最新ニュース Digi Intl (NASDAQ:DGII) 株価情報

Digi Intl

Digi International Inc is a Minnesota corporation. The company provides business and mission-critical and Internet of Things (IoT) connectivity products and services. It has two segments: IoT Products and Services and IoT Solutions. The IoT Products and Services segment consists of distinct communications products and communication product development services. IoT Solutions segment offers wireless temperature and other environmental condition monitoring services as well as employee task management services. The company generates majority of its revenue from the IoT Products & Services segment. Geographically, the company generates majority of its revenue from its business in the United States and also has its presence in Europe, Middle East and Africa and Rest of the world.

Digi International

Digi International Inc

Corporate brass has already laid out counterstrategies to President-elect <a href="https://www.benzinga.com/topic/tariffs">Donald Trump&#8216;s tariff plans</a>. 
The Trump administration is expected to raise tariffs on Chinese imports by an average of 20 percentage points, with non-consumer goods facing hikes as high as 60 percentage points, Goldman Sachs&#8217; Ronnie Walker said in a Tuesday note.
Additional tariffs on auto imports are also expected, along with a 40% chance of a universal 10%-20% tariff on all imports from other countries, the economist said.
Goldman Sachs analyzed discussions over the third quarter and identified three key tactics based on insights from corporate commentary.
Here's how U.S. businesses are bracing for the tariff storm:
<h2 class="wp-block-heading">Strategy 1: Make Customers Pay More</h2>
In dealing with higher import costs, many companies will take the straightforward approach: raise prices.
Major firms like AutoZone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZO#NYSE">AZO</a>) and Best Buy Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) said they expect to pass tariff expenses directly to customers.
As Goldman Sachs highlighted in its note, Best Buy acknowledged that in previous tariff rounds, costs were &#8220;largely shared between vendors, the company, and ultimately the end customer.&#8221;
Similarly, Traeger Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COOK#NYSE">COOK</a>) said, &#8220;Pricing is always a lever… most brands will lean into price to mitigate the downside.&#8221;
Goldman Sachs economists highlighted that tariffs tend to raise prices across the board, with the burden typically landing on consumers. 
&#8220;The&nbsp;experience&nbsp;of the first Trump administration shows that tariffs are largely passed on to consumer prices,&#8221; Walker wrote.
<h2 class="wp-block-heading">Strategy 2: Stockpile Imports</h2>
Some companies are racing to get ahead of the tariff curve by stockpiling goods.
Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>) indicated during its third-quarter earnings call that the trend of building up inventories in advance reflects preparation &#8220;for the eventuality of tariffs,&#8221; according to Goldman Sachs. 
Clarus Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLAR#NASDAQ">CLAR</a>) also highlighted that pulling forward purchases before tariffs take effect provides a buffer: 
"Once we get a sense of the timing and magnitude of tariffs, we can adjust purchases to build inventory," Clarus said on its earnings call, according to Goldman Sachs. 
The investment bank added: &#8220;Our global economics team recently&nbsp;collected&nbsp;anecdotal reports that suggest this may already be underway.&#8221;
Port data from China has shown a notable spike in U.S.-bound shipments since the 2024 election. European exporters are also reportedly front-loading shipments to avoid potential tariffs.
Stockpiling is only a temporary fix, as storage and carrying costs can erode margins over time, per Goldman Sachs.
<h2 class="wp-block-heading">Strategy 3: Reshuffle Supply Chains</h2>
For many companies, shifting supply chains away from tariff-heavy regions like China has become the top long-term solution. 
Over the last seven years, U.S. manufacturers have been reducing dependence on Chinese imports in favor of Mexico and other Asian countries, according to Goldman Sachs.
Goldman Sachs highlighted insights from American Woodmark Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMWD#NASDAQ">AMWD</a>) and Stanley Black &amp; Decker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SWK#NYSE">SWK</a>). 
While American Woodmark has "significantly reduced exposure to Chinese imports," Stanley Black &amp; Decker said it may shift production to &#8220;other parts of Asia, or Mexico.&#8221;
Yet Goldman economists said moving production back to the U.S., a strategy often referred to as &#8220;reshoring,&#8221; still remains unlikely.
<h2 class="wp-block-heading">Is Reshoring Realistic?</h2>
"It's just not cost-effective," said Stanley Black &amp; Decker. "There's also a labor shortage in the U.S. to consider."
Columbia Sportswear Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COLM#NASDAQ">COLM</a>) added that even with tariffs as high as 40% on some footwear and apparel, the cost differential hasn't spurred increased domestic production.
Despite calls for more domestic manufacturing, evidence suggests the U.S. economy remains deeply reliant on imported goods. 
Over the last decade, imports of foreign intermediate and final manufactured goods have outpaced domestic manufacturing growth, according to Goldman Sachs.
Boot Barn Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOOT#NYSE">BOOT</a>) acknowledged the challenge of fully decoupling from China. 
Goldman Sachs highlighted management remarks from Boot Barn Holdings&#8217; third-quarter earnings call: &#8220;We won't move completely out of China, but we've done a good job balancing our exposure.&#8221;
On a more optimistic note, Digi International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGII#NASDAQ">DGII</a>) revealed contingency plans to relocate manufacturing to U.S.-based facilities if conditions allow. 
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DGII

Trump's Tariff Storm: 3 Survival Strategies US Companies Are Using To Fight Back

Highlighted on November 20, it was unveiled in an SEC filing that Sampsell, VP at Digi Intl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGII#NASDAQ">DGII</a>), executed a significant transaction involving the exercise of company stock options.
What Happened: In an insider options sale disclosed in a Form 4 filing on Wednesday with the <a href="https://www.sec.gov/Archives/edgar/data/0000854775/000141588924027361//Archives/edgar/data/854775/000141588924027361/0001415889-24-027361-index.htm">U.S. Securities and Exchange Commission</a>, Sampsell, VP at Digi Intl, exercised stock options for 18,750 shares of DGII. The transaction value amounted to $377,437.
The Thursday morning update indicates Digi Intl shares up by 1.43%, currently priced at $32.0. At this value, Sampsell's 18,750 shares are worth $377,437.
<h3>Unveiling the Story Behind Digi Intl</h3>
Digi International Inc is a Minnesota corporation. The company provides business and mission-critical and Internet of Things (IoT) connectivity products and services. It has two segments: IoT Products and Services and IoT Solutions. The IoT Products and Services segment consists of distinct communications products and communication product development services. IoT Solutions segment offers wireless temperature and other environmental condition monitoring services as well as employee task management services. The company generates majority of its revenue from the IoT Products &amp; Services segment. Geographically, the company generates majority of its revenue from its business in the United States and also has its presence in Europe, Middle East and Africa and Rest of the world.
<h3>Digi Intl: Delving into Financials</h3>
Revenue Challenges: Digi Intl's revenue growth over 3 months faced difficulties. As of 30 September, 2024, the company experienced a decline of approximately -0.14%. This indicates a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Information Technology sector.
Interpreting Earnings Metrics:
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Gross Margin: The company maintains a high gross margin of 61.14%, indicating strong cost management and profitability compared to its peers.
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Earnings per Share (EPS): Digi Intl's EPS reflects a decline, falling below the industry average with a current EPS of 0.33.
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Debt Management: With a below-average debt-to-equity ratio of 0.21, Digi Intl adopts a prudent financial strategy, indicating a balanced approach to debt management.
Navigating Market Valuation:
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Price to Earnings (P/E) Ratio: With a higher-than-average P/E ratio of 51.72, Digi Intl's stock is perceived as being overvalued in the market.
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Price to Sales (P/S) Ratio: With a P/S ratio of 2.75 below industry standards, the stock shows potential undervaluation, making it an appealing investment option for those focusing on sales performance.
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EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation &amp; Amortization): With an EV/EBITDA ratio lower than industry averages at 25.88, Digi Intl could be considered undervalued.
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Market Capitalization Analysis: Positioned below industry benchmarks, the company's market capitalization faces constraints in size. This could be influenced by factors such as growth expectations or operational capacity.
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<h3>Uncovering the Importance of Insider Activity</h3>
Insider transactions are not the sole determinant of investment choices, but they are a factor worth considering.
When discussing legal matters, the term "insider" refers to any officer, director, or beneficial owner holding more than ten percent of a company's equity securities, as stipulated in Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and significant hedge funds. Such insiders are required to report their transactions through a Form 4 filing, which must be completed within two business days of the transaction.
A new purchase by a company insider is a indication that they anticipate the stock will rise.
On the other hand, insider sells may not necessarily indicate a bearish view and can be motivated by various factors.
<h3>The Insider's Guide to Important Transaction Codes</h3>
When it comes to transactions, <a href="https://www.benzinga.com/money/investing-tools">investors</a> tend to focus on those in the open market, detailed in Table I of the Form 4 filing. A P in Box 3 denotes a purchase, while S indicates a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0000854775">Check Out The Full List Of Digi Intl's Insider Trades.</a>
Insider Buying Alert: Profit from C-Suite Moves
Benzinga Edge reveals every insider trade in real-time. Don't miss the next big stock move driven by insider confidence. Unlock this ultimate sentiment indicator now. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22in8&amp;utm_source=benzinga-insights">Click here for access</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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At Digi Intl, David Sampsell Chooses To Exercise Options, Resulting In $377K

Digi International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGII#NASDAQ">DGII</a>) reported better-than-expected fourth-quarter financial <a href="https://www.benzinga.com/quote/DGII/earnings">results on Wednesday</a>.
Digi Intl reported quarterly earnings of 52 cents per share which beat the analyst consensus estimate of 50 cents per share. The company reported quarterly sales of $105.00 million which beat the analyst consensus estimate of $104.08 million.
&#8220;The Digi team delivered an impressive fiscal 2024 performance in soft industrial economic conditions. As the market seeks to gain increased efficiencies, our customers increasingly appreciate entrusting their value-added IoT solutions to Digi, as evidenced by our record ARR which represents approximately 27% of revenues,&#8221; stated Ron Konezny, President and CEO. &#8220;We continue to hit our objectives as we make the discovery of our solutions easier for the channel and end users with the advent of offerings like Digi 360. In addition, we lowered inventory levels, generated cash and paid down debt to strengthen our balance sheet. We remain confident in our customer centric solutions strategy and the long-term opportunity for Digi.&#8221;
Digi International said it sees first-quarter revenue of $102 million to $106 million and adjusted earnings of 46 to 50 cents per share.
Digi International shares closed at $31.97 on Wednesday.
These analysts made changes to their price targets on Digi International following earnings announcement.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5a09e167efacff00012b1912/james-fish">Piper Sandler analyst James Fish </a>maintained Digi Intl with a Neutral and raised the price target from $26 to $32.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58b96e16b85e930001592a0e/anthony-stoss">Craig-Hallum analyst Anthony Stoss</a> downgraded Digi Intl from Buy to Hold and raised the price target from $28 to $32.</li>
</ul>
Considering buying DGII stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="502" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14093839/image-158-1024x502.png" alt="" class="wp-image-648113" style="width:532px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14093839/image-158-1024x502.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14093839/image-158-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14093839/image-158-768x377.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/14093839/image-158.png 1237w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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</ul>

Earnings

Price Target

Analyst Ratings

These Analysts Increase Their Forecasts On Digi International Following Upbeat Earnings

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Craig-Hallum boosted the price target for Digi International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGII#NASDAQ">DGII</a>) from $28 to $32. Craig-Hallum analyst Anthony Stoss downgraded the stock from Buy to Hold. Digi International shares closed at $31.97 on Wednesday. <a href="https://www.benzinga.com/quote/DGII/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Morgan Stanley boosted the price target for Cisco Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) from $58 to $62. Morgan Stanley analyst Meta Marshall maintained an Overweight rating. Cisco shares closed at $59.18 on Wednesday. <a href="https://www.benzinga.com/quote/CSCO/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>BMO Capital raised Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) price target from $550 to $565. BMO Capital analyst Rufus Hone maintained an Outperform rating. Mastercard shares settled at $521.88 on Wednesday. <a href="https://www.benzinga.com/quote/MA/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Baird increased Spire Global, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPIR#NYSE">SPIR</a>) price target from $9 to $16. Baird analyst Jeffrey Meuler maintained a Neutral rating. Spire Global shares closed at $13.45 on Wednesday. <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Susquehanna cut Occidental Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) price target from $77 to $65. Susquehanna analyst Biju Perincheril maintained a Positive rating. Occidental Petroleum shares closed at $51.12 on Wednesday.  <a href="https://www.benzinga.com/quote/OXY/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Susquehanna boosted NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) price target from $160 to $180. Susquehanna analyst Christopher Rolland maintained a Positive rating. Nvidia shares closed at $146.27 on Wednesday. <a href="https://www.benzinga.com/quote/NVDA/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Jefferies increased the price target for Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) from $195 to $300. Jefferies analyst Philippe Houchois maintained a Hold rating. Tesla shares settled at $330.24 on Wednesday. <a href="https://www.benzinga.com/quote/TSLA/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Piper Sandler boosted Coterra Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTRA#NYSE">CTRA</a>) price target from $32 to $35. Piper Sandler analyst Mark Lear maintained an Overweight rating. Coterra Energy shares closed at $25.61 on Wednesday. <a href="https://www.benzinga.com/quote/CTRA/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>B of A Securities raised the price target for Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>) from $220 to $240. B of A Securities analyst Andrew Obin maintained a Neutral rating. Honeywell shares closed at $233.07 on Wednesday. <a href="https://www.benzinga.com/quote/HON/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Needham increased Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) price target from $210 to $250. Needham analyst Laura Martin maintained a Buy rating. Amazon shares closed at $214.10 on Wednesday. <a href="https://www.benzinga.com/quote/AMZN/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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<li><a href="https://www.benzinga.com/news/earnings/24/11/41962884/us-stocks-settle-mixed-following-inflation-data-investor-sentiment-improves-but-fear-index-remains-in-greed-zone">US Stocks Settle Mixed Following Inflation Data: Investor Sentiment Improves, But Fear Index Remains In &#8216;Greed&#8217; Zone</a></li>
</ul>

Pre-Market Outlook

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Nvidia To Rally Around 23%? Here Are 10 Top Analyst Forecasts For Thursday

Craig-Hallum analyst Anthony Stoss downgrades Digi Intl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGII#NASDAQ">DGII</a>) from Buy to Hold and raises the price target from $28 to $32.

Downgrades

Craig-Hallum Downgrades Digi Intl to Hold, Raises Price Target to $32

Piper Sandler analyst James Fish maintains Digi Intl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGII#NASDAQ">DGII</a>) with a Neutral and raises the price target from $26 to $32.

Piper Sandler Maintains Neutral on Digi Intl, Raises Price Target to $32

WIIM

Digi International shares are trading higher after the company reported better-than-expected Q4 financial results.

Guidance

Digi International Sees Q1 2025 Adj. EPS $0.46-$0.50 Vs $0.50 Estimate

Digi International Sees Q1 2025 Revenue $102M-$106M Vs $105.98M Estimate; Sees Adj. EBITDA $24M-$25.5M

Digi Intl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGII#NASDAQ">DGII</a>) reported quarterly earnings of $0.52 per share which beat the analyst consensus estimate of $0.50 by 4 percent. The company reported quarterly sales of $105.00 million which beat the analyst consensus estimate of $104.08 million by 0.89 percent. This is a 6.39 percent decrease over sales of $112.16 million the same period last year.

Earnings Beats

Digi Intl Q4 2024 Adj EPS $0.52 Beats $0.50 Estimate, Sales $105.00M Beat $104.08M Estimate

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Earnings Scheduled For November 13, 2024

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Shares of companies within the broader technology sector are trading higher in sympathy with overall market strength after Donald Trump was elected president of the United States.

Craig-Hallum analyst Anthony Stoss maintains Digi Intl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGII#NASDAQ">DGII</a>) with a Buy and lowers the price target from $32 to $28.

Craig-Hallum Maintains Buy on Digi Intl, Lowers Price Target to $28

New enhancement reinforces IoT leader's commitment to delivering flexible, reliable and scalable solutions for customers
Digi International, (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGII#NASDAQ">DGII</a>, <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;amp, , %20url=https%3A%2F%2Fwww.digi.com%2F&amp;amp, , %20esheet=54104863&amp;amp, , %20newsitemid=20240808660122&amp;amp, , %20lan=en-US&amp;amp, , %20anchor=www.digi.com&amp;amp, , %20index=1&amp;amp, , %20md5=c2b26f04ac44525ea7d6da3aa512d62e">www.digi.com</a>)))), a leading global provider of Internet of Things (IoT) connectivity products and services, today announced new and expanded support for Linux and improved Microsoft Windows functionality with its USB connectivity solution, <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.digi.com%2Fproducts%2Fnetworking%2Finfrastructure-management%2Fusb-connectivity%2Fusb-over-ip%2Fanywhereusb&amp;esheet=54104863&amp;newsitemid=20240808660122&amp;lan=en-US&amp;anchor=Digi+AnywhereUSB%26%23174%3B+Plus&amp;index=2&amp;md5=92a64e2b6085441479d42f0aab4f4366">Digi AnywhereUSB&#xAE; Plus</a>.

Digi International Announces Expanded Support For Linux And Windows With Digi AnywhereUSB Plus

Piper Sandler analyst Harsh Kumar maintains Digi Intl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGII#NASDAQ">DGII</a>) with a Neutral and lowers the price target from $27 to $26.

Piper Sandler Maintains Neutral on Digi Intl, Lowers Price Target to $26

Fourth Fiscal Quarter 2024 Guidance
Digi remains steadfast in achieving our new long term strategic goals of doubling ARR and Adjusted EBITDA to $200 million within the next five years. Digi's resilient execution in a large and growing Industrial Internet of Things market has stayed consistent. Our outlook on ARR growth for fiscal 2024 improves to greater than 5%. While pleased with our year-to-date results, we find our customers remain cautious on demand. For fiscal 2024, our Adjusted EBITDA is expected to be up approximately 1%, with revenue projection to be down approximately 5% year over year. This is in line with the fiscal guidance previously provided. The macroeconomic conditions have us uncertain as to when, and to what degree, sales cycles will return to more normal conditions.
For the fourth fiscal quarter, revenues are estimated to be $102 million to $106 million. Adjusted EBITDA is estimated to be between $24.5 million and $26.0 million. Adjusted net income per share is anticipated to be between $0.48 and $0.52 per diluted share, assuming a weighted average diluted share count of 37.5 million shares.
We provide guidance or longer-term targets for Adjusted net income per share as well as Adjusted EBITDA targets on a non-GAAP basis. We do not reconcile these items to their most similar U.S. GAAP measure as it is difficult to predict without unreasonable efforts numerous items that include but are not limited to the impact of foreign exchange translation, restructuring, interest and certain tax related events. Given the uncertainty, any of these items could have a significant impact on U.S. GAAP results.

Digi International Sees Q4 EPS $0.48-$0.52 Vs $0.51 Est.; Revenue $102M-$106M Vs $103.68M Est.; Sees FY24 Revenue Projection To Be Down ~5% YoY

Digi Intl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGII#NASDAQ">DGII</a>) reported quarterly earnings of $0.50 per share which beat the analyst consensus estimate of $0.49 by 2.04 percent. This is unchanged from the same period last year. The company reported quarterly sales of $105.20 million which missed the analyst consensus estimate of $105.60 million by 0.38 percent. This is a 6.27 percent decrease over sales of $112.24 million the same period last year.

Earnings Misses

Digi Intl Q3 Adj $0.50 Beats $0.49 Estimate, Sales $105.20M Miss $105.60M Estimate

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Shares of companies within the broader tech sector are trading lower amid concerns over the US economy.

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