Check Out These Top Computer Hardware Stocks In The Stock Market Today
As investors look for opportunities in the stock market, computer hardware stocks would often be in consideration. Having said that, the uncertainties in the stock market have cast a cloud over the industry for some time now. From concerns of inflation to semiconductor shortage, it is no surprise why investors may be cautious. What’s more, some of the companies in the sector which received a boost during the pandemic may now see slowing growth. However, as hybrid working trends could be here to stay, the industry’s long-term potential is likely still intact.
Take Advanced Micro Devices (NASDAQ: AMD) as an example, its first-quarter financials exceeded analysts’ expectations in both earnings and revenue. Despite concerns about the growth slowdown in personal computers, the company’s sales growth of 71% year-over-year may suggest otherwise. Elsewhere, the likes of HP (NYSE: HPQ) and Canon (NYSE: CAJ) continue to improve their product offerings to remain at the top of the industry. On one hand, HP recently announced its new HP ScanJet Pro and Enterprise devices. This comes with the company’s most advanced and sophisticated workflow scanner software. Meanwhile, Canon introduced six new printers with new features to help meet the latest market needs for the hybrid workforce. All in all, it is understandable why investors are constantly on the lookout for top computer hardware stocks. With that in mind, here are some of the top names to keep an eye on in the stock market today.
Computer Hardware Stocks To Watch Today
- Western Digital Corp (NASDAQ: WDC)
- Logitech International SA (NASDAQ: LOGI)
- Dell Technologies Inc (NYSE: DELL)
- Pure Storage Inc (NYSE: PSTG)
Western Digital is a developer of data storage devices and solutions. Essentially, the company’s Client Devices solutions consist of hard disk drives (HDDs) and solid-state drives (SSDs). These can largely be found in computing devices such as desktops, notebooks, smart video systems, and gaming consoles. Meanwhile, its Client Solutions provides HDDs and SSDs embedded into external storage products that include universal serial bus (USB) flash drives and wireless drives. Over the past week, WDC stock has been gaining momentum in the stock market, rising more than 20% within the period.
The recent movement is largely aided by the recent letter from activist investor Elliott Management, which held a stake of nearly $1 billion in Western Digital. According to the letter, Elliott urged Western Digital to separate its two different businesses, the HDDs and Nand flash memory. It believes that a separation will allow both businesses to be more successful and create value. Additionally, Elliott believes that this could send WDC stock to above $100 a share by the end of 2023. So, could this new development bring WDC stock to greater heights?
Another top computer hardware company right now would be Logitech. In detail, the company designs, manufactures and markets products that cater to the digital and cloud experience worldwide. It offers wireless mice, keyboards, computer webcams, and many other tech accessories. To stay at the top of the industry, Logitech is constantly coming up with innovations that will attract the attention of consumers. The company unveiled its Lift Vertical Ergonomic Mouse in April. This is designed for long-term comfort use at the desk and also available in a left-handed version in North America and Europe.
Financially, Logitech just came off a record year for its fiscal full-year 2022. Its sales were a record high at $5.48 billion, up 4% compared to the prior year. Notably, the growth is on top of last year’s 74% growth. In fact, this is the ninth straight year of growth in sales and market share across its portfolio. Not to mention, the company also surpassed its original profit target by more than $100 million. All things considered, would you consider banking on the future of LOGI stock?
Following that, we have one of the top names in the computer hardware industry, Dell. By and large, the company operates through two segments, Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG). On one hand, the ISG segment dwells in the digital transformation of the company’s customers through multi-cloud and big data solutions. Meanwhile, the CSG segment is responsible for the sales to commercial and consumer customers of branded hardware and peripherals. Unfortunately, sentiment around DELL stock has been lackluster since the start of the year. That said, several exciting developments may have a positive impact moving forward.
Yesterday, Dell announced that there are more than 500 software advancements across its Dell PowerStore, PowerMax, and PowerFlex. These improvements will likely deliver faster data insights, better multi-cloud data control, and increased cyber resiliency at no cost to its existing customers. For example, the company claims that its Dell PowerStore can deliver up to 50% better application performance while adding 66% in capacity, and new VMware integrations. As such, organizations using the company’s software will get more value from their data and simplify their IT operations. With that in mind, could DELL stock be a top computer hardware stock to watch now?
Last but not least, let us look at Pure Storage. As the name suggests, the company focuses on delivering data storage technologies, products, and services. Hence, it can support a range of structured and unstructured data across any data workloads in hybrid and public cloud environments. Some of its notable products and subscriptions include FlashArray, Cloud Block Store, Pure Fusion, and FlashBlade, to list a few. Well, investors who invested in PSTG stock a year ago would have seen gains of over 50% by now.
On Tuesday, Pure Storage announced that its FlashBlade can accelerate time-to-market for electronic design automation (EDA) workloads. Modern EDA chip development requires high-performance storage that has the potential to serve thousands of powerful servers. The company said that Pure FlashBlade is designed to meet the high-concurrency requirements of such EDA workloads and semiconductors. In fact, Pure Storage claims that half of the top semiconductor companies today rely on it to fast-track innovation. Considering this, should investors be keeping a close eye on PSTG stock?