Akamai, Adobe lead S&P 500 charge in February

Akamai, Adobe lead S&P 500 charge in February

Summary: Akamai and Adobe posted strong gains last month, lifting the S&P 500 to a 4.3 percent gain while other tech stocks including VeriSign, NetApp and Seagate lagged behind.

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On the whole, February was a decent month for the closely followed S&P 500 as top-tier technology companies including Akamai, Adobe and Applied Materials all delivered impressive returns for shareholders.

Akamai shares rallied up from $47.68 a share on Jan. 31 to close at $61.13 on Feb. 28, a 28 percent improvement buoyed by the digital content delivery and cloud infrastructure services provider's strong fourth-quarter earnings report. Its monthly performance was the best among all technology stocks and ranked No. 4 overall among all S&P 500 stocks.

For the month, the S&P 500 moved up 76.86, or 4.3 percent, to close out February at 1,859.45.

Adobe Systems gained $9.44 a share, or 16 percent, to $68.63 last month while Applied Materials added $2.14 a share, or 13 percent, to $18.96.

It's worth nothing that a trio of online travel companies – Priceline, TripAdvisor and Expedia – were among the 15 best-performing S&P 500 stocks last month.

However, it wasn't great month for VeriSign, which tumbled from $58.75 a share to $55.11, down 6.2 percent, while NetApp and Seagate fell 4.6 percent and 1.3 percent, respectively.

Among other tech giants, Facebook rose 9.4 percent last month to $68.46 a share. Apple and Google improved 5 percent and 3 percent, respectively.

Topics: Tech Industry, Cloud, Enterprise Software

About

Larry Barrett is a freelance journalist and blogger who has covered the information technology and business sectors for more than 15 years.

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