It was a fight to the finish for the Facebook (FB, $38.23) underwriters to keep the stock above its IPO price of $38. After opening at $42.05 and quickly trading up to a high of $45, Facebook shares started heading lower, twice testing the $38 level, first in the morning and then during the final half hour. After all the hype, it would have been quite embarrassing if Facebook turned into a Busted IPO (trading below its initial offer price) in its first session. Of course, there’s always Monday.

Facebook (FB, $40.05) opened for trading at $42.05, just 10.6% above the IPO price of $38. The current market cap is $109.8 billion.

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See the May 2012 Table of Contents and order the issue here.

RW Baird raises its Salesforce.com (CRM, $142.60 pre market) price target to $175 from $155 following last night’s strong fiscal Q1 showing.

Per-share earnings of 37 cents beat the consensus estimate by three cents on revenue of $695 million (+38% year over year), above the consensus of $678.2 million.  Cash flow from operations jumped 52% year over year (the strongest FQ1 cash flow growth ever) to $213 million.

For fiscal 2013 (Jan.), Salesforce.com now sees revenue of $2.97 billion to $3 billion, up from previous guidance of $2.92 billion to $2.95 billion.

Facebook (FB) prices its IPO at $38 a share (at the high end of the upwardly revised range of $34 to $38), meaning the initial market cap will be $104 billion. Trading begins tomorrow.

The 17.5% pullback in Apple (AAPL, $531.25) shares from the recent high of $644 has brought the company’s market cap back below $500 billion. On continued weakness, traders will be watching the March low of $516.22.

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In Q1, Jennison Associates ($77 billion in long equity assets/24% tech weighting) nearly doubled its holdings in LinkedIn (LNKD, $108.91) with the purchase of 3.49 million shares. The money manager now holds 7.13 million shares and is the #2 LinkedIn investor behind T. Rowe Price, which owns 7.67 million shares. Jennison was the biggest buyer of LinkedIn shares in the March quarter.

Stephens starts coverage of Citrix Systems (CTXS, $77.61) at ‘Overweight’ with a price target of $96 based on the company’s growth prospects in desktop virtualization and ramping demand for the NetScaler ADC product line.

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See the May 2012 Table of Contents and order the issue here.

In Q1, Fidelity added 11.73 million shares of Qualcomm (QCOM, $60.63), bringing its total position up to 81.91 million shares. Fidelity was the biggest buyer of Qualcomm shares in the March quarter and is the #1 investor in the company.

The largest new position in Qualcomm was initiated by Appaloosa Management, which picked up 1.51 million shares.

Goldman this week added NetSuite (N, $42.91) to its ‘Conviction Buy’ list with a price target of $55, saying the recent sell-off in the stock has created a buying opportunity for this SaaS leader. NetSuite shares are down from the recent 52-week high of $51.78.

For more on NetSuite, see the May 2012 issue of Tech-Stock Prospector. Read the latest issue on your Kindle or Kindle for iPad/iPhone reading app by ordering it here.

Juniper Networks (JNPR, $17.67) was among the largest new investments made in Q1 by Turner Investment Partners, a tech-focused shop (31% weighting) with more than $10 billion in long equity assets. Turner added 2.74 million shares of Juniper in the March quarter.

Production is set to begin next month for 4-inch screens designed for the upcoming Apple (AAPL, $553.17) iPhone 5, according to The WSJ. Smartphones are moving to larger screens (the Samsung Galaxy S III will feature a 4..8-inch screen when it debuts this month in Europe), so Apple is looking to increase the size of the iPhone screen from 3.5 inches.

Zynga (ZNGA, $8.56) shares jumped 7.6% today on heavy volume of 34.1 million shares, 94% above average daily volume. This is the highest volume since May 1, when 41 million shares changed hands. After hitting a high of $15.91 on March 2, the stock traded down to a low of $7.34. Some traders are playing Zynga for a rebound into the Facebook (FB) IPO.

Apple (AAPL, $559.06) shares have given up all of the gains achieved following the March quarter earnings report.

Investors are concerned about a lull in iPhone sales ahead of the launch of the new handset later this year. Indeed, Sterne Agee this morning trimmed its iPhone forecast for the June quarter to 27 million units from 28 million units to reflect reduced production ahead of the refresh likely in the September to October period.

For more on Apple’s next growth phase, check out the May 2012 issue of Tech-Stock Prospector. Read the latest issue on your Kindle or Kindle for iPad/iPhone reading app by ordering it here.

Facebook (FB) raises its IPO price range to $34 to $38 from the previous range of $28 to $35. At the high end of the new range, the company would be valued at $104 billion out of the gate.

BofA/Merrill upgrades Juniper Networks (JNPR, $17.57) to ‘Buy’ with a price target of $25 based on valuation, new product launches and potential improvements in carrier spending.

According to a report from CNN Money, Facebook (FB) may raise its expected IPO price range to $35-$40 from $28-$35 because of strong initial demand.

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See the May 2012 Table of Contents and order the issue here.

Goldman upgrades Ultimate Software (ULTI, $79.39), a provider of cloud-based talent management software, to ‘Buy’ with a price target of $100, saying sector spending trends are positive and the company is winning some big deals.

Jefferies says its latest round of fiscal Q1 channel checks for Salesforce.com (CRM, $137.78) came back positive. The firm thinks Salesforce continues to benefit from the broad move to SaaS in the enterprise. Jefferies has a $170 price target on CRM. Earnings are out on Thursday.

Read the latest issue of Tech-Stock Prospector on your Amazon Kindle or Kindle for iPad/iPhone reading app.

Order the May 2012 issue here.

Here are some of the topics covered in the new issue:

*The next growth phase for Apple

*Cloud-software earnings shine

*NetSuite gains enterprise traction

*Ultimate Software partners with Yammer

*Accelerating growth at Concur Technologies

*A top growth play in networking security

*Ariba arrives again

*Competition heats up between Qlik & Tibco

*Zynga proves tough to value

*F5 Networks builds momentum in wireless

*4 positive catalysts for Intel

*Acme Packet hopes for a second-half recovery

*Fusion-IO speeds up the datacenter

*There’s value in the desktop at Citrix Systems

*Splunk knows its way around machine data

*TSP Deal Report: Constant Contact

LinkedIn (LNKD, $107.20) shares could be vulnerable after the lack of follow-through on the recent rally. Traders will be watching Tuesday’s low of $101.53 and the 200-day moving average at $100.56 for support. For now, the May 4 high at $120.63 looks like a pivot. There is downside risk to the $96 level.

Pacific Crest thinks the pullback in Salesforce.com (CRM, $136.15) shares is overdone, saying its industry checks suggest fiscal Q1 (April) showed good upside and that the company should benefit from revenue recognition associated with the mega insurance deal announced last quarter.

The stock is down from its May 3 high of $163.50, falling 9% yesterday following Cisco’s cautious comments on enterprise spending.

Read the latest issue of Tech-Stock Prospector on your Amazon Kindle or Kindle for iPad/iPhone reading app.

Check out the May 2012 Table of Contents and order the issue here:

Juniper Networks (JNPR, $17.96) shares are off more than 5% today following last night’s cautious comments regarding the tech-spending environment made by John Chambers on the Cisco Systems (CSCO, $17.09) earnings call. The stock took out the December low of $18.05.

Chambers had one positive thing to say on last night’s Cisco Systems (CSCO, $17.19) fiscal Q3 earnings call:

The acceleration of the datacenter and specifically the UCS business, years ahead of our competition, is just one example where we grew Q3 revenue over 50% -- 57% year-over-year for the UCS business, while each of our top 2 data center competitors had flat or negative growth in their service business in the most recent quarter.

Our results from the datacenter over the last year are an example of our history of seeing market trends early and having the ability to react quickly, both technologically as well as operationally. We have done what we said we would do and position the company for long-term growth and shareholder value, and we continue to do the work internally to position the company going forward.

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LinkedIn (LNKD, $112.96) shares dipped to a low of $101.53 during yesterday’s sell-off, then came roaring back to close in the green. The stock is showing relative strength again today, recovering from a drop to $108.

Needham starts coverage of Cornerstone OnDemand (CSOD, $18.68), a provider of talent management solutions, at ‘Buy’ with a price target of $25 based on the company’s strong competitive position in a fast-growing market.

The firm points out that institutional investors should begin looking at this name after the recent high-profile acquisitions of competitors Taleo and SuccessFactors.

The May 2012 PDF of Tech-Stock Prospector has been posted to the website (subscription required).

Here are some of the topics covered in the latest issue:

*The next growth phase for Apple

*Cloud-software earnings shine

*NetSuite gains enterprise traction

*Ultimate Software partners with Yammer

*Accelerating growth at Concur Technologies

*A top growth play in networking security

*Ariba arrives again

*Competition heats up between Qlik & Tibco

*Zynga proves tough to value

*F5 Networks builds momentum in wireless

*4 positive catalysts for Intel

*Acme Packet hopes for a second-half recovery

*Fusion-IO speeds up the datacenter

*There’s value in the desktop at Citrix Systems

*Splunk knows its way around machine data

*TSP Deal Report: Constant Contact

Contact TSP Customer Support at 800-392-0998 for more information or to sign up for a subscription.

BMO Capital raises its MicroStrategy (MSTR, $146.26) price target to $180 from $160, saying the latest earnings report showed improved expense management, which bodes well for 2012 profitability.

The firm notes that growth in North America and EMEA was solid in the March quarter and that big-deal metrics picked up nicely.

For more on MicroStrategy, see TechStock Radar—May 3, 2012.

Shares of storage-software vendor CommVault Systems (CVLT, $54 pre market) are up 6% in pre-market trading after the company reports fiscal Q4 (March) EPS of 29 cents, three cents above the consensus estimate, on revenue of $114 million (+27% year over year), vs. the consensus of $106.1 million.

Software revenue increased 34% on a record number of enterprise software deals (transactions greater than $100K) and strong demand across all geographies.

For fiscal 2012, revenue rose 29% to $406.6 million.

Read the latest issue of Tech-Stock Prospector on your Amazon Kindle or your Kindle for iPad/iPhone reading app.

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Intel (INTC, $27.76) raises its quarterly dividend by 7% to 22.5 cents. With the annual dividend up to 90 cents, the stock now yields 3.2%.

Facebook (FB) has not even gone public yet, but Wedbush Securities has started coverage at ’Outperform’ with a price target of $44, saying it sees an increased user base driving an increased advertising revenue share. The firm emphasizes that mobile advertising will be a key growth driver. Facebook is expected to price its IPO at $28 to $35 on May 17.

Today was a nasty day. With the Nasdaq Composite sinking 2.2%, here is a sampling of some tech stocks that did not do so poorly (some even rose!):

*LinkedIn (LNKD, $117.30) +7.2%

*Yelp (YELP, $21.30) +3.2%

*Cavium (CAVM, $25.94) +2.1%

*Brightcove (BCOV, $19.31) +1.6%

*Imperva (IMPV, $35.33) +0.4%

*Ultimate Software (ULTI, $76.43) unch

*NetApp (NTAP, $38.42) -0.16%

*SolarWinds (SWI, $47.11) -0.17%

*Jive Software (JIVE, $22.98) -0.3%

*Equinix (EQIX, $158.94) -0.6%

*Zillow (Z, $40.11) -0.7%

*Concur Technologies (CNQR, $63.36) -0.8%

Read the latest issue of Tech-Stock Prospector on your Amazon Kindle or your Kindle for iPad/iPhone reading app.

Order the April 2012 issue here.

I have added a new name to the TSP Deal Report Target List. Subscribers should check their inbox for the weekly email.

TSP Deal Report is a premium weekly email service covering tech M&A and IPOs. Each report includes an updated Target List of likely tech takeover candidates.

Contact TSP Customer Service at 800-392-0998 for pricing information and more details.

Stifel Nicolaus resumes coverage of Citrix Systems (CTXS, $85.43) at ‘Buy’ with a price target of $100 based on reinvigorated growth in the desktop division and accelerated demand for the company’s networking products thanks to pull-in sales from VDI installations.

LinkedIn (LNKD, $118.33 after hours) turns in a stellar Q1 and raises 2012 guidance, sending the shares up more than 8% in after-hours trading.

Revenue rose 100.7% year over year to $188.5 million, above the consensus estimate of $178.6 million, and EPS of 15 cents topped the consensus by six cents. The company now has 161 million members, up from 145 million at the end of 2011.

The Hiring Solutions unit (54% of total revenue) saw 121% revenue growth, while Marketing Solutions revenue (26% of total) rose 73%. Premium Subscriptions (20% of total) revenue growth accelerated to 91% from 87% in Q4.

For Q2, LinkedIn sees revenue of $210 million to $215 million, above the consensus of $207.9 million.

The new 2012 revenue guidance range: $880 million to $900 million, vs. previous guidance of $840 million to $860 million and the consensus of $876.8 million.

Read the latest issue of Tech-Stock Prospector on your Amazon Kindle or your Kindle for iPad/iPhone reading app.

Order the April 2012 issue here.

Shares of MicroStrategy (MSTR, $157.05) are up more than 10% this morning after the BI software vendor reported revenue for the March quarter of $145.1 million, above the consensus estimate of $140.5 million. Product license revenue advanced 37% to $37.5 million.

In the latest quarter, the company released the newest version of MicroStrategy Mobile for iPad and iPhone, delivering enhanced integration with Apple’s AirPlay feature and improved collaboration capabilities.

Credit Suisse upgrades Salesforce.com (CRM, $162.99) to ‘Outperform’ with a price target of $185 based on the company’s growth potential as organizations expand and upgrade their CRM applications.

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Shares of Imperva (IMPV, $34), a provider of datacenter security solutions, have come down hard from the April 18 high of $42.41 ahead of Q1 results tomorrow.

The consensus estimates for the March quarter: a loss of 13 cents a share on revenue of $20.7 million. Revenue guidance for Q1: $20.5 million to $21 million. In Q4, the company reported revenue of $23.3 million (+37.7% year over year), above the consensus of $21.8 million.

Imperva is a recent IPO from November. The stock opened for trading at $23 from an IPO price of $18.

For more on Imperva, see TechStock Radar—November 9, 2011.

The Facebook IPO roadshow is expected to kick off on May 7 and the stock could begin trading as early as May 18, according to Reuters.

Some traders are looking at Zynga (ZNGA, $8.71) as a play into the Facebook IPO. Zynga shares have come down from the March 2 high of $15.91 in part on concerns about the recent OMGPOP acquisition.

Broadcom (BRCM, $36.71) reports Q1 EPS of 65 cents, 10 cents above the consensus estimate, on revenue of $1.83 billion (including $33 million from the NetLogic acquisition), vs. the consensus of $1.78 billion.

Revenue from the company’s broadband communications unit fell 3% sequentially (better than normal seasonality), while revenue from the mobile/wireless unit was flat sequentially. Infrastructure & networking revenue was down 3% sequentially excluding NetLogic.

In the wireless segment, revenue from 3G basebands exceeded 2G baseband revenue one quarter ahead of expectations; management is “feeling significantly better about the 3G business” and expects sequential growth in Q2.

On the networking side, management looks for improved carrier spending into the end of the year. This business unit should see a sequential revenue improvement for the June quarter.

For Q2, Broadcom guided revenue to a range of $1.9 billion to $2 billion, vs. the consensus of $1.97 billion.

Read the latest issue of Tech-Stock Prospector on your Amazon Kindle or your Kindle for iPad/iPhone reading app.

Order the April 2012 issue here.

Sourcefire (FIRE, $57.17) shares are surging more than 12% following last night’s Q1 earnings report, hitting a new high at $57.95. Management lifted 2012 revenue growth guidance to 25% from 20% because of strong demand for Sourcefire’s core IPS solutions and an improved outlook for the U.S. federal business. Growth from the new next-generation firewall should begin to really kick in next year. Stifel Nicolaus raises its Sourcefire price target to $64 from $46.

Intel (INTC, $28.85) shares this morning hit a new 52-week high at $28.86. The stock is up nearly 19% so far this year. The RSI is rising from 63.5.