tech stocks

3 Top Tech Stocks to Watch This Week

Tech stocks have had a fantastic year in the stock market thus far. Certain tech companies have especially benefited from anti coronavirus measures. Social distancing and lockdowns have undoubtedly shifted the focus of consumers, companies, and the general public towards online services. Top tech stocks such as Roku (ROKU Stock Report) and Netflix (NFLX Stock Report) have seen phenomenal year-to-date growth. Why is this so, you might ask?

Simply put, these tech companies have been and will continue to meet the needs of people who are staying home. Despite news of potential coronavirus vaccine candidates from Pfizer (PFE Stock Report) and Moderna (MRNA Stock Report), these tech companies will still continue to prosper. Investors are generally aware that it could be months before the vaccine can be distributed to the public. In the meantime, people will continue to heavily rely on such stay-at-home services.

With such a strong tailwind created by the coronavirus pandemic, a plethora of companies stand to reap the benefits. This could range from tech companies focused on digital acceleration to home entertainment and even electronic hardware. After considering the above, are these the top tech stocks for you to watch this week?

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Best Tech Stocks To Watch Now: Zoom Video Communications Inc.

To say that Zoom (ZM Stock Report) has had a good year so far is an understatement. This is because the current pandemic has put the company in the perfect position to benefit lots of people. Why is this so? Zoom provides video telephony and online chat services through a cloud-based peer-to-peer software platform. Many essentially use this platform for teleconferencing, telecommuting, distance education, and even social calls.

stay-at-home stocks to buy (ZM stock)

The company’s share prices have risen by more than 10% since Pfizer’s vaccine news came out. With its third-quarter fiscal set for November 30, there is a lot of anticipation surrounding Zoom. In its second-quarter fiscal posted in August, Zoom reported a 355% rise in revenue year-over-year. This is thanks to the 370,200 new customers that hopped on board to utilize the company’s services. The increase in clients represented a staggering 458% jump year-over-year. With people from all walks of life depending on its services, it is no wonder that Zoom is a top tech stock this year.

Moving forward, Zoom appears to be positioning itself for future growth despite investor worries about the fate of the company after the pandemic. Admittedly, a problem faced by users of the teleconferencing platform is ‘Zoombombing’. As Zoom usage increases, pranksters and internet hackers are figuring out means of disrupting calls. This will no longer be a problem as the company announced a new security feature to combat this problem last week. It has added a ‘Suspend Participant Activities’ button which allows hosts to freeze and remove ‘Zoombombers’ in a pinch. Furthermore, the company will also lift its 40-minute time limit on free calls for Thanksgiving. This will likely reinforce Zoom as a household name for the holiday season and beyond. With that in mind, will ZM stock be worth adding to your portfolio?

Best Tech Stocks To Watch Now: Dell Technologies Inc.

Next on this list is Dell (DELL Stock Report). Dell is a Texas-based multinational computer technology company. It develops, sells, repairs, and supports computer-related products and services. The company is one of the largest tech corporations in the world.  This is expected as the company boasts a global team of over 165,000 employees. 

best tech stocks (DELL stock)

The company is having a fantastic year so far with a 136% increase in share price since the stock market crash in March. Dell will be releasing its third-quarter fiscal tomorrow. So why are investors watching this tech stock closely? The coronavirus pandemic has created a strong demand for PCs from corporate workers and students alike who are stuck at home. This is reflected in the company’s recent second-quarter earnings. Evidently, Dell reported a 119% increase in operating income over the last year. COO Jeff Clarke explained this growth, saying “We provide the technology solutions customers need to be productive and collaborative no matter where they work or learn.”

Dell will be playing a leading role in the Gulf Information Technology Exhibition (GITEX) in December. Most notably, principal technologist Raed Hijer will be covering strategies for accelerating machine learning and artificial intelligence (AI) across a range of industries. As the world embraces Industry 4.0 and IoT, this could play well for Dell as more people adopt AI. This is also great timing as Dell launched its own EMC Ready Solutions last month. Essentially, its EMC Ready Solutions are focused on accelerating AI transitioning in the healthcare and manufacturing sectors. This could provide an interesting opportunity for investors. With all that said, does DELL stock deserve a spot on your watchlist?

[Read More] Making A List Of The Best Performing SPAC Stocks Of 2020? 5 Names To Know

Best Tech Stocks To Watch Now: Shopify Inc

Finally, we have Shopify (SHOP Stock Report). This Canadian multinational e-commerce company is definitely in the limelight this year. With the massive surge in online retail, the company has seen linear growth. It also launched its Shopify Fulfillment Network and has plans for two-day U.S. shipping services in the future. Could the potential Amazon (AMZN Stock Report) challenger be cooking up big plans? Let us discuss.

best tech stocks to buy (SHOP stock)

Shopify is seeing a 140% increase in share price year-to-date. The company performed exceptionally well in its third-quarter fiscal posted in October. The 96% year-over-year rise in total revenue reflects this eloquently. The growth seen here is due to the company raking in rising revenue from its two key subscriptions.  Subscription Solutions revenue is reportedly up 48% year-over-year. Additionally, Merchant Solutions revenue increased by 132% in the same time. It appears that catering to businesses of varying sizes is a prime strategy that is now benefiting the company.

Shopify does not appear to be slowing down any time soon. The company is making big plays both locally and internationally. It is currently bracing for the incoming post-Thanksgiving e-commerce wave. This holiday season will be a monumental one for the company as it takes in large brands like Heinz (KHC Stock Report), Chipotle (CMG Stock Report), and Schwinn.

Furthermore, Shopify also announced its collaboration with Alibaba’s (BABA Stock Report) Alipay. This new means of payment essentially allows Shopify merchants to seamlessly accept payments through Alipay. With more than one billion active users in China alone, this is a gargantuan deal for the company. Evidently, Shopify is expanding its market by leaps and bounds. Will SHOP stock continue to be a top tech stock as the year ends?

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