Technology stocks, which include stocks of companies that produce or use technology, have been on the rise in recent years. This is due in part to the growing importance of technology in our lives. Technology is becoming increasingly ubiquitous, and as it does, the demand for technology stocks grows. Technology companies are also becoming more profitable as they find new ways to monetize their products and services. This is evident today with mega tech names like Alphabet Inc. (NASDAQ: GOOG), and Amazon.com, Inc. (NASDAQ: AMZN). As a result, many investors view technology stocks as safe and profitable investments.

However, there are also risks associated with investing in technology stocks in the stock market. For example, the sector is highly competitive, and companies can quickly become outdated if they do not keep up with the latest trends. In addition, technology stocks are often volatile, and their prices can fluctuate rapidly. As a result, investors should carefully consider these risks before investing in any technology stock. If you still have an interest in investing in the tech sector, here are three top technology stocks to check out in the stock market today.

Technology Stocks To Invest In [Or Avoid] Right Now

Adobe Inc. (ADBE)

Kicking this off, we’re going to first be looking at Adobe Inc. (ADBE). For starters, Adobe is an American multinational computer software company. The company specializes in the creation of multimedia and creativity software products, with a more recent foray into digital marketing software. Adobe’s product portfolio includes Creative Cloud, Adobe Photoshop, Adobe Illustrator, Adobe InDesign, Adobe Premiere Pro, and others. Additionally, Adobe’s customer base includes individual consumers, small and medium-sized businesses, and large enterprises.

ADBE Stock News

On Thursday of this week, Adobe announced it has entered into a definitive merger agreement to purchase Figma. For the uninitiated, Figma is a leading web-first collaborative design platform. The details of the acquisition include Adobe agreeing to pay approximately $20 billion in cash and stock for Figma. In the announcement, the company said it projects the deal to close in 2023, subject to the receipt of required regulatory clearances and approvals and the satisfaction of other closing conditions, including the approval of Figma’s stockholders.

Additionally, Shantanu Narayen, chairman, and CEO, of Adobe commented in its letter to shareholders, “Adobe’s greatness has been rooted in our ability to create new categories and deliver cutting-edge technologies through organic innovation and inorganic acquisitions. The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity.

ADBE Stock Chart

Shares of Adobe stock have been beaten down by over 46.95% since the start of 2022. Meanwhile, during Friday’s power hour trading session shares are down another 3.15% at $299.38 per share. With this in mind, will you be adding Adobe stock to your tech stocks watchlist right now?

Adobe stock
Source: TD Ameritrade TOS

QUALCOMM (QCOM)

Next, QUALCOMM Incorporated (QCOM) is an American multinational semiconductor and telecommunications equipment company that designs and markets wireless telecommunications products and services. Qualcomm’s main products include; mobile phone chipsets, modem chipsets, wireless infrastructure solutions, and other semiconductor solutions for connected devices. In fact, the company’s chipsets can be found in a wide range of devices, from high-end smartphones to budget models.

QCOM Stock News

In July, Qualcomm reported its 3rd Quarter 2022 financial results. In the report, the company announced earnings of $2.96 per share and revenue of $10.9 billion. For context, consensus earnings expectations for the quarter were earnings of $2.86 per share and revenue of $10.9 billion.

Cristiano Amon, President, and CEO of Qualcomm commented, “We are also excited to announce the extension of our patent license agreement with Samsung and the expansion of our strategic partnership to deliver leading premium consumer experiences for Samsung Galaxy devices. Qualcomm is well positioned to be the company bringing advanced connectivity, data processing and intelligence to the edge, enabling cloud-edge convergence.

QCOM Stock Chart

Continuing on, this year Qualcomm stock is currently down over 32%. During Friday’s late afternoon trading session shares of QCOM stock are trading at $124.90 per share. As it stands, QCOM is trading down -35.47% from its 52-week high of $193.58. Could now be a good time to invest in Qualcomm stock for a buy-and-hold opportunity?

Qualcomm stock
Source: TD Ameritrade TOS

[Read More] Good Stocks To Buy? 4 Most Shorted Stocks To Watch Right Now

Meta Platforms (META)

Rounding out this list we’re going to check out Meta Platforms Inc. (META). Most notably, Meta Platforms is the parent company of the popular social media platforms Facebook and Instagram. In brief, Meta Platforms build technologies that enable people to find communities and grow businesses.

Specifically, Meta Platforms Inc. operates through two business operating segments. First is its Family of Apps. This includes platforms like Facebook, Instagram, and WhatsApp to name a few. Additionally, Reality Labs includes augmented and virtual reality-related consumer hardware, software, and content. An example of this would be Meta’s popular Oculus VR headset.

META Stock News

In July, Meta Platforms reported its second quarter 2022 results. In the report, Meta reported weaker-than-expected results on earnings and revenue. Diving in, META reported earnings of $2.46 per share on revenue of $28.8 billion. This is versus Wall Street’s consensus earnings estimates, which were $2.50 per share, and revenue of $28.9 billion for the quarter. Moreover, this was the first time in the company’s history that it announced a decline in its revenue figures.

In addition, the company’s Chief Financial Officer said this in their shareholder release, “We expect third quarter 2022 total revenue to be in the range of $26-28.5 billion. This outlook reflects a continuation of the weak advertising demand environment we experienced throughout the second quarter, which we believe is being driven by broader macroeconomic uncertainty. We also anticipate third-quarter Reality Labs revenue to be lower than second-quarter revenue. Our guidance assumes foreign currency will be an approximately 6% headwind to year-over-year total revenue growth in the third quarter, based on current exchange rates.

META Stock Chart

It’s not a surprise that shares of META stock have been hit hard so far this year. Specifically, shares of META stock have dropped over 56% year-to-date as of Friday’s closing bell at $146.46 per share. What’s more, the company is trading down 61.20% from its 52-week high of $377.56 per share. Despite it being a rough year for Meta Platforms so far, do you think the company is considered an undervalued buy in the stock market today?

Meta Stock
Source: TD Ameritrade TOS

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