Why These 5 Tech Stocks Moved This Week

In this article we take a look at five stocks that moved this week. If you want to read our detailed analysis of these stocks, go to read Why These 10 Tech Stocks Moved This Week.

5. salesforce.com, inc. (NYSE:CRM) surged more than 11% this week given the company increased its full year revenue outlook slightly and hosted its annual investor day. salesforce.com, inc. (NYSE:CRM) has likely also benefited from analyst upgrades this week. For fiscal 2022, salesforce.com, inc. (NYSE:CRM) raised guidance earlier this week to $26.25-$26.35 billion from the previous $26.2-$26.3 billion. Arrowstreet Capital was long more than 4.9 million shares of salesforce.com, inc. (NYSE:CRM) at the end of June.

4. SAP SE (NYSE:SAP) rose around 2.2% this week due to the strength in salesforce.com, inc. (NYSE:CRM) and the broader market rally. If demand for business cloud software increases given a stronger economy, SAP SE (NYSE:SAP) could benefit. SAP SE (NYSE:SAP) is up around 10% year to date. Ken Fisher‘s Fisher Asset Management was long more than 8.86 million shares of SAP SE (NYSE:SAP) at the end of June, up 4% from the prior quarter.

3. Adobe Inc. (NASDAQ:ADBE) fell 3.6% this week given Adobe Inc. (NASDAQ:ADBE) reported fiscal third quarter sales of $3.94 billion and adjusted earnings of $3.11 per share. Although both numbers were ahead of the analyst consensus, the market may have expected even better results. Of the around 873 elite funds in our database, 89 were long Adobe Inc. (NASDAQ:ADBE) at the end of the second quarter.

2. Micron Technology, Inc. (NASDAQ:MU) has risen around 2% this week due to the broader market rally. the stock has also benefited from JPMorgan’s Harlan Sur bullish note earlier in the week, “Supply-constrained PC shipment weakness (driving softer DRAM pricing) offsets strength in [servers] and smartphones, which should drive a conservative tone for MU’s November-quarter outlook.” Of the around 873 elite funds in our database, 87 were long Micron Technology, Inc. (NASDAQ:MU) at the end of the second quarter.

1. Roku, Inc. (NASDAQ:ROKU) shares rose 1.6% this week despite an analyst downgrade from Steven Cahall of Wells Fargo to ‘Equal Weight’ from ‘Overweight’. Cahall downgraded the stock due to valuation. The number of elite funds in our database that were long Roku, Inc. (NASDAQ:ROKU) fell to 61 in the second quarter from 63 in the first quarter.

Disclosure: None.