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Good Stocks To Buy Right Now? 4 Tech Stocks To Know

Are these top tech stocks trading at a discount right now?

good stocks to buy right now

Tech stocks have experienced a rough year in the stock market so far. This is mainly due to macroeconomic events, such as rising inflation, and increasing interest rates. In brief, tech stocks, or technology stocks, are shares of companies that produce or use technology. They can be found in a variety of industries, including computer hardware and software, semiconductors, the internet, telecom, and consumer electronics. Meanwhile, top tech stocks have generally outperformed the broader market in recent years, as technological innovations have driven rapid growth in many sectors.

However, these stocks can be volatile, and their performance is often linked to the overall health of the economy. For example, during an economic downturn, spending on tech products and services is often one of the first areas to be cut back. As a result, investors need to carefully consider the risks and potential rewards before investing in tech stocks. With that, here are four tech stocks to check out in the stock market today.

Tech Stocks To Watch Right Now

NVIDIA (NVDA Stock)

Leading off today, NVIDIA Corporation (NVDA) is an American multinational technology company headquartered in Santa Clara, California. It designs graphics processing units (GPUs) for the gaming and professional markets, as well as system-on-chip units (SoCs) for the mobile computing and automotive market. NVIDIA’s primary GPU product line, labeled “GeForce”, is in direct competition with Advanced Micro Devices (NASDAQ: AMD) “Radeon” products. NVIDIA also supplies the majority of capacitors used in electronic products including desktop computers, laptops, and smartphones. Just last week, the company announced its financial results for Q2 fiscal 2023.

In the report, the company posted better-than-expected figures for the quarter. Specifically, NVDA reported earnings of $0.54 per share, with revenue of $6.7 billion. Though, the company did revise its guidance lower for the third quarter. In detail, the company reported it expects Q3 revenue of $5.782 billion to $6.018 billion. Meanwhile, they also reported they estimate earnings per share to be between the range of $0.68 to $0.77 per share. For context, Wall street analysts’ estimates for Q3 are earnings of $0.94 per share, on revenue of $7.02 billion.

With that, shares of NVDA are down over 50% year-to-date, which could present an opportunity for investors who believe in the company’s long-term growth potential. Furthermore, on Wednesday morning, shares of NVDA stock are down 2.74% at $150.68 per share. Considering this, do you think NVDA is undervalued right now?

Source: TD Ameritrade TOS

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Snap (SNAP Stock)

Next, Snap Inc, (SNAP) is a camera company. Snap Inc.’s flagship product is the popular social media application Snapchat. In addition to Snapchat, Snap Inc. also sells Spectacles, sunglasses with an integrated video camera that can record and share first-person videos on Snapchat. Also, the company offers advertisers a wide range of self-serve advertising products that they can use to reach their targeted audience. In July, SNAP reported weaker-than-expected financial results for its second quarter of 2022.

Diving in, Snap recorded a loss of $0.06 per share, along with revenue of $1.1 billion. Next, the company posted a 13.1% revenue increase during the same period, in 2021. However, the company did not provide any guidance for Q3. SNAP announced in its press release that was due to “uncertainties related to the operating environment“. Shares of SNAP stock are down over 70% year-to-date. Though in the last month of trading, SNAP stock has recovered over 12% and is up over 7% on Wednesday morning at $10.78 per share. Given this, could now be a good time to be watching SNAP stock?

Source: TD Ameritrade TOS

Alphabet (GOOG Stock)

Following that, Alphabet Inc. (GOOG), which is the parent company for the tech giant Google. For the uninitiated, Alphabet Inc. has a diversified business portfolio that includes several major companies, such as Google, YouTube, Android, Alphabet Aerospace, and Calico. Alphabet’s mission is “to organize the world’s information and make it universally accessible and useful.” Moving along, just last month the tech giant reported its second quarter 2022 financial results.

Diving into the report, GOOG came in under analysts’ expectations on earnings and revenue. In detail, Alphabet reported earnings per share of $1.21, along with revenue of $69.7 billion. Meanwhile, Wall Street analysts consensus earnings estimates were $1.27 per share on revenue of $70.8 billion. However, it wasn’t all bad for Alphabet. The company was able to beat estimates on ad revenue. Specifically, GOOG reported ad revenue at $56.29 billion for Q2 2022. This came in better-than-estimates of $56.14 billion.

Moving on, shares of GOOG stock are still down 24% so far this year. As of Tuesday morning’s trading session shares of GOOG stock are trading at $110.23 per share. Considering all of this, it wouldn’t surprise me if investors were keeping close tabs on GOOG stock at these current price levels. All in all, do you think GOOG stock is a good tech stock to buy [or sell] in the stock market today?

Source: TD Ameritrade TOS

[Read More] Recession-Proof Stocks To Invest In Now? 3 E-Commerce Stocks To Watch

Microsoft (MSFT Stock)

Last but not least, Microsoft Corporation (MSFT) is an American multinational technology company with headquarters in Redmond, Washington. It develops, manufactures, licenses supports, and sells computer software, consumer electronics, personal computers, and related services. Its best-known software products are the Microsoft Windows line of operating systems, and the Microsoft Office suite to name a few.

Continuing on, also in July Microsoft announced its 4th Quarter 2022 financial results. In the report, the company notched earnings per share of $2.23, along with revenue of $51.9 billion. This is compared with, the Street’s analysts’ consensus estimates of earnings per share of $2.28, and revenue of $52.9 billion. Year-to-date shares of MSFT are still down over 20%, while the stock is trading at $262.85 as of Wednesday morning’s trading session. Do you think now is the time to add MSFT to your long-term portfolio?

Source: TD Ameritrade TOS

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By Jonathan Phillip

Jonathan Phillip is an up and coming financial contributor in the stock market today. He's found a strong niche in writing about true growth industries. His main focus for the last 5 years has been on the cannabis industry and marijuana stocks. He is one of the top contributors to cannabis media outlets like MarijuanaStocks.com. He also is head of social media management for StockMarket.com.

Since an early age, Jonathan has been an active member of the cannabis culture. Coming from Miami, Florida, he's been able to identify emerging trends in the space including the emergence of cannabis derivatives, vapes, e-liquids, wax, and more. His ability to identify emerging niches has afforded him the ability to source valuable information from top industry names.

Jonathan has also managed to build a strong social media presence for companies. He has worked with hundreds of public companies to develop a digital presence. As an active blogger and social media influencer, his focus is on lifestyle segments of the market. You can find Jonathan reporting on anything from industry conferences and investor events to corporate disclosures and cannabis market movers.

Since the early days of marijuana companies going public, Jonathan has made it a point to find information before the crowd. The main target of his writing is on undiscovered or under-researched companies that could hold true, lasting market potential. Through his research, Jonathan has managed to be one of the early writers to identify the opportunity of cannabis over other things like alcohol and he was one of the first reporters to cover the multi-billion dollar deals that materialized in 2017 and 2018. He has also covered the emergence of multi-state operators in the U.S. after Canada paved the way in late 2018 and 2019 for legalization in North America.

Jonathan is also an active member of the underground hip-hop scene. He has worked with some of the biggest names in the rap community while also gaining valuable insight from top producers and business moguls focused on moving brands forward. In his free time, Jonathan builds social communities and continues to hone his skills as a leading financial writer.

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