Are These The Best Tech Stocks For Your Portfolio Now?

With stocks on the rebound this earnings season, investors may be turning their attention towards tech stocks. Sure, high-growth tech stocks may not be the hottest area of the stock market today. Overall, this would be the case seeing as global economies continue to feel the impacts of the ongoing Ukraine-Russia war. However, it is important to note that the tech industry is wide and caters to a vast array of markets across the board.

On one hand, you have companies such as QuantumScape (NYSE: QS) developing lithium batteries for electric vehicles. On the other hand, the likes of Netflix (NASDAQ: NFLX) cater to consumers’ day-to-day needs. Speaking of Netflix, the company is set to report its latest quarterly figures after today’s closing bell. Accordingly, there would be no shortage of attention on the company’s shares now. Nevertheless, while tech stocks look to recover from year-to-date losses, some would argue that investors should not overlook the sector now.

At the same time, for investors looking toward more long-term stocks, there is plenty to consider in the tech space as well. For instance, organizations like Salesforce (NYSE: CRM) and Zendesk (NYSE: ZEN) provide customer relationship management services. Regarding their latest moves, Salesforce is bolstering its existing offerings with AI while Zendesk is considering a possible sale. Across the board, there seems to be plenty of exciting news coming from the tech world today. On that note, here are three more tech firms worth noting in the stock market now.

Tech Stocks To Buy [Or Avoid] Right Now

Plug Power Inc.

Starting us off today, we have Plug Power, a tech company that continues to build the hydrogen economy. It is a leading provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. In fact, the company created the first commercially viable market for HFC technology and has deployed over 50,000 fuel cell systems for e-mobility. Plug Power has also become one of the largest buyers of liquid nitrogen in the world. PLUG stock is up by over 5% on today’s opening bell.

This comes after it announced that it will be supplying up to 20 tons per day of liquid green hydrogen to Walmart (NYSE: WMT). Walmart will use the green hydrogen to power material handling lift trucks across Walmart distribution and fulfillment centers in the U.S. This marks an additional step for the retailer to incorporate alternative zero-carbon energy sources through Walmart’s supply chain. “Walmart has been an early adopter of innovative hydrogen and fuel cell technology for over a decade, and our hydrogen-powered solutions offer a tool to enhance productivity improvements for Walmart’s operations,” said Andy Marsh, CEO of Plug. “Now our green hydrogen solutions will provide Walmart with the ability to achieve significant carbon reduction. We are honored to expand our relationship with Walmart and realize our shared vision for a green hydrogen future.”

Last month, it also announced its fourth-quarter financials for 2021. Firstly, revenue for the quarter was $162 million and $502 million for the full year. Quarterly revenue was the highest ever recorded by the company, with over 20% coming from new business activities. It also announced multiple partnerships and strategic acquisitions throughout the quarter. Furthermore, it reaffirmed its 2022 revenue goal of $900 million to $925 million. With that in mind, should you consider investing in PLUG stock?

PLUG stock chart
Source: TD Ameritrade TOS

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Lockheed Martin Corporation

Following that, we will be taking a look at Lockheed Martin (LMT). At face value, many know LMT as one of the leading defense companies in the world. However, it is also important to note that most of the company’s offerings are essentially today’s cutting-edge defense tech. Through its global team, LMT operates across the aerospace, arms, defense, and information security fields. Thanks to the company’s latest announcement, LMT stock could be worth considering now.

Namely, the company posted its first fiscal quarter earnings earlier today. In it, LMT is looking at earnings of $6.44 per share on revenue of $14.96 billion. To put things into perspective, this is against Wall Street forecasts of $6.16 and $14.43 billion respectively. According to CEO James Taiclet, LMT is off to a good start to the fiscal year. He explains that LMT accomplished this “by delivering margin expansion and free cash flow above our expectations despite recent Covid-surge impacts on our operations and supply chain.” As it stands, the defense tech firm is sticking to its current guidance for the fiscal year.

Not to mention, the company also continues to expand its ever-growing defense portfolio. According to the Wall Street Journal, LMT is now in talks with the Pentagon regarding Ukraine weapons. In detail, this would be about increasing the production of weapons heading toward the region. After considering all this, would LMT stock be a buy right now?

LMT stock
Source: TD Ameritrade TOS

[Read More] 4 Top Industrial Stocks Moving Today

Twitter Inc.

Last but not least, we have Twitter, a company that provides a social media platform for billions of people to communicate. It promotes freedom of speech and continues to be a purpose-driven company. In the last two weeks, the company has been under the spotlight as Tesla (NASDAQ: TSLA) CEO Elon Musk has bought a huge stake in the company. In fact, TWTR stock has been up by over 10% since Musk disclosed his stake on April 4.

Last Thursday, the Tesla chief offered to buy Twitter with the revelation coming just days after he said he would no longer be joining the social media company’s board of directors. He offered $54.20 a share, for a total of $43 billion. Mr. Musk calls the price his best and final offer. This had led the board of directors at Twitter to adopt a “poison pill” approach. The poison pill is a common nickname for a shareholder rights plan, which allows shareholders to buy additional shares of a company’s stock at a discount. Ultimately, this would make it harder for a buyout.

Jumping into the fray, Apollo Global Management (NYSE: APO) may be willing to finance the Twitter buyout, according to sources familiar with the matter. The private equity firm would consider providing financing for a Twitter buyout in the form of preferred equity. Amidst all of this, should investors be adding TWTR stock to their portfolios as well?

TWTR stock chart
Source: TD Ameritrade TOS

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