These Tech Stocks Are Garnering Investors’ Attention This Week
Over the past few years, tech stocks have consistently been a sound investment in the stock market. And the reason is simple, everyone knows that tech companies hold the key to our future. Many tech stocks may appear overvalued but this does not sway investors away completely. While there are many things that we have learned in the past year due to the pandemic, one glaring fact is that we would struggle to survive without the interconnectivity that technology has provided us. However, due to reasons such as higher interest rates, inflation, and rotation into reopening stocks, tech stocks may be losing some of their luster. But the question is, should they be?
If you think of the largest companies in the stock market, those in the trillions are all tech companies. These include household names such as Apple (NASDAQ: AAPL), Amazon.com (NASDAQ: AMZN), Microsoft (NASDAQ: MSFT), and Alphabet (NASDAQ: GOOGL). So should this current spell of weakness within the industry be a deterrent long term? Probably not. Chances are, if you invest in the right tech companies, you would likely be in a good position long term. So, here are four top tech stocks that investors are watching out for in the stock market today.
Top Tech Stocks To Watch This Week
- UiPath Inc (NYSE: PATH)
- NVIDIA Corporation (NASDAQ: NVDA)
- Snowflake Inc (NYSE: SNOW)
- Agilent Technologies Inc (NYSE: A)
UiPath Inc
First up, we have an enterprise automation software company, UiPath. It offers an end-to-end platform for automation, combining Robotic Process Automation (RPA) solutions with a suite of capabilities that enable every organization to scale digital business capabilities. The company aims to have a robot for every person, hoping to transform the way humans work. If you have been following the company, you would’ve known that PATH stock has only gone public on April 21.
Since then, the stock has been up by over 20%. Last week, the company announced the launch of the first automation school in Ireland to educate the next generation of the country’s workforce on automation. This initiative would teach the skills required to develop software robots to automate repetitive tasks. Hence, it allows people to work strategically and express their creativity.
The company is set to report its fiscal first-quarter 2022 financial results on June 8. This would then provide a clearer indication for investors of the direction of the company. So if you are a keen believer in robotics influencing our lives in the future, would investing in one of the leaders in the industry not be enticing? PATH stock seems to fit the bill and could be an investment opportunity at this price.
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NVIDIA Corporation
Nvidia is a multinational tech company that is based in Santa Clara, California. The company essentially designs graphics processing units (GPUs) for the gaming and professional markets, system-on-chip units (SoCs) for the mobile computing and automotive markets, and also focuses on artificial intelligence (AI). The company’s pioneering work in accelerated computing and AI is reshaping trillion-dollar industries. This would include transportation, healthcare, and manufacturing.
Nvidia will be reporting its first-quarter financials this week. Analysts at Baird Equity maintain a buy rating on the stock and said “Nvidia is poised to dominate AI computing, the most transformational technology of our era”. Chips for mining cryptocurrency, as well as the company’s AI unit, will be key growth drivers ahead of its earnings report.
Last Friday, the company also announced a four-for-one stock split, which will require stockholder approval at its 2021 Annual Meeting of Stockholders next month. Nvidia stock has risen by almost 10% over the past week. Could this be a sign of investors showing optimism concerning the upcoming earnings report? If you share the same sentiment, could this be the right time to load up on NVDA stock?
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Snowflake Inc
Next on the list, we have the cloud data platform provider, Snowflake. The company’s platform enables customers to consolidate data into a single source. Essentially, this would help provide crucial business insights and build data-driven applications. Snowflake is often credited with reviving the data warehouse industry by building and perfecting a cloud-based data platform.
Financially, it has also been quite impressive. Back in March, the company reported its fourth-quarter and full-year financials for fiscal 2021. Snowflake posted revenue of $190.5 million for the quarter, up by 117% year-over-year. Not only that, it now also has 4,139 total customers, a 73% growth over the past year. All this coupled with a raised price target from $270 to $275 by Goldman Sachs analyst Kash Rangan where he upgraded SNOW stock from Neutral to Buy could boost the confidence of investors even more.
Investors will be on the lookout for its upcoming earnings report on May 26 and so should you. After all, we are starting to see some price action in the right direction in the past two weeks after a disappointing year for the company stock. Should the company post another impressive quarter, this could be a turning point for its company stock. Hence, would you consider SNOW stock to be a classic buy-on-dip opportunity?
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Agilent Technologies Inc
Agilent Technologies is a leader in life sciences, diagnostics, and applied chemical markets. The company provides application-focused solutions that include instruments, software, services, and consumables for the entire laboratory workflow. It mainly focuses its expertise on six key markets: Food, Environmental and Forensics, Pharmaceutical, Diagnostics, Chemical and Energy, and lastly, Research. The company’s stock has been on a healthy incline for the past year. It has risen over 55% during this period.
As some of you may be aware, the company is scheduled to release its second-quarter earnings report after market close on Tuesday. To have an idea of the company’s financials, let us have a look at its first-quarter financial report. In that quarter, Agilent posted revenues of $1.55 billion, an increase of 14%. Also, net income increased by a whopping 46% to $288 million.
In April, the company completed the acquisition of Resolution Bioscience. This would complement and expand Agilent’s capabilities in next-generation sequencing-based cancer diagnostics. Furthermore, it would provide the company with the technology to further serve the needs of the fast-growing precision medicine market. With that in mind, would you consider buying A stock?
