However, the biggest story of the year thus far is perhaps the triumphant return of the initial public offerings (IPOs) within the technology industry. So far, the 26 tech IPOs this year have averaged a whopping 50% return, led by a number of cloud-software companies.
The biggest gainers include Zscaler (ZS), a cloud-based information security company, which is up 161% since March and Pluralsight (PS), an online education company for software developers, now up 123% since May.
Some of the more recognizable IPOs have also done well, including DocuSign (DOCU), Dropbox (DBX) and Sonos (SONO), the smart speaker company. While DocuSign’s price continues to show strength, Dropbox and Sonos have been in steady downtrends over the past 6 weeks.
There are three tech IPOs trading below their offer price this year, notably including Opera (OPRA), the nearly 25-year-old web browser company. Opera has made headlines in recent weeks by actively working to develop and integrate a cryptocurrency wallet system into its PC desktop browser.