Are These Top Tech Stocks Worth Investing In Now?
Tech stocks appear to be on the rebound after a pretty rough session over the past week. Overall, the tech-heavy Nasdaq composite saw gains of over 3.6% yesterday, one of its best days since November. With this current reversal, it seems that investors are once again turning towards the top tech stocks right now. Take Apple (NASDAQ: AAPL) for example. The company’s shares rebounded by over 4% after hitting a 4-month low earlier this week. Amongst other top tech stocks on the rise was cloud communications company Zoom (NASDAQ: ZM) who gained by over 9%. Not to mention, most companies that did well during the pandemic also saw similar uptrends. So, after all this, what should your next move be in this space?
Well, Payne Capital Management advisor Courtney Dominguez weighed in on the matter during an interview on Monday. Dominguez suggests that most of the tech services we enjoy now will likely continue to be around moving forward. Adding to that, I would dare say that they will continue to refine and update their services. After all, these are companies that received a massive influx of customers amidst the pandemic. Retaining said customers would stand to benefit companies and investors alike. Having said all of this, here are four top tech stocks that are trending in the stock market today.
Best Tech Stocks To Buy [Or Sell] Now
- Baidu Inc. (NASDAQ: BIDU)
- PayPal Inc. (NASDAQ: PYPL)
- PubMatic Inc. (NASDAQ: PUBM)
- Pure Storage Inc. (NYSE: PSTG)
First up, we have Baidu. The Chinese tech company is a major player in the fields of internet-related services and artificial intelligence (AI). In fact, it is one of the largest internet and AI companies globally. Over the last few months, Baidu has been directing its AI expertise towards both the electric and autonomous vehicle industries. With the world’s first autonomous Mobility-as-a-Service platform and an electric vehicle on the way, BIDU stock would be on investors’ radars. Just yesterday, the company’s shares jumped by over 13% during intraday trading.
Aside from the overall pivot back towards tech, the company also received some good news last week. Specifically, Baidu has won approval from the Hong Kong Stock Exchange to list its shares. This is an excellent development for Baidu as it gets access to a larger pool of investors. Moreover, it was reported that Baidu is looking to raise up to $3.5 billion with Goldman Sachs (NYSE: GS) acting as an underwriter on the deal.
If that wasn’t enough, Baidu has also been busy making alliances in the energy industry. Last Tuesday, news broke that China-owned Huaneng Power International will employ Baidu’s services to optimize its electricity and power operations. Seeing as Huaneng is one of China’s largest state-owned electricity generating companies, this is a huge deal for Baidu. Could all this mean further gains for BIDU stock this year? I’ll let you decide.
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PayPal is a leading fintech company that has and continues to make massive strides in the industry. For the uninitiated, the company operates its online payments system across the globe. In an age where contactless transactions have become heavily relied on, PayPal would likely flourish. Likewise, PYPL stock has more than doubled over the past year. Despite the recent tech-related pullbacks, PayPal remains hard at work bolstering its services this week.
Diving right into it, the company agreed to acquire Curv, a global provider of digital asset security tech. With the current hype around cryptocurrencies, PayPal customers have been making a lot of Bitcoin purchases. Even Citigroup (NYSE: C) believes that Bitcoin could “become the currency of choice for international trade” someday. As such, this acquisition would serve to accelerate and expand PayPal’s cryptocurrency services which are in high demand now.
Additionally, the company has also been busy growing its conventional payment services in Australia. The move-in question introduces a buy now, pay later service for PayPal’s 9.1 million account holders in the country. In detail, customers will be able to pay for goods and services over four installments starting in June 2021. With PayPal firing on all cylinders, will you be investing in PYPL stock now?
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Following that, we will be looking at ad-tech company PubMatic. The company develops and implements online advertising software for its customers. For one thing, the company has been making headlines along with other ad-tech stocks lately. This is because Google (NASDAQ: GOOGL) making key policy changes on its search platform regarding targeted advertising.
Namely, Google confirmed that it would be moving away from third-party cookies which resulted in investors trimming their ad-tech stocks. Regardless, PubMatics’ other key products involving alternative IDs and first-party publisher data, remain unaffected by this. Despite all that, PUBM stock popped by over 12% during yesterday’s trading session.
For starters, the company announced a global partnership with leading media investment company, GroupM. Essentially, PubMatic is now a “Global Preferred SSP Partner” to GroupM. To put things into perspective, GroupM is responsible for over $60 billion in annual media investments through its various agencies annually. Through this alliance, GroupM’s clients will receive transparent inventory access and increased return on investments through strategic supply partnerships. Given the scale of PubMatic’s latest partnership, I can understand why investors are flocking to PUBM stock now. Would you say this makes PUBM stock a buy?
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Pure Storage Inc.
Another top tech company in focus now would be Pure Storage. To summarize, the California-based company develops flash data storage hardware and software products. the company reported solid figures in its recent-quarter fiscal posted last month. In particular, Pure Storage saw its annual subscription revenue grow by 33% year-over-year and posted consecutive record sales quarters for its hardware offerings. In terms of its shares, the company is looking at gains of over 130% since the March 2020 selloffs. Would PSTG stock make for a good buy given its current valuation?
Well, Deutsche Bank analyst Sidney Ho appears to believe so. To highlight, the analyst lifted his rating on PSTG stock to a Buy yesterday while reiterating a $27 price target. This would make for a modest 26% premium on its price tag as of yesterday’s closing bell.
Furthermore, Ho believes there is “real traction in the market” for Pure Storage’s subscription-based storage services. In terms of business highlights, the company also teamed up with IBM (NYSE: IBM) last week. Basically, Pure Storage will help bring hybrid cloud capabilities to IBM clients across “any environment” Given Pure Storage’s current momentum, will you be adding PSTG stock to your portfolio?