Are These The Best Tech Stocks To Buy In January? 3 Names To Know

Tech stocks continue to dominate the stock market even as we enter the second week of 2021. With pandemic tailwinds carrying on from the previous year this is expected. Given the wide application of technology in the world today, tech companies who helped with pandemic woes are still seeing major gains. Evidently, this is because some of the top work-from-home stocks are tech stocks. Prime examples of this would be Zoom (NASDAQ: ZM) and Twilio (NYSE: TWLO). Both of their shares are sitting at gains of over 200% in the past year. Seasoned investors would know why this is the case.

Simply put, these companies have stepped up to meet the sudden needs of the people during these times. The duo mentioned earlier provide a key service that many took for granted before the pandemic hit. That is, communication. Now, with such phenomenal gains, investors could be looking for the new emerging tech stocks in 2021. Although it might be the go-to strategy for some, there could be more value lying in the current top players still.

Many tech companies have businesses that rely on consumer spending and engagement. The consumer tech industry has boomed over the last year, also because of the pandemic. These tech companies catered to the entertainment needs of the general population and have reported solid figures throughout 2020. With the $900 million stimulus package arriving soon, we could be looking at more tailwinds headed their way. As if they were preparing for that, the companies on our list have indeed been making moves lately. Could these top tech stocks be worth adding to your January watchlist?

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Top Tech Stocks To Watch This Week

  1. NVIDIA Corporation (NASDAQ: NVDA)
  2. Roku Inc. (NASDAQ: ROKU)
  3. Snap Inc. (NYSE: SNAP)

NVIDIA Corporation

Starting us off, we have gaming chip titan NVIDIA. For the uninitiated, it is a multinational tech company that designs graphics processing units (GPUs) and systems on a chip (SoCs). Its GPUs are often used in the fields of gaming and cryptocurrency mining. Considering that demands in both these sectors are high now, it is natural that NVDA stock is in the limelight. At the moment, it is looking at gains of over 110% in the past year.

Similarly, its financials also seem to reflect NVDA stock’s performance. In its recent quarter fiscal posted in November, the company reported an impressive 56% year-over-year leap in total revenue. This added up to earnings of $4.73 billion for the quarter. Adding to that, it also saw a 46% rise in earnings per share year-over-year. CEO Jensen Huang mentions NVIDIA’s leaps and bounds on all of its business fronts as a key contributor to this success. To say that the company is firing on all cylinders is an understatement as it continues to achieve record revenues. I can see why investors have radars tuned to NVDA stock right now.

top tech stocks (NVDA stock)

Off the heels of its stellar quarter, the company shows no signs of slowing down. Over the weekend, it was announced that electric vehicle (EV) company Nio (NYSE: NIO) will partner with NVIDIA. Nio has selected NVIDIA’s DRIVE Orin SoC for its upcoming line of EVs which will come with advanced automated driving capabilities. Huang commented, “We are delighted to partner with NIO, a leader in the new energy vehicle revolution—leveraging the power of AI to create the software-defined EV fleets of the future.” In other words, NVIDIA is joining the emerging EV market under one of the top players. Could this set up another exceptional year for NVDA stock? You tell me.

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Roku Inc.

Another top tech stock in focus now would be leading video-streaming company Roku. Its wide array of digital media players has grown in popularity amongst the general population that are stuck at home. Considered by analysts as the clear winner of the U.S. “streaming wars”, the company has been in the spotlight as of late. ROKU stock has seen massive gains of over 190% in the past year. In fact, it even hit a new all-time high during intraday trading yesterday. Despite all this, investors may be wondering how Roku can top its performance in 2020. Well, the company does not seem to be resting on its laurels just yet.

Last Friday, Roku announced that it had acquired mobile-streaming company Quibi’s global content distribution rights for under $100 million. As a result, Roku will be the exclusive platform to stream over 75 shows created by Quibi and leading Hollywood studios. Roku VP of Programming Rob Holmes said, “The Roku Channel is one of the largest and fastest-growing channels on our platform today and we are consistently expanding the breadth and quality of our free, ad-supported content for our users.” Even while Roku continues to dominate the market, it still has its eyes set on growth. It is no wonder that ROKU stock is being watched by eager investors.

tech stocks to buy (ROKU stock)

Unsurprisingly, the company also had a fantastic quarter. It wowed investors on all fronts as it reported a 73% rise in total revenue which added up to $451.66 million for the quarter. Adding to that it also ended the quarter with over $1 billion in cash on hand. ROKU stockholders were likely pleased to see that the company is making the most of its current financial position. All things considered, will you be adding ROKU stock to your watchlist?

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Snap Inc.

Topping off our list is social media company Snap. In brief, the company develops and maintains several tech products and services. This includes its social media platform Snapchat along with other apps involving augmented reality technology. Notably, SNAP stock hit a new all-time high during yesterday’s trading session. Coupled with its gains of over 120% in the past six months, investors appear to be flocking to the company’s shares.

Upon closer inspection, Snap appears to be doing relatively well financially too. In its recent quarter fiscal posted in October, the company saw a 52% year-over-year rise in total revenue. On top of that, it also recorded 249 million daily active users in the quarter as well. All this paired with $824 million in cash on hand does put it in a solid financial position. Regardless, investors would likely be more concerned as to how the company will use these funds to support future growth.

best tech stocks to buy (SNAP stock)

Concerning that, Snap has been busy since the year started. Last week, it joined Google (NASDAQ: GOOGL) by investing in Twitter (NYSE: TWTR) backed company ShareChat. ShareChat is an emerging social media firm in India with over 160 million monthly active users. Moreover, the company also acquired StreetCred, a New York startup that is building a platform for location data. The acquisition took place yesterday and synergizes well with Snapchat’s Snap Map feature. Basically, the feature allows users to share their location with friends. The 200 million active users of this feature could be looking at more interesting updates down the pipeline. All in all, the company is expanding its portfolio while bolstering its current offerings. Could we be looking at exciting times ahead for SNAP stock? Your guess is as good as mine.

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