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Best Stocks To Buy Now? 4 Growth Stocks To Watch Before May 2021

Investors can’t seem to get enough of these growth stocks.

best stocks to buy now (growth stocks)

4 Top Growth Stocks To Consider Adding To Your Watch List

Growth stocks will often outperform the broader market. What drives these stocks and what separates them from the broader market you may ask? These stocks have exciting growth prospects as they can usually fill something that the stock market is missing. They grant investors very interesting buying opportunities. Tech for instance still has a lot of potential for growth. After all, the technology sector is vast and comprises many products and services. 

Certainly, tech is often the first sector that comes to mind when looking for the best growth stocks to buy. From software developers to semiconductors and e-commerce, the possibilities are endless. In essence, any company that sells a product or service infused with technology will likely belong to this sector.

You only need to look at the likes of companies like Shopify (NYSE: SHOP) and Apple (NASDAQ: AAPL). Their stock prices have risen by over 100% and 80% respectively over the past year. Tech companies whose main business is in software have been converting their business model to Software-as-a-Service (SaaS) for recurring revenue. This is in contrast to customers buying a one-time license. Of course, there are also other companies with strong growth from industries other than tech. With so much going on in the market these days, do you have these top growth stocks on your watchlist in the stock market today?

Top Growth Stocks To Watch Right Now

Snowflake Inc.

Snowflake is a cloud-based data-warehousing company that is based in California. The company was one of the most exciting IPOs in recent years. Since peaking at $429 per share towards the end of last year, the stock has given back all of its gains since its public debut. For investors who have been waiting for the company to trade at a reasonable valuation, could now be a good time to look at SNOW stock again? If you are unfamiliar with its business, Snowflake’s platform enables customers to consolidate data into a single source to drive business insights and build data-driven applications. Today, thousands of customers around the world mobilize their data with Snowflake’s cloud data platform. Customers flock to Snowflake as users can securely share data inside and outside of their organizations easily. 

From its most recent quarterly report, revenue came in 117% higher to $190.5 million. Earlier this year, the company announced a strategic partnership with BlackRock (NYSE: BLK) to launch Aladdin Data Cloud. This new data cloud is a solution for investment managers to expand the utility of data. It will allow its clients to expand the utilization of data across their organization to unlock creativity and increase operational efficiency. 

Also, the company’s partnership with Abacus Insights will enable health care organizations to seamlessly generate data insights faster and at scale. Snowflake says that it will be able to curate the troves of healthcare data to further add value to customers. With all these exciting developments, is SNOW stock a top growth stock to buy now that it is trading at a more reasonable valuation than where it was earlier this year?

[Read More] Hot Stocks To Invest In Right Now? 4 Health Care Stocks To Watch

Teladoc Health Inc.

When talking about the advancement of technology in the health care sector, Teladoc is a name that often comes to mind. This comes as no surprise seeing that the company’s plethora of telehealth services remain a vital service during the pandemic. The global leader in telehealth medicine reported its first-quarter financial report on April 28. In it, it raised full-year guidance as first-quarter revenue came in 151% higher year over year to a record $453.7 million.

“Consumers are embracing our whole-person virtual care offerings, engaging with multiple products and coming to us for more of their health needs. As our integration accelerates, we are leading the way in whole-person care, unlocking the full spectrum of healthcare in one unified and personalized consumer experience,” said Jason Gorevic, chief executive officer of Teladoc Health.

One reason why investors are bullish is because Teladoc is slowly creating cheaper remote alternatives healthcare to the inconvenient, inefficient health care system we have today. Also, consulting firm McKinsey & Company projects that the U.S. virtual care market could approach $250 billion annually after the pandemic is over. With that kind of projection, you could say that Teladoc has a lot of untapped potential indeed. If the stock price dips further, would you be picking up TDOC stock on the cheap?

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Unity Software Inc.

We all know video games are big business, but the trend investors are excited about is the underlying video game software that is used to build games and animations. And one of the most popular video game software providers is Unity. In particular, Unity’s platform provides solutions not just to create but also to operate and monetize interactive content.

According to International Data Corporation (IDC) data, video game revenue has surged about 20% last year to $179.7 billion. The strong growth in video game revenue is going to bode well with U stock. From Unity’s most recent quarter, the company’s revenue came in 39% higher to $220.3 million. This could be one of the most consistent growth platforms in video games over the next decade. 

Many gaming companies depend on Unity Software to create the latest and greatest that the gaming industry can offer. Companies use Unity’s real-time 3D technology to create immersive and interactive content. The company states that more than 90% of the top gaming companies utilize its software. This essentially gives Unity an indispensable position in the gaming industry and could very well fuel the company’s growth in the coming years. All things considered, will U stock be a top tech stock to buy for the long run?

[Read More] Trending Stocks To Buy Now? 4 FAANG Stocks In Focus

Crocs Inc.

Last but not least, we have Crocs. The Colorado-based company is the sole manufacturer of the Crocs brand foam clogs. This leader in innovative casual footwear has been on a tear ever since the pandemic hit in March. This week, CROX stock received another shot in the arm after the shoemaker increased its revenue outlook for the full year and reported record first-quarter sales.

From its first-quarter report, revenue came in 64% higher to $460.1 million from $281.2 million a year earlier. That’s the best growth rate Crocs has reported in years. What’s impressive is that this came amid an economy that is struggling to recover smoothly. As for the second quarter, Crocs is now calling for sales to grow by 60% to 70% year over year.

Some speculate that there is a shift in consumer preference towards comfort rather than just appearance. If this is sustainable, Crocs could stand to benefit further. If you believe that Crocs can continue to perform in the near term, would you bet on CROX stock today?

By Amos C

Amos is the global markets correspondent for StockMarket.com. His boots on the ground insight into emerging markets has given him the unique ability to stay ahead of new market trends and deliver timely data when it matters most. Based in Asia, Amos has made a point to monitor the foreign markets closely, dissect stock market trends and then apply them to the North American markets; in addition to global markets.

Amos has a deep-rooted background in foreign exchange and commodities. His previous experience working within the cryptocurrency arena has given him the advantage to identify the fast-moving stock market and financial trends. Amos calls Hong Kong home and has been a financial content writer for the last 3 years.

He has managed teams of international media strategists and financial writers to cover all top stories in the stock market each day. His skills include his tireless drive to find the most valid information and actionable details that investors can use to formulate valid decisions on stocks to buy or stocks to avoid. Furthermore, Amos’ ability to cover trending stories across the globe brings StockMarket.com a fresh perspective on key data and how it not only affects the North American markets but also how it could translate to the world markets alike.

Most of the time you can find him diving into corporate filings, focusing on fundamentals that could influence major market moves. One of his passions is researching technology and biotechnology stocks. Some of the most cutting-edge innovations have stemmed from these industries. While many don’t become industry blockbusters, the processes and applications of these innovations has led to some of the biggest developments known to man in the modern age. As a global correspondent, Amos has been able to see both sides of the story as it relates to world news and offers a true, personal approach, cutting through the noise of the mass media. He was integral in reporting on the Hong Kong uprising and doing first-hand research on international sentiment from the novel coronavirus.

In his free time, Amos is an avid fan of music and art and enjoys attending concerts.

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