Here Are Three Tech Stocks To Check Out In February 2022

With the recent volatility in the stock market, tech stocks have been among the hardest hit. Concerns of upcoming rate hikes appear to cause investors to shy away from this high growth sector. Nevertheless, with some of the major tech companies reporting strong results this earnings season, investors may find themselves returning to this segment of the stock market. Besides, some are also taking the opportunity to pick up tech names with strong fundamentals. 

Like it or not, we are living in a world where technology is a big part of how we live. Every day, there are new exciting developments that could potentially change the future. Take Meta (NASDAQ: FB) for example, it is now the latest tech company to build an AI supercomputer to train machine learning systems. Well, it also claims that it will be the world’s fastest machine of its type once it completes in mid-2022. In the past, other tech giants such as Microsoft (NASDAQ: MSFT) and Nvidia (NASDAQ: NVDA) have already announced their own supercomputers. So, could this lead to the next big technological breakthrough? Only time will tell. With all said and done, here are three of the top tech stocks in the stock market today. 

Tech Stocks To Buy [Or Avoid] In February 2022

Apple

Most people would likely know what Apple has to offer. From its iconic smartphones to tablets, and personal computers, the company’s products are widely used by many consumers. Furthermore, Apple offers services such as Cloud Services, Digital Content, and even Payment Services. So, it should not be surprising that the company stock is always in the discussion for being one of the top stocks in the tech sector. Now, AAPL stock appears to be in focus after an impressive quarterly report. 

The company started its fiscal 2022 with the highest-ever quarterly earnings and this has gotten investors excited. Its revenue came in at an all-time high record of $123.9 billion, representing an increase of 11% year-over-year. Meanwhile, its quarterly earnings per diluted share were $2.10 compared to $1.68 in the previous year’s quarter. Safe to say, this is a testament to the company’s excellence in producing an innovative lineup of products and services. To top it off, Apple believes that its sales would grow by a double-digit percentage in the March quarter. 

Furthermore, Apple also teased its metaverse ambitions as CEO Tim Cook discusses the expansion of its augmented reality (AR) apps. As of now, it has 14,000 AR apps on its App Store and the company believes this number will only escalate further. Not to mention, it is reportedly planning a new payment service that would allow small businesses to accept payments directly on their iPhones without any extra hardware. This has been a work in progress since 2020 when Apple paid about $100 million for a Canadian startup called Mobeewave which specializes in technology for smartphones to accept payments with the tap of a credit card. Given all these positive developments, would you consider adding AAPL stock to your portfolio?

top tech stocks (AAPL stock chart)
Source: TD Ameritrade TOS

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Intuit

Another global tech company that specializes in the financial services sector would be Intuit. In detail, it operates through three segments, Small Business & Self-Employed, Consumer, and Strategic Partner. The Small Business segment serves small businesses and the self-employed around the world. This includes QuickBooks financial and business management online services and desktop software, payroll solutions, and financing for small businesses. Despite a recent correction in the tech industry, INTU stock has still risen nearly 40% over the past year. 

Last week, Intuit announced Bill Negotiation in Mint. For those unaware, Mint is a personal financial management website and mobile app for the U.S. and Canada. In collaboration with ApexEdge’s Billshark, Mint suggests areas where users can save on monthly payments, and associates them with Billshark to negotiate rates on their behalf. With almost everything being on subscription now, it is difficult to keep track of payments and changing rates. Therefore, this service would benefit many consumers who are overpaying on monthly payments and subscriptions. 

Intuit is also not resting on its laurels. Recently, QuickBooks announced two new products that provide small businesses and their employees with faster access to their money. Hence, it would give them greater cash flow flexibility that allows them to build on their business momentum for success. With QuickBooks Get Paid Upfront, eligible QuickBooks Online customers can eliminate the wait to be paid on outstanding invoices and put their earned money to work faster. Meanwhile, QuickBooks Early Pay will provide eligible employees paid through QuickBooks Online Payroll with the option of instant access to money between paydays. Overall, some investors believe that the best is yet to come for INTU stock. With that said, do you share the same sentiment?

INTU stock chart
Source: TD Ameritrade TOS

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Xilinx

To sum up the list, we have the semiconductor giant, Xilinx. Essentially, the company engages in the design and development of programmable devices and associated technologies. These include integrated circuits (IC), three-dimensional ICs, and Adaptive Compute Acceleration Platform. Also, its highly-flexible programmable silicon drives rapid innovation across a wide span of industries and technologies. Recently, there have been plenty of exciting developments that are drawing the attention of investors. 

For starters, Xilinx announced its fiscal third-quarter earnings earlier this week. In detail, it announced record revenues of $1.01 billion for the quarter, representing 8% sequential growth and 26% year-over-year growth, despite ongoing industry-wide supply constraints. Out of which, the Data Center Group achieved record revenue with sequential growth of 28% and 81% year-over-year. In addition, its GAAP net income for the quarter was $300 million, or $1.19 per diluted share. All this goes to show the robust demand for its products and services as it ends another successful quarter.

On top of that, there was also news that China’s market regulator has conditionally approved Advanced Micro Devices Inc’s (NASDAQ: AMD) $35 billion all-stock deal for Xilinx. It appears that the deal will go through on the condition that AMD and Xilinx do not force tie-in sales of products and discriminate against customers that buy one set of products but not another. Should this be successful, it would put immense pressure on the likes of Intel (NASDAQ: INTC) in the market for data center chips. With that in mind, would you consider jumping on the XLNX stock bandwagon?

XLNX stock chart
Source: TD Ameritrade TOS

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