5 Top Weekly NASDAQ Tech Stocks: Index Prone to a Correction

Planet Payment, Attunity, Limelight Networks, Evolving Systems, and Magic Software Enterprises were last week's top gainers.

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The trend of losses for the NASDAQ 100 Technology Sector index (INDEXNASDAQ:NDXT) continued last week, which dropped 1.3 percent to 3,445.93points as of 1:49 p.m. EST on Friday. 

CNBC reported on Friday that tech stocks are likely headed for a correction, at least according to Jason Hunter, an analyst at JPMorgan.

“You could see this coming for awhile,” Hunter said. “We’ve been talking about this pattern setting up back to May and June.”

That being said, a number of tech stocks on the 100 Technology Sector were still on the rise last week, including:

  • Planet Payment (NASDAQ:PLPM)
  • Attunity (NASDAQ:ATTU)
  • Limelight Networks (NASDAQ:LLNW)
  • Evolving Systems (NASDAQ:EVOL)
  • Magic Software Enterprises (NASDAQ:MGIC)

Here’s a closer look at those companies.

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Planet Payment

First on last week’s 5 top weekly NASDAQ tech stocks is Planet Payment, a provider of payment and transaction processing and multi-currency processing services. The company’s multi-currency processing services segment include: Pay in Your Currency, Multi-Currency Pricing and Dynamic Currency Conversion.

On August 8, the company announced that it had begun exploring and evaluating strategic alternatives focused on maximizing shareholder value. As such, it’s no surprise Planet Payment’s shares were on the rise last week. Over the five day trading period, shares of the company increased 8 percent to $3.51 as of 2:29 p.m. EST on Friday.

Attunity

Next is Attunity, a company that provides big data management software solutions, such as data replication and distribution. Some of its products include Attunity Replicate, Attunity Gold Client Solutions, Attunity Connect, and AttunityRepliWeb.

The company’s big news of the week came on August 7 when it announced that it had won the best data replication solution in DBTA Readers’ Choice Awards 2017. The news no doubt bolstered the company’s share price over the week, which increased 407 percent to $6.90 as of 2:20 p.m. EST Friday.

Limelight Networks

Middle of the pack on our top weekly NASDAQ tech stocks list  is Limelight Networks, a company that provides content delivery and similar services and solutions for businesses around the world, with a focus of delivering digital content over the internet, mobile phones and social channels. In particular, services of the company include content delivery, mobile delivery, video content management, performance, cloud-based storage, and cloud-base content security.

The company also released an announcement on August 8, stating that Cinesoft is using its Orchestrate Platform, which likely helped boost its share price. Over the week, Limelight Networks’ shares increased 1.69 percent to $3.59 as of 2:32 p.m. EST on Friday.

Evolving Systems

Evolving Systems is the fourth company on our 5 top weekly NASDAQ tech stocks list, who provides software solutions for service enablement, on-device applications and management services for connected devices. The company’s two segments include license fees and service revenue, and finally customer support revenue.

That said, the company did not have any related news during the trading period. Still, Evolving Systems’ shares increased 10.4 percent last week to $4.85 as of 1:15 p.m. EST on Friday.

Magic Software Enterprises

Closing out our 5 top weekly NASDAQ tech stocks list is Magic Software Enterprise, a company that provides application development, business process integration platforms and vertical software solutions.

The company announced on August 8 its financial results for the quarter ended June 30, 2017, highlighting that revenue had increased 38 percent to $65.5 million, compared to $47.4 million in the same quarter from the previous year. The news no doubt pushed Magic Software Enterprises’ shares up over the week, which increased 0.63 percent to $7.95 as of 2:51 p.m. EST on Friday.

 

Don’t forget to follow us @INN_Technology for real-time news updates.

Data for 5 Top NASDAQ Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million and less than $500 million prior to the week’s gains are included. Companies within the computer software and processing sector are considered.

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

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