Altera Corp (ALTR): Today's Featured Technology Laggard

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Altera ( ALTR) pushed the Technology sector lower today making it today's featured Technology laggard. The sector as a whole closed the day up 0.2%. By the end of trading, Altera fell $0.44 (-1.4%) to $32.08 on heavy volume. Throughout the day, 5,689,120 shares of Altera exchanged hands as compared to its average daily volume of 3,308,700 shares. The stock ranged in price between $32.03-$33.03 after having opened the day at $33.03 as compared to the previous trading day's close of $32.52. Other companies within the Technology sector that declined today were: Emulex ( ELX), down 30.6%, Quicklogic ( QUIK), down 20.3%, Silicon Graphics International ( SGI), down 17.6% and Stamps.com ( STMP), down 16.1%.

Altera Corporation, a semiconductor company, designs, manufactures, and sells programmable logic devices (PLD), HardCopy application-specific integrated circuit (ASIC) devices, power system-on-chip devices (PowerSoCs), pre-defined design building blocks, and proprietary development software. Altera has a market cap of $10.4 billion and is part of the electronics industry. The company has a P/E ratio of 26.4, above the S&P 500 P/E ratio of 17.7. Shares are up 0.4% year to date as of the close of trading on Wednesday. Currently there are 12 analysts that rate Altera a buy, 2 analysts rate it a sell, and 4 rate it a hold.

TheStreet Ratings rates Altera as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.

On the positive front, MaxLinear ( MXL), up 19.8%, Iridium Communications ( IRDM), up 14.1%, Proofpoint ( PFPT), up 13.8% and Vonage Holdings ( VG), up 13.3% , were all gainers within the technology sector with LinkedIn Corp Class A ( LNKD) being today's featured technology sector leader.

For investors not wanting singular stock exposure, ETFs may be of interest. Investors who are bullish on the technology sector could consider Technology Select Sector SPDR ( XLK) while those bearish on the technology sector could consider ProShares Ultra Short Technology ( REW).

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

If you liked this article you might like

How Dropbox Could Lead a Charge of Tech IPOs in 2018

How Dropbox Could Lead a Charge of Tech IPOs in 2018

Cramer: 5 Stocks That Turned Negatives Into Positives

Cramer: 5 Stocks That Turned Negatives Into Positives

The Intel Empire Is Striking Back, Jim Cramer Reveals

The Intel Empire Is Striking Back, Jim Cramer Reveals

Cramer: We Finally Have Some Good Intel

Cramer: We Finally Have Some Good Intel

Cramer: Omaha! Call an Audible to Find the Open Company

Cramer: Omaha! Call an Audible to Find the Open Company