The technology sector has emerged as one of the fastest-growing industries in the world, with technological advancements transforming every aspect of our lives. The sector includes companies that create and sell products and services related to software, hardware, electronics, internet, telecommunications, and other tech-related products. The tech industry is highly competitive, and companies are under constant pressure to innovate and remain relevant in a rapidly evolving market.
Investing in tech stocks can be a lucrative but risky venture, with high growth potential and volatility. Tech stocks are known for their high valuations, with many companies trading at high price-to-earnings ratios due to their potential for future growth.
The performance of tech stocks is closely tied to the overall health of the economy and technological advancements, with factors such as consumer demand, innovation, and regulatory changes impacting stock prices. As a result, it’s essential for investors to conduct thorough research and due diligence before investing in tech stocks. That being noted, here are three tech stocks to watch in the stock market this week.
Tech Stocks To Buy [Or Sell] In 2023
QUALCOMM (QCOM Stock)
To start, Qualcomm (QCOM) is a technology company that designs and produces mobile devices, semiconductors, and wireless telecommunications equipment. The company’s products are used by businesses and consumers worldwide.
Earlier this month, Qualcomm reported its most recent quarterly cash dividend. In detail, the company declared a quarterly cash dividend of $0.80 per common share. This dividend is payable on June 22, 2023, to shareholders of record on June 1, 2023. Currently, Qualcomm offers an annual dividend yield of 2.72%.
Year-to-date, shares of QCOM stock have advanced by 9.85%. While, as of this past Friday’s closing bell, Qualcomm stock closed the day at $117.76 a share.
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PayPal Holdings (PYPL Stock)
Next, PayPal Holdings, Inc. (PYPL) is a digital payments company that operates a platform for online payments and money transfers. The company enables customers to make payments and transfer money globally through its website and mobile app.
Moving along, back in February, PayPal Holdings released its fourth quarter 2022 financial results. In detail, PayPal reported Q4 2022 earnings of $1.23 per share, along with revenue of $7.4 billion. This came in higher than analysts’ consensus estimates which were earnings of $1.20 per share, with revenue estimates of $7.4 billion. What’s more, revenue increased by 6.7% versus the same period, the previous year.
Since the start of 2023, shares of PYPL stock have dropped modestly by 0.54% year-to-date. Meanwhile, as of this past Friday’s closing bell, PayPal stock is trading at $74.18 a share.
Adobe Inc. (ADBE Stock)
Last but not least, Adobe Inc. (ADBE) is a software company that offers a range of creative and marketing software products. The company’s products include Photoshop, Illustrator, InDesign, and Acrobat, as well as marketing automation software such as Marketo and Magento.
Last month, Adobe and NVIDIA announced a new partnership to leverage the power of generative AI to advance creative workflows. The two companies will collaborate to develop a new generation of advanced generative AI models, with a particular emphasis on integrating these models into applications that are commonly used by top creators and marketers around the world. This collaboration has the potential to transform the way content is created, managed, and shared, and could pave the way for new and innovative approaches to creative work in a variety of industries.
In 2023 so far, shares of Adobe stock have increased by 12.09% YTD. Meanwhile, as of this past Friday’s closing bell, shares of ADBE stock are trading at $377.67 a share.