Technology sector

Tech Sector Update 6/28/2022: NET,VEON,CGNT,CRNT,AVNW

JTech stocks ended sharply lower on Tuesday, with the SPDR Technology Select Sector ETF (XLK) down 2.7% and the Philadelphia Semiconductor Index down 2.3% this afternoon.

In company news, Cloudflare (NET) fell 7.6% after Evercore on Tuesday cut its price target for the cloud services company from $45 to $65 per share and also reiterated its rating. outperformance for the company’s shares.

Cognyte Software (CGNT) fell nearly 29% after reporting a surprise net loss of $0.79 per share in the first quarter of the non-GAAP fiscal year, compared to earnings of $0.20 per share during of the same quarter last year. Revenue fell year-over-year to $86.4 million, trailing Street View’s $112.6 million.

VEON (VEON) was down 1% this afternoon, roughly halving its morning decline that followed the Dutch telecommunications services company reporting a net loss of $0.08 per share in the first quarter, reversing its earnings of $0.07 per share in the same quarter last year, while revenue fell 0.5. % year over year at $1.82 billion. Analyst estimates were not available.

Ceragon Networks (CRNT) jumped nearly 20% after Aviat Networks (AVNW) offered to acquire nearly 95% of the Israeli microwave radio technology company it does not already own for 2019. $80 per share in cash, representing a 34% premium over Ceragon’s last close. the price. Aviat shares were also up 3.9% this afternoon.

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