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Are These The Best Tech Stocks To Watch This Week? 3 Reported Earnings Today

Could tech stocks have the potential to bring you big gains after beating earnings estimate?

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Looking For The Top Tech Stocks To Buy In February?

When it comes to tech stocks, every press release and earnings seem to matter. These stocks have been under investors’ radar for a very long time.  In fact, top tech stocks have led the stock market higher, so much that the Nasdaq Composite has reached a new all-time high yesterday. This is unsurprising as the index comprises mainly tech stocks. The latest rally could have come from stronger-than-expected Q4 profits from Microsoft (NASDAQ: MSFT). It is evident that many tech companies have benefited from a shift in consumer behavior toward e-commerce and other tech services/products that exploded into the scene in 2020. Will these top tech stocks to watch be able to keep their momentum?

Tech titans like Netflix (NASDAQ: NFLX) had just released their latest earnings on January 19. It has shown there is still strong demand for its streaming services. The tech stock has been up by over 10% since reporting its earnings. This indicates that, despite the vaccine rollout, demand for tech products and services is still going strong as we kick start 2021. Despite the risks of investing in tech stocks, investors will know that due diligence and adequate research will be able to help them to a certain extent. With that in mind, here is a list of the best tech stocks to consider buying or completely avoid in the stock market this week.

Top Tech Stocks To Buy [Or Sell] This Week

Apple Inc.

Apple is a multinational tech company that has become a household name. Known for its premium brand of consumer electronics and computer software, the company is one of the largest companies in the world by market capitalization. The company also has many tech services such as Apple Music and Apple TV+. Apple Music for instance offers more than 70 million songs, had a record year as people all around the world spent more time discovering and engaging with music. Apple shares are up by 10% year-to-date and are currently down $2.45% after hours at $138.58. The company announced its impressive first-quarter results today after the bell.

Apple reported its largest quarter by revenue of all time notching in $111.4 billion in its Q1 2021 earnings report. This is significant because its the first time Apple passed the $100 billion milestone in just a single-quarter. They also reported a 21% jump year-over-year in sales. Furthermore, Apple’s earnings per share increased 35% at $1.68 and iPhone sales crushed estimates coming in at $65.6B ($59.86B estimates) for a 17% increase year-over-year. To bring this full-circle, sales in every product category the company has reported double-digit percentage gains this quarter.

“Our December quarter business performance was fueled by double-digit growth in each product category, which drove all-time revenue records in each of our geographic segments and an all-time high for our installed base of active devices,” stated Luca Maestri, Apple’s CFO. “These results helped us generate record operating cash flow of $38.8 billion. We also returned over $30 billion to shareholders during the quarter as we maintain our target of reaching a net cash neutral position over time.” The company’s board of directors have declared a cash dividend of $0.205 per share. With all that being said, does AAPL’s record breaking quarter make you want to consider adding it to your portfolio?

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Facebook Inc.

Facebook is a social media juggernaut that strives to connect people all over the world. The company has offices in 80+ cities worldwide and is considered as one of the Big Five companies in the U.S. information technology industry. Despite the many headwinds that it faced in recent times, Facebook has seen its stock and earnings surge in the past year as millions of people have worked at home amid the pandemic. Despite the scrutiny, FB stock beat Wall Street expectations for its’ fourth-quarter earnings that they reported after the closing bell on Wednesday.

In the company’s forth-quarter fiscal it reported total revenue of $28.07 billion, a 33.2% increase from a year earlier. Its main source of revenue was from its advertising segment, at a whopping $27.19 billion. Facebook also reported its daily active users (DAUs) of 1.84 billion, a 11% gain year-over-year. For the quarter, it also saw its monthly active users increase by 12% to 2.80 billion. If anything, Facebook continues to be a primary beneficiary of the ongoing shift to digital ads, with shopping tools poised to benefit from the surge in e-commerce. The company also did a great job in 2020 of preparing Facebook Shops and many other e-commerce ad products for the fourth quarter holiday season. All things considered, will you consider adding FB stock to your portfolio?

[Read More] 4 Top E-Commerce Stocks To Watch Right Now

ServiceNow Inc.

ServiceNow is a tech company based in California. It delivers digital workflows that create great experiences and unlock productivity for many companies. The company operates on a platform-as-a-service provider and services include providing technical management support. ServiceNow, like Facebook and Apple, they announced its earnings today. Shares of the NOW stock are trading higher in after hours at at $524.00 a share on as they beat analysts’ estimates.

In the company’s forth-quarter fiscal it reported total revenue of $1.25 Billion, a 31% increase year-over-year. Its main source of revenue was from its subscription segment, at an impressive $1.18 billion. ServiceNow also reported a total of 1,093 customers with over $1 million in annual contract value. Bill McDermott, President and CEO at NOW stock stated, “ServiceNow delivered a market leading 2020 and significantly beat expectations across the board.” He continued with, “The secular tailwinds of digital transformation, cloud computing, and business model innovation have all intersected at the perfect moment in time.“

The company on Monday announced that its new workflow solutions, Vaccine Administration Management will help organizations get people vaccinated quickly. These solutions address vaccine management challenges at scale by removing logistical barriers. This is also in line with President Biden’s goal to deliver 100 million vaccinations in his first 100 days in office. The service is an amazing play by the company as the U.S. ramps up its vaccination efforts. Aside from this, ServiceNow also works with more than 100 organizations, including NHS Scotland. With such an impressive earnings and revenues beat, will you consider NOW stock as a top tech stock to buy right now?

[Read More] Is AMC Stock A Buy After It Staves Off Bankruptcy?

Rackspace Technology

Rackspace is a leading end-to-end multicloud solutions expert based in Texas. It designs and manages solutions across multicloud, applications, data, and security. The company boasts over 7,500 cloud certifications and has over 2,500 cloud engineers across Linux, Windows, and VMware. Rackspace shares have been up by over 20% year-to-date. Its latest rally seems to have started after Oppenheimer initiated coverage on the stock with an outperform rating along a price target of $28.

Analyst Timothy Horan says that Rackspace is a pure-play way to invest in enterprise public cloud adoption. Companies needing to shift to cloud operations in order to prevent major disruptions to their businesses plays well for Rackspace. The company does this by providing standardized but customizable software based services to move applications to the cloud. Rackspace’s platform has been built over 20 years and can now support the three major public cloud providers.

In the company’s third-quarter financials, it reported a revenue of $682 million, a 13% increase year-over-year. The company also reported a 64% increase in quarterly bookings at $315 million. Rackspace is certainly in the right direction as it continues to capitalize on the $400 billion multi-cloud market opportunity. With such impressive financials, will you want to own RKT stock?

By Brett David

Brett David is a digital marketing and finance professional for nearly 10 years now and a contributing author for StockMarket.com. His passion for digital marketing and the stock market began after graduating with a B.S.B.A in business administration and finance. After completing college, he went on to becoming an entrepreneur in the marketing and finance space, which led to becoming a contributor to outlets such as ThriveGlobal.com, MarijuanaStocks.com, MarketingAgency.com and SearchEngineWatch.com.

Brett loves the ability to deliver to his readers engaging and educational content that can be easily consumed by the reader. He enjoys writing about a wide variety of companies ranging from blue-chip stocks to the undervalued small and micro cap stocks. His favorite stock market sectors today to write about are: Tech, Cannabis, Mining, Biotech, and TMT.

Brett has worked with hundreds of publicly traded companies on increasing their digital footprint and corporate outreach since 2013.

You can find Brett most of time digging through corporate filings conducting fundamental analysis or at an industry conference looking for the next big trend or company to hit the street. His digital marketing experience gives a competitive edge over other contributing authors by allowing him to see and analyze trends faster than the next person.

Brett, a South Florida native, enjoys spending time with his wife and son outdoors, and is an avid basketball and MMA fan.

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