Are These Tech Stocks On Your Watchlist This Week?
Tech stocks could be worth considering even with the stock market being closed on Memorial Day. Overall, this section of the market represents an increasingly relevant and viable global industry. Like it or not, tech plays a major role across countless aspects of our daily lives today. From the cars we drive this Memorial Day weekend to the apps and devices that we use to navigate roads, this is apparent. As such, some could argue that the companies behind such crucial elements of life would be worth keeping an eye on.
For one thing, the tech industry is a wide and expansive one. On one hand, you have cybersecurity stocks like CrowdStrike (NASDAQ: CRWD) that are constantly updating their offerings. This would serve to meet the constantly changing security needs of businesses in an increasingly digital work environment. On the other hand, companies like Airbnb (NASDAQ: ABNB) are riding the return of travel. Earlier this month, the homestay rental giant posted stellar figures in its first fiscal quarter report. Notably, Airbnb’s quarterly revenue, according to the press release, is up by over 70% year-over-year. If anything, investors have no shortage of choices when it comes to the tech industry today.
Not to mention, tech industry titan Amazon (NASDAQ: AMZN) could also be worth checking out this week. This would be thanks to the company’s plans to split its stock on a 20-for-1 basis on June 6. Having read all this, you might be keen to jump on the tech train now. Should that be the case, here are three more tech stocks worth noting in the stock market this week.
Tech Stocks To Watch Right Now
- Marvell Technology Inc. (NASDAQ: MRVL)
- Alibaba Group Holding Ltd. (NYSE: BABA)
- Zscaler Inc. (NASDAQ: ZS)
Marvell Technology Inc.
Starting us off today, we have Marvell Technology, a tech company that develops and produces semiconductor products and related technology. In fact, the company first revolutionized the digital storage industry by moving information at speeds never thought possible. Today, it continues to bring breakthrough innovation through its storage, network infrastructure, and wireless connectivity solutions.
On May 26, 2022, the company reported its first-quarter financials for fiscal year 2023. Diving in, net revenue for the quarter was $1.447 billion, increasing by 74% year-over-year. “We had a strong start to fiscal 2023, delivering record first quarter revenue of $1.45 billion, which grew 8 percent sequentially and 74 percent year over year. Revenue exceeded the midpoint of guidance, driven by higher-than-forecasted results from the datacenter end market. Our new product ramps and growth in content have been instrumental in driving strong revenue growth,” said Matt Murphy, Marvell’s President and CEO.
It also recently announced that it has shipped more than 100,00 400G Coherent Digital Signal Processors (CDSPs), enabling open and standards-based pluggable solutions for cloud and carrier networks worldwide. All things considered, will you add MRVL stock to your portfolio?
Alibaba Group Holding Ltd.
Alibaba is a multinational tech company that focuses on e-commerce, retail and internet technology. It enables businesses to transform the way they operate and expand at scale. By providing the infrastructure and marketing, Alibaba’s customers can leverage on the power of technology to engage with their users and customers in a more efficient way.
Last week, the company reported its March quarter financials. Revenue for the quarter was $32.18 billion, increasing by 9% year-over-year. This was primarily driven by revenue growth of its China commerce segment at 8% year-over-year. Its cloud segment also grew by 12% year-over-year to $2.99 billion. Also, its annual active consumers reached approximately 1.31 billion at the end of March 2022, an increase of 28.3 million from the previous quarter.
Alibaba also states that its digital infrastructure, such as smart logistics and cloud computing, equips the company with unique technology-driven capabilities to meet changing consumer demand. The company also helps its enterprise customers and partners achieve digital transformation in China and internationally. Notably, it states that its International commerce retail business, which mainly consists of Lazada and AliExpress, has generated a gross merchandise value of approximately $54 billion and has served over 300 million annual active customers in the past year. With that being said, should BABA stock be worth adding to your watchlist?
Another tech company worth noting now could be Zscaler. In essence, it primarily operates as a cybersecurity software-as-a-service provider. Through its cloud-native tech platform, the Zscaler Zero Trust Exchange (ZTE), the company serves enterprise clients in a variety of ways. For a sense of scale, the company’s operations are distributed across over 150 data centers worldwide. This would be thanks to the company’s ZTE platform being the largest in-line cloud security platform.
Despite its impressive operations, Zscaler does not seem to be slowing down in the least bit. Just last week, the company posted overall solid results in its latest quarterly financial report. According to the release, Zscaler’s total revenue for the quarter is $286.8 million. Year-over-year, this translates to gains of 63%. Aside from that, Zscaler’s total calculated billings are up by 54% year-over-year, totaling $345.6 million. Providing some insight into the company’s main growth drivers is CEO Jay Chaudry. He highlights that Zscaler’s enterprise solutions remain in demand throughout the quarter. In his words, “Enterprises continue to consolidate point products in favor of our integrated Zero Trust security platform, resulting in larger, multi-year commitments to Zscaler.” As a result, the company also adds that it is raising its fiscal year guidance on “all financial metrics” as well.
Not forgetting, the company also remains hard at work bolstering its partnership network. As of last week, Zscaler is working with Siemens (OTCMKTS: SIEGY) to showcase the world’s first “Zero Trust OT Security Platform.” They will be doing so at the Hannover Messe Fair this week. Simply put, Zscaler highlights that it is an automation software solution. The likes of which will allow organizations to manage their automated manufacturing setups “from any workplace in any location.” With all this in mind, would ZS stock be a top tech stock for you?