Are These Tech Stocks On Your Watchlist Right Now?
Tech stocks have had a rough start to the year as treasury yields have spiked. The technology-heavy Nasdaq Composite has fallen around 4.5% since the start of the year. With many of the hyper-growth tech stocks plummeting, many are shying away from this section of the stock market. While many are sharing this sentiment, Cyrus Mewawalla, head of thematic research at data analytics and consultancy firm Global Data, begs to differ. He believes that the Big Tech will continue to power up this year, thanks to several emerging technologies. Nevertheless, investors should keep an eye on the tech industry as it is always brimming with opportunity.
For instance, Take-Two Interactive (NASDAQ: TTWO) and Zynga (NASDAQ: ZNGA), have entered an agreement for Take-Two to acquire Zynga this week. Under the agreement, Take-Two will buy all of Zynga’s outstanding shares in a cash and stock transaction worth about $12.7 billion. Accordingly, this acquisition will bring together two leading companies in the interactive entertainment business. Through this, Take-Two is now one of the largest and most diversified mobile game publishers in the industry. In the wake of this news, Zynga stock skyrocketed over 40% on Monday’s intraday trading. With this news in mind, here are four tech stocks to consider in the stock market today.
Top Tech Stocks For January 2022
- Confluent Inc. (NASDAQ: CFLT)
- Palo Alto Networks Inc. (NASDAQ: PANW)
- Microsoft Corporation (NASDAQ: MSFT)
- Oracle Corporation (NYSE: ORCL)
Kicking off our list is Confluent, a software company. The company offers a new category of data infrastructure designed to connect all the applications, systems, and data layers of a company around a real-time central nervous system. In short, it delivers clients a data-rich front-end customer experience. Last quarter, the company reported a revenue of over $100 million, a year-over-year increase of over 66%. Furthermore, net income also increased by 30% year-over-year. In the past year, CFLT stock grew by over 55%.
Back in December, Confluent announced a partnership with Alibaba Cloud, the digital technology and intelligence backbone of the Alibaba Group (NYSE: BABA). The partnership entails the availability of the Confluent Data Streaming Service on Alibaba Cloud’s platform.
Notably, this will allow customers in mainland China to have a modern data streaming platform. The likes of which will allow them to “harness the flow of real-time data across entire organizations” according to Confluent. According to Lancelot Guo, President of Ecosystem and Sales Operations at Alibaba Cloud Intelligence, “Confluent has pioneered a new category of data infrastructure for data in motion, with open-source technology Apache Kafka at the heart of it. We are very pleased to integrate Confluent’s leading solutions onto Alibaba Cloud platform and now bring this technology to our customers in China.” With this new partnership, would you be watching CFLT stock?
Palo Alto Networks
Next, we have Palo Alto Networks, or PANW for short. For the most part, the company is a multinational cybersecurity company. The company aims to address security challenges by innovating in areas such as artificial intelligence, automation, and analytics. In particular, PANW’s clients have access to its wide array of cybersecurity solutions through the company’s platform. One of which is Panorama, a security management solution that empowers its users with easy-to-implement, consolidated policy creation, and centralized management features.
On December 13, PANW announced that it has joined the Nasdaq-100 Index. The aforementioned index consists of the top 100 largest domestic and international non-financial companies on the Nasdaq exchange. And in more recent news, just last week, it announced the appointment of Helmut Reisinger to the position of CEO for Europe, the Middle East and Africa, and Latin America.
Prior to this, Reisinger was the CEO at Orange Business Services, a company that supports the digital transformation of enterprise customers. His knowledge and track record would help PANW drive its international expansion. In the past quarter, PANW reported a total revenue of over $1.24 billion, a 32% year-over-year increase from about $940 million. With the company’s strong growth, would you consider adding PANW stock to your watchlist?
Microsoft is a tech company that produces computer software and consumer electronics. The company is behind one of the most popular operating systems in the world, Microsoft Windows. Also, it is known for its Microsoft Office productivity suite. On the hardware side of things, the company offers the Xbox video game consoles and the Microsoft Surface lineup of personal computers. During its previous quarter, MSFT reported a year-over-year increase in revenue of over 21%, which amounts to over $45 billion. Moreover, over the past year, MSFT stock grew by over 40%.
Last month, the European Commission finally approved Microsoft’s $19.7 billion bid to buy Nuance Communications (NASDAQ: NUAN). Nuance is a transcription software company with a strong focus on the healthcare sector and customer engagement solutions. To be precise, Nuance is a pioneer in the speech recognition and natural language processing (NLP) field. The acquisition could in theory accelerate the use of artificial intelligence (AI) and NLP within clinical workflows. Evidently, this acquisition would expand Microsoft’s addressable market into the healthcare technology industry. With the company making moves into different markets, should you buy MSFT stock?
Wrapping up our list today is Oracle. The tech giant specializes in enterprise information technology. For the most part, the company’s businesses include cloud and license, hardware, and services. Oracle’s technologies enable clients to build, deploy, manage, and support their internal and external products and services. In the previous quarter, Oracle reported a total revenue of over $10.3 billion, a year-over-year increase of only 5.7%. However, despite the small increase, the company’s stock still managed to grow by over 40% last year.
In December, Oracle made waves in the healthcare IT world when it announced its plans to acquire Cerner (NASDAQ: CERN). Cerner is a healthcare company that is a supplier of health information technology services, devices, and hardware. Oracle is to acquire Cerner for $95.00 per share, or about $28.3 billion in equity value. This acquisition will provide Oracle with heaps of health data to train and improve its artificial intelligence-based cloud services. Ultimately, this would help boost the company’s footprint in the health care sector. Given this monumental acquisition by Oracle, would you consider investing in ORCL stock?
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