Technology Sector Update for 10/20/2017: TEAM,DGLY,NCR

Technology stocks were outpacing the broader U.S. markets today, with shares of tech companies in the S&P 500 climbing more than 0.6% this afternoon.

In company news, Atlassian ( TEAM ) topped out Friday at a best-ever $50.88 a share after the team collaboration and productivity software firm late yesterday reported above-consensus fiscal Q1 results and also provided an upbeat financial outlook for its current quarter and the 12 months ending June 30, 2018.

Excluding one-time items, the company earned $0.12 per share during the three months ended Sept. 30, improving on a $0.10 per share non-IFRS profit during the same quarter last year and beating Wall Street expectations by $0.03 per share.

Looking forward to the three months ending Dec. 31, Atlassian is projecting non-IFRS net income of $0.12 per share on between $203 million to $205 million in revenue. Analysts polled by Capital IQ, on average, are looking for the company to report adjusted Q2 per-share earnings of $0.10 per share on $200 million.

The company also is expecting non-IFRS FY18 per-share earnings in a range of $0.46 to $0.47, exceeding analyst forecasts by at least $0.02 per share. It also sees revenue this year coming in between $841 million to $847 million, or at least $10 million above the analyst consensus.

In other sector news,

(+) DGLY, (+20.4%) Signs exclusive supply agreement with VIEVU LLC, a Safariland Group portfolio company that will integrate its suite of body-worn cameras with Digital Ally’s car-based VuLink automatic activation technology. Financial terms were not disclosed.

(-) NCR, (-9.2%) Non-GAAP Q3 EPS of $0.93 beats Capital IQ consensus by $0.03 per share but net sales fall 1% from year-ago levels to $1.66 bln, lagging analyst mean by $20 mln. Lowers FY17 earnings, revenue forecasts below Street views.

Source:-nasdaq.