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Our latest list of tech stock* movers brought reversals of fortune for each of our top two winners from the week before. But first, let's look at the winners…
Enterprise software company Cornerstone OnDemand Inc. (Nasdaq: CSOD) has hired advisers to explore the possibility of a sale and also to guard against activist investor Praesidium. The stock surged almost 15% after the news broke on Thursday and finished the week up 19.8%. Praesidium holds about a 5% stake in Cornerstone and has pressured several software companies to sell in the past. Cornerstone's market cap is currently about $2.3 billion. Shares closed the week at $41.07.
Inovalon Holdings Inc. (Nasdaq: INOV) shot up on Tuesday after announcing a five-year partnership with a subsidiary of UnitedHealth Group Inc. (NYSE: UNH). Under the agreement, UnitedHealthcare will employ the Inovalon ONE cloud-based platform, providing ultra-high-speed analytics and data integration to improve clinical outcomes. INOV is up 62% in 2017 – although that follows a steep plunge in December, when it went from $15.05 to $8.75 in five days. Shares closed last week at $16.75.
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Now, for last week's tech disappointments…
Cloudera Inc. (NYSE: CLDR) lost all of its gains from the week before and then some, dropping 12.4%. The data management company enjoyed a bump after a better-than-expected earnings report. But it was short-lived. Cloudera, which went public in April, has made frequent appearances on our movers lists. It is not yet profitable and will likely continue to be subject to volatility. Shares closed the week at $18.38.
We noted last week the similarities between Cloudera and Okta Inc. (Nasdaq: OKTA). Both companies went public in April, at similar share prices. Their most recent earnings reports came out within a couple days of each other, with nearly identical earnings-per-share (EPS) expectations. They beat those expectations by nearly identical amounts and enjoyed similar bumps in share price. Now both go from our winners list to the losers list. Of course, Okta's relatively modest 5.5% drop wouldn't make the list in a typical week. It still retains most of its 14% gain from the week before. But like Cloudera, we wouldn't be surprised to see Okta on the list again in the near future.
For the third straight week, one of the stocks we told you to keep an eye on last week made the list: Oracle Corp. (NYSE: ORCL). The software giant actually beat earnings expectations, reporting EPS of $0.62, compared to estimates of $0.60, and also beat on revenue. But Wall Street was unimpressed with the company's guidance. ORCL dropped 5.5% to close the week at $48.74.
Tech Stocks to Watch This Week
Here are a couple tech stocks we're keeping an eye on for the coming week…
- Adobe Systems Inc. (Nasdaq: ADBE) reports earnings on Tuesday, Sept. 19. ADBE is up over 50% in 2017 so far.
- Presidio Inc. (Nasdaq: PSDO) reports on Thursday, Sept. 21. The stock went public in March at a share price of $14. PSDO trades at 13.61 as of Monday afternoon.
We'll keep you updated if there's anything you need to know to make money on these moves.
*Stocks have a primary listing on a U.S. exchange, a market cap greater than $1 billion, and are in either the Technology Services or Electronic Technology sector. Data and analytics provided by FactSet.
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About the Author
Stephen Mack has been writing about economics and finance since 2011. He contributed material for the best-selling books Aftershock and The Aftershock Investor. He lives in Baltimore, Maryland.