BMO Capital raises its Palo Alto Networks (PANW, $210.51) price target to $220 from $190, saying it expects product sales to continue to benefit from the company’s major appliance refresh.

Palo Alto shares yesterday hit a new all-time high at $211.29.

Jefferies raises its Salesforce (CRM, $129.30) price target to $155 from $140 following the release of solid FQ1 results. 

The largest transaction in company history and the largest-ever public sector deal were highlights in what is typically a seasonally slow quarter, says the firm.

Salesforce (CRM, $130.77) shares this morning hit a new all-time high at $132.55 after the company last night delivered above-consensus FQ1 (April) results.

EPS of 74 cents (excluding a special gain of 22 cents), beat the consensus estimate by six cents. Revenue rose 25% to $3.01 billion, above the consensus of $2.94 billion.

For FY’19, Salesforce now expects revenue of $13.075 billion to $13.125 billion, above the previous guidance range of $12.6 billion to $12.65 billion.

Barclays raises its Palo Alto Networks (PANW, $210.56) price target to $235 from $206 ahead of the release of FQ3 results on June 4. 

While some investors are nervous going into the earning report because of the stock’s recent run, the firm believes Palo Alto’s key growth drivers remain in place.

Last week, PANW hit a new all-time high at $211.27.

Pivotal Research starts Spotify (SPOT, $155.73) at ‘Buy’ with a price target of $200, calling the company the clear global leader in premium music streaming. The competitive environment is basically a two-horse race with Apple (AAPL), says the firm.

Pivotal sees a healthy growth trajectory for Spotify, as it forecasts a significant percentage of consumers will move to a subscription-streaming model for music consumption. 

MKM Partners raises its Amazon (AMZN, $1,601) price target to $1,840 from $1,750, saying the company continues to become “the storefront for a meaningful portion of the retail industry.”

The firm sees other growth opportunities—including advertising and possibly payments—as well as potential expansion into sales of business supplies and pharmaceuticals.

Stifel upgrades PayPal (PYPL, $81.02) to ‘Buy’ with a price target of $99, saying it believes the company is in the early stages of transforming itself into a global payments platform from an online checkout company.

Stifel believes the company’s consumer-focused initiatives and newer geographies should support a longer-term growth profile.

The firm notes that PayPal during its analyst day raised its medium-term outlook for revenue growth and operating margin.

Jefferies raises its Splunk (SPLK, $113.77) price target to $136 from $115 following the release of above-consensus fiscal Q1 (April) results, driven by strong performances from security and international, as well as encouraging early traction on newer products.

The firm views Splunk as a “unique asset that represents the best way to play Big Data.”

Bernstein reiterates its Microsoft (MSFT, $98.66) price target of $123, saying it expects the stock to continue to work as the company is expected to continue to deliver beat-and-raise quarters through FY’19.

The firm believes Microsoft is aggressively transforming itself, with the subscription and cloud migration re-accelerating revenue and EPS growth. Bernstein expects significant lift from Office migration and Azure.

DA Davidson starts Atlassian (TEAM, $62.94) at ‘Buy’ with a price target of $74, calling out the company’s “unique sales model and product strategy.” 

Atlassian relies on word-of-mouth “viral” adoption for its collaboration software rather than a direct sales force, thus is able to spend more on product development than its peers, says the firm.

Davidson notes that Atlassian is one software company that offers a good balance of growth and profitability.

Piper Jaffray maintains its Marvell Technology (MRVL, $22.01) price target of $28, saying its sees $10 million to $15 million of upside potential to Wall Street revenue estimates for the April quarter. Chipmaker Marvell reports FQ1 results on May 31.

Marvell is taking share in SSD, HDD and networking, says the firm. Given the momentum in the higher-margin segments of the business, Piper Jaffray believes there is margin and earnings upside to the April quarter.

RBC Capital raises its Square (SQ, $54.21) price target to $65 from $53 based on expectations for the company to deliver annual gross payment volume growth of 23.5% for the next 10 years, reaching ~4.1% of U.S. payment volume. 

The firm is also positive on Square’s international presence, with payment solutions in Canada, the UK, Australia and Japan.

Baird ups its Adobe Systems (ADBE, $241.18) price target to $260 from $240 following the announcement that the company is in a deal to purchase privately owned Magento Commerce for $1.68 billion. 

The firm says Magento is one of the leading e-commerce platforms, and that the acquisition fills a gap in Adobe’s Experience Cloud offering.

JP Morgan says Adobe has added the one thing missing in its product suite with its purchase of Magento, calling it a “robust e-commerce platform.” 

The acquisition brings a platform that Adobe can built on to satisfy its largest customers, as Magento provides a solution for the digital marketing side of the business, says the firm.

Morgan Stanley thinks the deal “puts more muscle” behind competition against Shopify (SHOP, $140.89), specifically the latter’s Shopify Plus offering. The firm thinks Shopify remains well-positioned in the near-term to continue taking share up-market, but sees the Adobe/Magento combination as a new long-term threat.

Shopify shares this morning are down 2.5%.

Citi starts DocuSign (DOCU, $42.98) at ‘Buy’ with a price target of $59, saying it sees a large opportunity for the company to offer online transaction services in a broad variety of vertical markets. The firm believes global spend on core eSignature solutions will reach $7 billion by 2025.

Morgan Stanley isn’t quite as bullish, initiating coverage at ‘Equal Weight’ with a target of $42. The firm believes DocuSign’s current upside is priced in at current levels.

Piper Jaffray raises its Workday (WDAY, $133.64) price target to $150 from $140, saying its partner checks suggest a solid FQ1 report, driven by some large HCM deal activity paired with an improving pipeline of financials deals. 

Monness Crespi & Hardt upgrades Hortonworks (HDP, $17.37) to ‘Buy’ with a price target of $25 based on an enterprise value/sales ratio of nearly 5.5x its 2019 revenue projection. 

The firm believes Hortonworks’ valuation gap (it’s trading at a discount to peers) can narrow as the year progresses.

RBC Capital says Microsoft (MSFT, $96.45) remains highly focused on driving growth and gross margin expansion at the Azure cloud service. In addition, the company sees sustainable growth and ARPU expansion for Office 365. RBC maintains its MSFT price target of $115.

Cowen initiates coverage of NVIDIA (NVDA, $247.71) at ‘Outperform’ with a price target of $325.

The firm believes NVIDIA’s transformation into a diverse parallel computing company from a PC-leveraged GPU supplier is complete. 

NVIDIA is now targeting the gaming, datacenter, professional visualization and autonomous driving markets.

In Q1, Capital World Investors was the biggest buyer of ServiceNow (NOW, $169.53), adding 5.1 million shares, representing a position increase of 54%.

The money manager now owns 14.53 million shares, making it the #3 holder behind T. Rowe Price and Vanguard.

ServiceNow shares have retreated from the all-time high of $182.59 reached on May 10, dipping to just above the 50-day moving average of $169.18.

Cloudera (CLDR, $15.98) shares have rebounded 27% from the April 10 low of $12.57. 

The stock is approaching the 50-day moving average at $16.73, but first would have to get through short-term resistance at $16.55.

The 200-day moving average is trading sideways from $17.13.

SunTrust ups its Electronic Arts (EA, $130.81) price target to $140 from $135 based on positive catalysts over the near term—including the start of the World Cup next month and the EA Play conference on June 10.

The firm’s longer-term bullish view is based on the following factors: margin benefits from the shift to digital gaming, growing popularity of e-sports and the company’s gaming pipeline.

At yesterday’s low of $106.95, volatile HubSpot (HUBS, $109.65) shares had pulled back 11% from last week’s high of $120.65. 

The stock, now back below its 50-day moving average of $110.40, has traded sideways since the middle of February. The all-time high of $124.45 was reached in March.

Loop Capital starts Spotify (SPOT, $156.49) at ‘Sell’ with a price target of $120, saying “the music oligopoly will make it difficult for music streaming to achieve the same margin as video.”

Bernstein still doubts that the Services unit at Apple (AAPL, $186.58) can sustainably grow at 20% without new services offerings, but it does now think the company can “hit its bogey of doubling Services to $49 billion by the end of FY’20.” The firm maintains its price target of $190.

Shares of chipmaker Marvell Technology (MRVL, $22.11) this morning pushed above the 50-day moving average, which is declining from $21.71.

There is resistance from April at $22.50 and $22.66.

The 200-day moving average continues to trend upward from $20.37.

Needham raises its NVIDIA (NVDA, $254.53) price target to $325 from $300, citing the size of the datacenter TAM (estimated at $50 billion by 2023, up from $30 billion in 2020) and long-term tailwinds in autonomous driving. 

The firm notes that the datacenter business is expected to represent 25% of total revenue by Q4.

Facebook (FB, $185.05) shares have made quite the short-term recovery, rebounding 24% from the late-March low of $149.02. 

The stock is trading back at the $186 resistance level from early March.

After turning downward in the middle of March, the 50-day moving average has begun to trend upward from $170.38.

Shares of Talend (TLND, $54.63) this morning are down more than 8% even though the provider of data integration software last night reported accelerated Q1 revenue growth and lifted 2018 guidance.

Revenue in the March quarter of $46.8 million beat the consensus estimate of $45.6 million, with  growth accelerating to 42% from 36% in Q4.

Ahead of the release of Q1 results, Talend shares yesterday traded to a new all-time high of $59.74.

After closing above the 50-day moving average of $1,065, shares of Alphabet (GOOGL, $1,105) have pushed through short-term resistance at $1,097. 

There’s a gap on the price chart between $1,119 and $1,131 from March that could be filled.

After surging 18.1% yesterday following a strong Q1 report, Twilio (TWLO, $54.68) shares this morning are seeing follow-on buying, gaining more than 4%. The stock hit a new 52-week high at $54.83.

The all-time high stands at $70.96 from September 2016.

Twilio is a holding in the Tech-Stock Prospector Small-Cap Portfolio, added in January 2017, at $27.56 a share.

CyberArk Software (CYBR, $59.50) shares this morning took out the September 2016 high of $59.28. The RSI is rising from 77.6.

The next major resistance level to watch is $64.30 from August 2015.

Shares of New Relic (NEWR, $89.68) this morning are up more than 16% after the provider of cloud-based application & infrastructure performance monitoring solutions reported strong FQ4 (March results).

Revenue in FQ4 rose 34% to $98.4 million, above the consensus estimate of $96.3 million. 

For FY’19, the company expects revenue of $452 million to $458 million, vs. the consensus of $450.3 million.

New Relic is a holding in the Tech-Stock Prospector Small-Cap Portfolio, added in May 2016 at $26.29. Just after today’s open, the stock hit a new all-time high at $91.62.

Workday (WDAY, $135.63) shares have pushed through short-term resistance at $133.56. The RSI is rising from 63.9.

The all-time high stands at $139.90 from early March.

Shares of Palo Alto Networks (PANW, $200) this morning crossed above the $200 level for the first time since July 2015, hitting a new 52-week high at $200.23.

The all-time high (from back in 2015) stands at $200.55.

Telsey Advisory initiates Amazon (AMZN, $1,604) at ‘Outperform’ with a price target of $1,900 because it believes the innovation and growth of the company’s voice-enabled shopping platform and related partnerships, as well as new media and advertising offerings, should drive future growth.

The firm expects the AWS unit to continue to outperform, supporting the company’s various retail initiatives. 

Craig-Hallum starts Cloudera (CLDR, $15.43) at ‘Buy’ with a price target of $20, saying it likes the company’s positioning in the large and growing data management and analytics markets. 

The firm thinks Cloudera management is making the right moves to try to improve margins and cash flow while sustaining 20% revenue growth.

Citi reduces its Arista Networks (ANET, $240.90) price target to $300 from $340, but sees the post-earnings weakness as a buying opportunity, saying the company’s modest revenue growth guidance for the remainder of 2018 is just a matter of managing expectations.

Deutsche Bank reiterates its ‘Sell’ rating on Arista, lowering its target to $180 from $195. The firm thinks Arista’s beat-and-raise track record is “starting to sputter,” saying the company has posted two quarters in a row of “lackluster” sales guidance and a sequential downtick in gross margin.

Shares of Arista Networks (ANET, $238.90), a provider of cloud networking solutions, this morning are down more than 10% on a disappointing growth & margin outlook. 

In Q1, Arista’s revenue rose 41%, with gross margin at 64.4%.

On the Q1 call last night, CFO Ita Brennan said for the remainder of the year “the mid-20s is a reasonable way to think about the growth rate.”

For Q2, the revenue guide of $500 million to $514 million came in slightly above the consensus of $505.6 million at the midpoint. Arista expects Q2 gross margin of 62% to 64%.

Shares of Zscaler (ZS, $27.09), a provider of cloud-based security services, this morning are down more than 9% after the company last night announced the resignation of COO William Welch.

Welch says he’s leaving to pursue career aspirations “to take on a more senior executive role at a leading technology company.”

The company says Welch’s departure had no impact on FQ3 results, which will be released in June.

Zscaler went public in March at $16 a share, with an opening trade at $27.50. The post-IPO high of $34.83 was reached on March 21.

Barclays upgrades NVIDIA (NVDA, $226.31) to ‘Overweight’ with a price target of $280 based on the company’s positioning in AI. 

The firm says NVIDIA brings “unparalleled scale” to AI. Barclays believes the company’s franchise is most durable in the datacenter, with some edge opportunities in autos and robots.

Facebook (FB, $177.11) shares have retaken the 200-day moving average at $174.23. The stock this morning pushed through recent resistance at $177.10. The RSI is rising from 61.6.

On the price chart, the gap from mid-March that runs up to $183.40 is the next area of focus.

RBC Capital reiterates its Apple (AAPL, $176.28) price target of $203, citing FQ2 (March) Services revenue growth of 31%. The firm says Apple may be able to sustain its revenue growth trajectory regardless of iPhone sales trends. The Services unit now accounts for 15% of total revenue.

JP Morgan starts Electronic Arts (EA, $117.98) at ‘Overweight’ with a price target of $150, saying the company is benefiting from the secular trends of increasing digital full-game downloads and expanded monetization of existing games. 

EA shares hit their all-time high of $131.13 on March 16.

Wedbush adds Facebook (FB, $172) to its Best Ideas List based on the belief that the company will be able to weather the recent controversy over data privacy. 

The firm expects Facebook to continue to invest in various initiatives to generate substantial EBITDA growth in the coming year.

Wedbush maintains its price target of $275.