Technology Sector Update for 06/07/2019: AYX,ZM,DOCU

Top Tech Stocks

MSFT +3.05%

AAPL +2.76%

IBM +1.35%

CSCO +1.79%

GOOG +2.33%

Technology stocks were leading the broader US markets sharply higher Friday, with the shares of tech stocks in the S&P 500 adding more than 2.0% in value while the Philadelphia Semiconductor Index was rising more than 1.1%.

Among technology stocks moving on news:

(+) Alteryx ( AYX ) pushed out to a record intraday high of $99.81 a share, at one point rising more than 9%, after Goldman Sachs Friday began analyst coverage of the data analytics company with a buy investment recommendation and a $111 price target.

In other sector news:

(+) Zoom Video Communications ( ZM ) soared 19% to hit record highs after reporting fiscal Q1 adjusted earnings of $0.03 per share and beating Wall Street expectations by $0.02 per share. Revenue more than doubled compared with the same quarter last year, rising to $122.0 million and beating the $111.6 million analyst mean. Its Q2 sales forecast and projected FY20 results exceeded Street views.

(-) DocuSign ( DOCU ) tumbled 12% after the eSignature company projected a slowing growth rate for the current quarter ending July 31 compared with its just-completed Q1. It is projecting Q2 revenue of $218 to $222 million, representing as much as a 32.9% rise over the year-ago period. Analysts, on average, are looking for $219.9 million in Q2 revenue. Q1 revenue grew 37% to $213.9 million to top the $208.2 million consensus call.