top tech stocks

Do You Have These Top Tech Stocks On Your Watchlist In November?

Tech stocks have been receiving a lot of attention recently in the stock market. You hear how tech companies are pushing out their latest tech offerings. From the latest electric vehicles to artificial intelligence, technology has improved our quality of life to its highest ever in recorded history. 50 years ago, you would not believe that we would be able to video call one another with a tap of a finger. The idea of having a camera, telephone, and a radio in your pocket back then would have been rather absurd as well.

At the very core of tech companies is the ability to innovate. What is a feature or technology that could help users? How do we build faster and more efficient vehicles? These are some questions that continue to drive the tech industry’s growth. Companies like Honeywell (HON Stock Report) are pushing the limits of aerospace, building technologies, and performance materials. Through its contributions to the aerospace industry, the company has enabled better fuel efficiency and safer flights for passengers. Financial technology company Square (SQ Stock Report) is a tech company that provides mobile payment and financial services to its users. Square’s services will help merchants to reach more customers online. Similarly, its Cash App has enabled digital transfers at a time when consumers are shying away from cash during the pandemic.

If you look at the top 10 stocks in the Nasdaq Composite, you will see that 9 out of 10 of them are tech stocks. What’s even more impressive is the fact that these top 10 stocks represent one-third of the index’s performance. The Nasdaq Composite has been up by 68% since the economy crashed in March. This is the clearest indication that tech stocks have been leading the market recovery. With that in mind, here are 3 top tech stocks to consider having in your portfolio.

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Best Tech Stock To Buy in 2020: Align Technology

Align Technology (ALGN Stock Report) may be a medical device company. But it is one that has made good use of technologies including 3D imaging and 3D printing. The company is a leading manufacturer of clear aligners that are used in orthodontics. Its Invisalign system is the most advanced clear aligner system in the world and has helped more than 9 million people worldwide to improve their smiles. The company has enjoyed a staggering 257% increase in its share price since March.

best tech stocks (ALGN stock)

This recent spike occurred when the company announced its third quarter financial results in October. Align had posted a record revenue of $734.1 million in its third quarter, up by 20.9% year-over-year. This is complemented by an increase in clear aligner volume by 28.7% year-over-year to 496,000 cases. The company had also reported an adjusted earnings per share of $2.25. So, what has contributed to the company’s success in the third quarter? Interestingly, the company said that the increase in time spent on video conferencing made consumers notice imperfections in their teeth.

Align’s Invisalign provides one of the only alternatives to conventional dental braces. Rather than making multiple painful trips to the dentist to tighten and realign your braces, you could just use Align’s Invisalign to straighten your teeth. Invisalign does this with a series of custom-made aligners for each patient. Combined this with proprietary virtual modeling software and mass customization, this makes ALGN Stock a top tech stock to watch.

Best Tech Stock To Buy in 2020: Pinterest

Another tech company to watch is Pinterest (PINS Stock Report). Pinterest is an image sharing and social media company that enables saving and discovery of information. The San Francisco-based company has enjoyed huge success as more people were forced to stay at home under lockdown orders this year.

best social media stocks to buy now (PINS stock)

Pinterest has seen a 214% increase in share price year-to-date and is currently worth $59.10 per share. This is a given as more people are using Pinterest than ever before. As more people are staying at home, they would have more time to develop their interests and hobbies. From learning new recipes to mastering new skills, Pinterest has the tools to empower creators to share their ideas with people who are ready to act. As the company’s global monthly active users grew by 37% to 442 million, Pinterest also saw its third quarter revenue grew by 58% year-over-year to $443 million.

This strong momentum for the company’s third quarter is supported by recovering advertiser demand. Pinterest is also receiving positive returns from its investments in advertiser products and international expansion. As the pandemic does not seem to be stopping anytime soon, the company in its financial outlook has stated that its fourth quarter revenue will grow around 60% year-over-year. Will PINS stock’s winning streak continue in the coming months?

[Read More] Are These The Best Automotive Stocks To Buy This Week? 3 Names To Watch

Best Tech Stock To Buy in 2020: Snowflake

Fresh of its IPO in September 2020, Snowflake (SNOW Stock Report) has already doubled in the share price. After attracting big investors like Berkshire Hathaway (BRK.A Stock Report), the cloud-based data-warehousing company is currently priced at $262 per share. The company has been growing revenue at a fast pace in the last few years. Furthermore, it can enjoy the long-term growth opportunities that cloud and data analytics are fortunate to have.

best software stocks (SNOW stock)

Snowflake’s revenue has surged by 133% year-over-year in the first half of its 2021 financial year. The company now serves nearly 30% of the Fortune 500. Through its Data Warehouse service, companies can get fast, reliable, and cost-effective access to their data. This in turn helps these companies make better data-driven decisions.

As companies have been digitizing their operations, they naturally accumulate huge amounts of data. Snowflake has leveraged cloud computing to simplify data management and analysis. It also integrates with third-party tools to complement its capabilities. Analysts estimate that worldwide data will grow at a compound annual rate of 61% by 2025. You can see how cloud companies like Snowflake are positioned to make further gains as the world becomes more digitalized. With the cloud computing industry at its infancy, will SNOW stock be worth your attention?

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