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Wednesday's Tech Winners & Losers

Google's lofty new price target was one of a number of analyst actions in the tech sector Wednesday.
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A flurry of analyst opinions on tech stocks failed to move the wider sector one way or another Wednesday.

Search giant

Google

(GOOG) - Get Report

was edging 1% higher, after Merrill Lynch upped its target to $740 a share and maintained a buy rating. The firm said it expects strong third-quarter results and 2009 earnings could reach $24.62 a share. The stock was climbing $6.05 to $621.04.

Share of

Akamai Technologies

(AKAM) - Get Report

, which provides technology behind digital content streaming, were jumping 2.5%, after AmTech Research initiated coverage of the stock with a buy rating and a $50 price target. Shares were gaining 88 cents to $36.50.

Chipmaker

KLA-Tencor

(KLAC) - Get Report

, however, slipped 3.1%, after Lehman Brothers cut its rating to equal weight from overweight. Shares were falling $1.67 to $52.54.

Microchip Technology

(MCHP) - Get Report

was climbing 1.4% on mixed opinions from analysts, two days after the chipmaker guided below Wall Street's fiscal second-quarter revenue estimates, but beat EPS projections. Banc of America Securities lowered its rating to neutral from buy, while Lehman Brothers upped it to equal weight from underweight. Shares were gaining 46 cents to $32.44.

TheStreet Recommends

Allot Communications

(ALLT) - Get Report

, an Israeli broadband service optimization software maker, fell 8.9%, after CIBC World Markets lowered its rating to sector perform from sector outperform. The downgrade came after the company lowered its revenue outlook to between $32 million and $35 million, from an earlier view of $40 million, according to the

Associated Press

. Shares were falling 60 cents to $6.14.

Google, Akamai, KLA-Tencor and Microchip Technology are all components of the Nasdaq 100 index, which was lower 0.71 points to 2170.50.

Vonage

(VG) - Get Report

continued the slide it began on Tuesday, when an analyst threw cold water on the optimism investors felt following the Internet telephony company's patent infringement settlement with

Sprint Nextel

(S) - Get Report

the day before. Shares were dipping another 10.5% to $1.96.

iRobot

(IRBT) - Get Report

was slipping 8.2% after the robot maker said production delays for its Roomba 500 Series Vacuum Cleaning Robot forced it to guide below Wall Street's third-quarter revenue expectations. The company now expects revenue of between $63 million and $64 million in the third-quarter, but said the lost revenue will be realized in the fourth-quarter. The delay and unrelated litigation will result in a $1 million to $1.5 million loss in the third quarter, the company said. Analysts polled by Thomson Financial expect third-quarter revenue of $68 million.

The company also reaffirmed its full-year guidance of revenue between $233 million and $243 million and pre-tax income to be between $3 million to $5 million. Analysts expect revenue of $239.6 million. The stock was losing $1.61 to $18.12.