Technology stocks

Why are these tech stocks making headlines today?

ASX-listed tech stocks fell for the second day on Friday (April 8, 2022) despite the positive performance of NASDAQ-listed US tech stocks. Fears of the central bank raising interest rates to curb inflation appeared to have weighed on investor sentiment towards the market.

Today, the S&P/ASX 200 (ASX:XIJ) Information Technology sector was down 0.434% at 1770.100 points as of 2:03 PM AEST. The benchmark is down nearly 3% in the past five days.

On Thursday (April 7, 2022), Australian tech stocks performed poorly after Wall Street’s overnight trading weakness.

Now let’s take a look at how Australian tech stocks are performing today. In this article, we’ll discuss four ASX-listed tech stocks that are on investors’ radar these days. The four stocks are: WiseTech Global Limited (ASX:WTC), Xero Limited (ASX:XRO), Block Inc. (ASX:SQ2) and Altium Limited (ASX:ALU).

WiseTech Global Limited (ASX:WTC)

Shares of WiseTech Global Limited traded in the red on Friday (April 8, 2022), although there were no updates or announcements from the company to the ASX board. Today, WiseTech shares traded down 1.38% at AU$48.690 per share on ASX at 12:31 a.m. AEST.

WiseTech Global Limited’s share price has gained 57.42% over the past year. Over the past 5 days, the stock has fallen 5.46%. Additionally, over the past month, WiseTech shares have gained more than 7%.

WiseTech Global Limited is an ASX-listed software solutions provider with a market capitalization of A$16.07 billion. Today, the company is expected to pay a fully franked interim dividend of AU$0.0475 to its shareholders.

In the six months to December 31, 2021, the company posted robust revenue growth of 18%. For this period, WiseTech’s net profit after tax (NPAT) increased by 74% to reach A$77.4 million.

The company’s revenue growth was primarily driven by greater market penetration, customer usage and adoption of its technology, and a pricing change for CargoWise.

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Image source: © Kasto80 | Megapixl.com

Block Inc. (ASX: SQ2)

Shares of Block Inc. (ASX:SQ2), formerly Square Inc, traded down 1.553% to AU$168.030 per share on ASX at 1:08 p.m. AEST today. Shares of Block Inc. are down 4.85% over the past year, while the stock is down 5.49% over the past five days.

The company’s shares gained more attention after billionaire Elon Musk acquired a 9.2% stake in Twitter, becoming the microblogging platform’s biggest player. Later, on April 5, Musk became a member of Twitter’s board of directors.

The ASX-listed fintech company recently claimed in its filing with the Securities and Exchange Commission (SEC) that its ex-employee downloaded certain reports from the company’s subsidiary Cash App Investing LLC on December 10, 2021, which contained US customer information.

Xero Limited (ASX: XRO)

Shares of Xero Limited were trading up 0.127% at AU$101.940 per share on the ASX at 1:27 p.m. AEST today. Xero shares are down nearly 25% over the past year, while the company’s returns have risen over 432% over the past 5 years.

Xero Limited is an ASX-listed New Zealand company that provides an online accounting system. The company has a market capitalization of A$15.22 billion.

Altium Limited (ASX: ALU)

Today, shares of ASX-listed software company Altium Limited were spotted up 0.988% at AU$33.710 per share on the ASX at 1:47 p.m. AEST. The company has a market capitalization of A$4.38 billion. Altium Limited stock price has gained 23.63% over the past year and is up 322.93% (last 5 years). Altium shares are down 24.40% year-to-date (YTD).

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