results upstaged Immersion also announcing licensing agreements with Sony's (SNE) interactive entertainment division and Samsung Electronics on top of resolving all of its pending litigation with Samsung.

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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