Stocks rose on Friday following Fed Chair Jerome Powell's comments that the central bank will keep interest rates low, even if inflation rises above its target levels. Tech stocks rose as investors digested a slew of recent earnings. Here are some of the top tech movers for Aug. 28.
Shares of Nutanix (NTNX) - Get Nutanix, Inc. Class A Report jumped 28% to $27.77 after its second-quarter earnings report, in which it topped expectations, disclosed a $750 million private equity investment from Bain Capital, and said Co-Founder and CEO Dheeraj Pandey would retire. Nutanix's board is conducting a search to find a replacement.
Shares of Peloton (PTON) - Get Peloton Interactive, Inc. Class A Report rose 9.6% to $76.99 following a bullish note from Goldman Sachs. Citing “an acceleration and steepening of the adoption curve,” analyst Heath Terry raised his price target for Peloton shares to $96 from $84 with a buy rating and forecast that Peloton will add 208,000 customers in the fourth quarter.
Shares of Roku (ROKU) - Get Roku, Inc. Class A Report rose 6.6% to $171.79, reaching a record on Friday. This week, analysts at Citi initiated coverage of Roku with a buy rating and $180 price target, citing strong subscriber growth and rising value per subscriber.
Shares of sports betting platform DraftKings (DKNG) - Get Draftkings, Inc. (DKNG) Report fell 4.5% to $37.30 on Friday. Morgan Stanley downgraded DraftKings stock to equal weight from overweight but raised its price target to $37 from $26, reflecting recent market activity. Analyst Thomas Allen cited potentially negative catalysts, including a reversal of the stay-home trend and damping gambling demand in the absence of further government stimulus.
Shares of Okta (OKTA) - Get Okta, Inc. Class A Report fell 2.9% to $212.12 following its second-quarter-earnings report. The cloud software firm topped sales estimates and raised its outlook for the current quarter and full year, but its earnings missed Wall Street's consensus.