Could These Tech Stocks Be Great Buys For Long Term Potential?

Tech stocks have been one of the hottest sectors to watch in the last couple of months. One thing for certain is the fact that the coronavirus pandemic has fuelled the growth of technology. With concepts like work-from-home and distant learning becoming the norm for many people, there has been a rise in demand for laptops, data centers, and e-commerce. In order to cope with rising demand, tech companies ramped up their services and capacity to capitalize on this opportunity. This could be the trend for the months that come as many countries are still coping with vaccination rollout.

The tech sector is also always in the limelight these days. For instance, Alibaba (NYSE: BABA) co-founder Jack Ma has finally made an appearance for the first time since China’s government began clamping down on his business empire nearly three months ago. The news has sent the tech stock up by over 5% as of 10:27 a.m. ET. Elsewhere in tech, space tech company, Maxar Technologies (NYSE: MAXR) has been up by over 40% year-to-date. This shows how quickly these stocks can explode in growth in a relatively short time.

With so much happening in the tech sector, it can be a grueling task to pick top tech stocks in anticipation of huge gains. It is, however, worthwhile to pay attention to tech stocks as they are fundamentally strong with good earnings visibility. All things said, here is a list of top tech stocks to consider adding to your portfolio.

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Best Tech Stocks To Buy Right Now

Intel Corporation

Intel is a tech titan that is based in Silicon Valley. It is the world’s largest semiconductor chip manufacturer based on revenue. The company is the brains behind the x86 series of microprocessors that are used on most personal computers. Intel will announce its fourth-quarter earnings tomorrow and has recently enjoyed a 25% stock price increase in the last month.

top tech stocks (INTC Stock)

Despite being outperformed by its competitor Advanced Micro Devices (NASDAQ: AMD) in the last few years, the company has been taking meaningful steps to turn its business around. Last week, Pat Gelsinger was announced as the company’s new CEO. Gelsinger has been with the company for over 30 years. He is a proven technology leader with a distinguished track record for innovation and deep knowledge of Intel. In the same announcement, the company also expects to beat its fourth-quarter 2020 revenue and earnings per share.

Late last year, the company’s shares surged after it was reported that hedge fund Third Point had acquired a significant stake in the chipmaker. The hedge fund has also been pushing Intel to streamline its operations, which includes moving away from manufacturing. Intel also notes that it has made strong progress on its 7nm process technology and plans to provide an update tomorrow as well. With such exciting developments surrounding the company, will you consider buying INTC stock?

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International Business Machines Corporation

IBM is a technology and consulting company based in New York. The company has over 350,000 employees in 170 countries. The company has been investing in its blockchain and hybrid cloud platforms and could reap its benefits of these next-generation technologies in its fourth-quarter earnings scheduled for tomorrow. The company’s shares are currently traded at $130.08 a share at the close of Wednesday’s trading session.

top tech stocks to watch (IBM stock)

How has the company been doing financially so far? In its third-quarter fiscal posted in October, the company reported a revenue of $17.6 billion. A bulk of that revenue came from its cloud segment, at $6 billion, and was a 19% increase to a year earlier.  Its global business services brought revenues of $4 billion and its systems segment brought in a revenue of $1.3 billion. The company also had $10.8 billion in cash and reported operating earnings per share of $2.58.

The strong performance of our cloud business, led by Red Hat, underscores the growing client adoption of our open hybrid cloud platform,” said Arvind Krishna, IBM chief executive officer. “Separating the managed infrastructure services business creates a market-leading standalone company and further sharpens our focus on IBM’s open hybrid cloud platform and AI capabilities. This will accelerate our growth strategy and better position IBM to seize the $1 trillion hybrid-cloud opportunity.” The company is certainly making its way back to its heydays based on its solid financials. All things considered, do you think IBM stock is a top tech stock to buy?

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BlackBerry Limited

BlackBerry is a multinational company that specializes in enterprise software and the Internet of Things (IoT). The company’s shares today hit a three-year high and have doubled year-to-date. There are a few reasons for this incredible climb. Last month, the company announced that it will be joining forces with Amazon’s (NASDAQ: AMZN) Amazon Web Services to accelerate its Intelligent Vehicle Data Platform, IVY. BlackBerry IVY is a scalable, cloud-connected software platform that will allow automakers to provide a consistent and secure way to read vehicle sensor data.

communication stocks to buy now (BB stock)

In the company’s latest quarter financials in December, it reported total revenue of $224 million. Its software and services segments brought in a revenue of $168 million. BlackBerry also reported a gross margin of 70% and net cash generated from operating activities of $29 million. The company also launched its new AI-powered Mobile Threat Defense solution to protect against mobile malware and phishing attacks.

Recently, the company sold some 30 mobile phone patents to telecom giant Huawei. Getting rid of BlackBerry’s legacy business would allow the company to focus on its core businesses. Investors seem to have responded positively to this news based on the spike in its share price when the news first broke. The company has also been rebranding itself in the last few years as a software company and an IoT market leader. Boasting over 38,000 patents and having its software installed in over 175 million cars across 45 automakers certainly helps position the company well. Could 2021 be the year BB stock return to its former glory?

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