Top Tech Stocks
Technology stocks were ending near their session lows, with the shares of tech stocks in the S&P 500 Wednesday dropping nearly 0.7% while the Philadelphia Semiconductor Index was falling over 2.1% this afternoon.
Among technology stocks moving on news:
(+) Smartsheet (SMAR) was 4.5% higher in late Wednesday trading after the collaborative work platform company earlier priced a $339.3 million public offering of 7.8 million shares of its class A common stock at $43.50 each, marking a 0.2% discount from Tuesday's closing price. Entities affiliated with Madrona Ventures sold an additional 5.1 million shares in a concurrent secondary offering, also receiving $43.50 per share.
In other sector news:
(+) MagnaChip Semiconductor (MX) was up 11.5% in recent trading, drifting off an earlier gain of 21%. The analog and mixed-signal chipmaker late Tuesday raised its Q2 revenue outlook, projecting at least $194 million in revenue for the three months ending June 30. That compares with its prior forecast looking for revenue in a range of $173 million to $181 million while the two-analyst consensus has been expecting $177 million in Q2 revenue.
(+) Alteryx (AYX) rose nearly 10% after the artificial intelligence and analytics company updated the long-term financial targets during an investor session on Tuesday, projecting adjusted free cash-flow margin of between 30% to 35% as its economies of scale improve and comparing with a 19% margin during its Q1 ended March 31 and an 8% reading for FY18. Also, Needham Wednesday raised its price target on Alteryx shares by $12 to $120 each and reiterated a buy investment recommendation on the company's stock.
(-) NXP Semiconductors (NXPI) was 1.5% lower this afternoon. Morgan Stanley raised its stock rating on the chipmaker to overweight from equal weight and also increased its price target on the company's shares by $15 to $114 apiece.
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