With all the attention on big tech stocks, are these 2 top tech stocks a diamond in the rough for investors in 2020?
There are many types of tech stocks that are trending in the stock market. We live in a society where technology is constantly advancing. The tech industry is in a position where more digital companies are rising at the moment. This is because of the coronavirus pandemic situation that the world has been struck with. Since many people and companies are operating from home, digital services have been on the rise. This can mean anything from video conferencing to cloud storage.
Those are not the only types of tech stocks on the rise though. Tech stocks related to computers in general have also been trending upwards. Since we are all stuck at home, people are buying and building new computers. So that means that tech companies creating software, GPUs, CPUs, and other computer hardware are on the rise as well. Some of these tech stocks like AMD have risen to new heights during the pandemic. So there are many great tech stocks to watch in August.
Some top tech stocks rise when news about a coronavirus vaccine is released. This is because as soon as a vaccine is found the economy can begin to recover. Although the market for tech stocks is volatile, there are still some tech stocks to watch. Now it is time to talk about two tech stocks that have been trending upwards in the market.
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Top Tech Stocks To Watch In 2020: HubSpot
The first tech stock to watch is HubSpot Inc. (HUBS Stock Report) due to its recent momentum in the market. HubSpot is a tech company with a focus on software development. The company offers tools to assist with social media marketing, content management, and web analytics to name a few. Its features are used in programs like Salesforce.com, NetSuite, and more. In 2019, HubSpot brought in $674.9 million in revenue.
HUBS stock has seen great benefit from the rise of tech stocks in 2020. Before the pandemic began, HUBS stock price was at $194 a share on average. Then HUBS stock fell when March came around and the market crashed. But since then, HUBS stock price has been on the rise. As of August 14th, HUBS stock is at $278 a share on average. That is a 43.29% increase in HUBS stock price since February. In addition to this, HUBS stock is up 10.14% from the $252.4 it was at on August 10th.
Will HUBS stock price keep up this positive momentum? That is unsure at the moment, like it is for most tech stocks. HubSpot’s second quarter earnings results were more positive than analysts predicted. Things like that are contributors as to why a tech stock like this can rise in price. HubSpot’s earnings were $0.34 a share instead of the analyst prediction of $0.24 a share. That is precisely why HUBS stock is a potential tech stock to buy.
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Top Tech Stocks To Watch In 2020: Aspen Technology
The next tech stock to watch is Aspen Technology Inc. (AZPN Stock Report) because of its recent uptick. Aspen Technology is a tech company with a focus on software and services. Its solutions are offered in many countries including the United States, Europe, Canada, Asia Pacific, and more. Its services can predict asset liability and equipment failure, handle planning, monitor performances, and much more. The industries that use Aspen Technology’s products are primarily construction, energy, engineering, and science.
AZPN stock is very close to recovery at the moment. Before the stock market crash, AZPN stock was at $127 a share on average. Since then it has managed to climb back up to $122 a share as of August 14th. In fact on August 13th, AZPN stock price reached $130 meaning that at that point it had fully recovered. Well, things are looking good for AZPN stock. From August 12th to August 14th, AZPN stock price has gone up over 25%. Analysts predicted that Aspen’s revenue to fall 10% year over year. Instead of this, Aspen’s sales rose 2% in its last earnings report.
Aspen plans to continue advancing even more come 2021. The CEO of Aspen, Antonio Pietri, said in a statement “While the current macroeconomic environment is challenging, there are many factors that support long-term growth for the business”. These are all contributing factors to this tech stock being on the rise. Overall, that is why HUBS stock and AZPN stock are two potential tech stocks to buy in August.