Technology Sector Update for 06/17/2019: HEAR,AMRH,SMAR,VEON

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Technology stocks were finishing with a small gain Monday afternoon, with the shares of tech stocks in the S&P 500 adding nearly 0.2% in value although the Philadelphia Semiconductor Index was falling about 0.5%.

Among technology stocks moving on news:

(+) Turtle Beach Corp (HEAR) was almost 6% higher after new regulatory filings late Friday showed board member Ronald Doornink late last week bought a combined 7,243 shares of the audio technology company's common stock, boosting his indirect stake in the company to 378,886 shares. He paid just over $75,000 for the additional stock held through a revocable living trust.

In other sector news:

(+) Ameri Holdings (AMRH) jumped out to a nearly 15% gain after the digital services company Monday announced a multi-year, managed services contract with electronics manufacturer Epson America. The new contract calls on Ameri to provide Epson with across-the-board support and management of SAP applications. Financial terms were not disclosed.

(+) Smartsheet (SMAR) climbed 5% after saying underwriters exercised their option to buy stock in the company's recent public offering. The company sold a total of 9.03 million shares raising gross proceeds of $392.6 million in the offering. Entities affiliated with Madrona Ventures also sold 5.81 million shares in a concurrent secondary offering, pocketing $252.7 million in gross proceeds.

(+) Veon Ltd (VEON) was 5% higher after UBS raised its investment recommendation for the telecommunication equipment and services company to buy from neutral previously.

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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