Technology Sector Update for 03/10/2023: AVPT,DOCU,NNDM,SSYS,BLKB

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By Amit

Technology stocks tumbled on Friday, with the Technology Select Sector SPDR Fund (XLK) slumping 1.7% and the Philadelphia Semiconductor Index down 1.9% this afternoon.

In company news, AvePoint (AVPT) fell 15% after the data management firm reported a wider-than-expected Q4 net loss and revenue trailing estimates by analysts. It also projected revenue for its current Q1 and 2023 lagging behind the Wall Street consensus.

DocuSign (DOCU) plunged 23%. The digital-signatures software company said Chief Financial Officer Cynthia Gaylor will step down in the coming months.

Nano Dimension (NNDM) tumbled 11% after the 3D printer firm made an unsolicited, non-binding offer to acquire US-based rival Stratasys (SSYS) for $18 per share in cash, or 28.5% above Thursday’s closing price. Stratasys rose 9.1%.

Blackbaud (BLKB) slipped 1.3% after the cloud software firm agreed to pay $3 million to settle charges by the US Securities and Exchange Commission related to misleading disclosures about a 2020 ransomware attack affecting more than 13,000 customers.

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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