Are These Top Tech Stocks Cheap Stocks To Buy Now?

For investors wondering what are the best stocks to invest in right now, tech stocks could be worth considering. After all, thanks to the current state of the stock market today, the sector is, arguably, in an interesting position. As most would know, stocks continue to experience persistent volatility across the board. The tech-heavy Nasdaq composite is not exempt from this. After considering the index’s rally of over 3.8% during last Friday’s trading session, it is apparent that investors are not overlooking tech stocks in the stock market.

At the same time, there seems to be no shortage of exciting news to consider in the industry as well. For instance, news of Carlyle Group (NASDAQ: CG) closing in on a roughly $4 billion deal to buy ManTech (NASDAQ: MANT) is making the rounds. This information comes from a Bloomberg source and suggests that we could see a deal by as early as this week. As a result of this, MANT stock is now gaining by over 14% today. For the most part, ManTech is a defense contractor that employs its tech offerings to serve government and defense industry clients. This covers cyber security, data collection & analytics, and enterprise IT solutions among other applications.

Meanwhile, the back-and-forth between Tesla (NASDAQ: TSLA) CEO Elon Musk and Twitter (NYSE: TWTR) continues as well. Over the weekend, Musk and Twitter’s lawyers are reportedly butting heads over an alleged non-disclosure agreement breach. The likes of which involve Musk’s revelation of how Twitter accounts for spam accounts on its platform. Amidst all these developments, investors could be keen to put top tech stocks on watch in the stock market now. Should that be the case for you, here are three more to take note of.

Tech Stocks To Watch Today

SoFi Technologies Inc.

SoFi is a fintech company that aims to help its users reach financial independence. It continues to build innovative ways to give its users the tools they need to achieve this goal. In essence, its products allow for borrowing, saving, investing, and protecting its approximately four million members’ money. Also, SoFi membership will come with key essentials for getting ahead. This would include career advisors and connections.

The company’s shares are up by over 4% today after Piper Sandler upgraded it to an Overweight rating from a Neutral rating. The firm says that SoFi could benefit from rapid growth in deposits, expiration of the student loan moratorium, and also revenue growth in financial services. Also, analyst Kevin Barker set a price target of $10.00 per share. Barker also expects the eventual expiration of the moratorium could result in an additional $20 million to $30 million of EBITDA per quarter for SoFi.

Last week, the company also reported its first-quarter financials. Diving in, GAAP net revenue was $330 million, an increase of 69% year-over-year. It also added 408,000 new members for the quarter. “We delivered another quarter of great results, with record adjusted net revenue up 49% year-over-year, a seventh consecutive quarter of positive adjusted EBITDA and continued robust growth in members, products and cross-buy. These strong results, which we achieved despite volatile markets and the changing political, fiscal and economic landscape, demonstrate how our strategy of building a full suite of differentiated products and services has created a uniquely diversified business that can not only endure, but outperform across market cycles,” said Anthony Noto CEO of SoFi Technologies, Inc. With that in mind, is SOFI stock worth investing in right now?

SOFI stock chart
Source: TD Ameritrade TOS

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Netflix Inc.

Netflix is a subscription streaming service and production company. In fact, the company is still one of the world’s leading entertainment services with over 200 million paid memberships across 190 countries. Its users enjoy TV series, documentaries, feature films, and mobile games across a wide variety of genres and languages as well. NFLX stock is up today after investment firm Wedbush upgraded the company.

Analyst Michael Pachter notes that Netflix has the potential for beating second-quarter expectations due in part to how it has changed its release schedule. He upgraded Netflix to an Outperform rating from Neutral and gave a price target of $280 per share, noting that the staggered release date of Ozark should help drive subscriber growth. This would help reduce churn and could position the company for growth.

Last month, the company also reported its first-quarter financials. Firstly, revenue for the quarter was $7.87 billion, increasing by 9.8% year-over-year. The company also reported a net income of $1.97 billion or a diluted earnings per share of $3.53. In addition, global streaming paid memberships grew by 6.7% year-over-year to 221.64 million. The company also announced plans to improve its service and also more effectively monetize multi-household sharing. It will also continue to create amazing entertainment from all around the world and also make its selection more highly personalized. All things considered, is NFLX stock a tech stock to add to your portfolio?

NFLX stock chart
Source: TD Ameritrade TOS

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The Trade Desk Inc.

Another tech firm to consider in the stock market now would be The Trade Desk or TTD, for short. In brief, TTD is a leading name in the advertising tech industry. Through its self-service cloud platform, ad buyers can develop, manage, and optimize their digital ad strategies. Accordingly, through TTD they have the flexibility to do so via a variety of ad formats and devices.

Notably, TTD stock is gaining traction today thanks to a rosy update from analysts at Stifel (NYSE: SF). Overall, Stifel is upgrading the company’s shares to a Buy rating from Hold. On top of that, the firm is also raising its price target for TTD stock from $50 to $80. The reason for this positive development, according to Stifel is the bump in ad-supported streaming services. Among the major streaming industry giants shifting towards this business model would be Disney (NYSE: DIS) and Netflix.

If all that wasn’t enough, the company appears confident regarding its recent quarterly financial update. In it, CEO Jeff Green notes that the company “delivered outstanding performance in the first quarter, growing 43% versus a year ago, representing our strongest first-quarter revenue growth in the last four years.” He also adds that TTD is actively innovating to better help marketers succeed in ad campaigns regardless of scale. With all this in mind, will you be adding TTD stock to your watchlist today?

TTD stock chart
Source: TD Ameritrade TOS

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