Are These The Best Tech Stocks To Buy Right Now?
Tech stocks have become such a broad sector in the stock market today. Whether we like it or not, the world we live in today is centered around technology. The industry comprises companies that provide services in electronics, computers, artificial intelligence (AI), software, and many other emerging sectors. As the industry continues to grow, there is often no shortage of activities in the space.
Besides, it is worth noting that the rising adoption of technology is a trend that is taking place across geographies and sectors. We only have to look at Southeast Asian consumer internet company Sea Limited (NYSE: SE). In its fourth-quarter results reported yesterday, revenue for its e-commerce segment was $1.6 billion, up 89.4% year-on-year. This is a testament to Sea’s market leadership in the fast-growing region.
Elsewhere, we saw Accenture (NYSE: ACN) and Microsoft (NASDAQ: MSFT) announcing that they will be assisting the Mount Sinai Health System with its transition to the cloud. The move will allow Mount Sinai to reinvest and focus on its health care missions long-term. Overall, it would not be the worst time to keep an eye on tech stocks. There could be some hidden gems that are thriving underneath all this volatility. With that in mind, let’s look at some of the top tech stocks in the stock market today.
Tech Stocks To Watch In March 2022
Among those trending in the tech space today would be SoFi Technologies. For the uninitiated, this is a digital personal finance company. The company helps to protect its customer’s money while allowing them to borrow, save, spend and invest accordingly. Aside from that, SoFi also has a mobile application that is available on both iOS and Android. Despite having a rough start to the year, things could be turning around after the company reported its fourth-quarter and full-year 2021 earnings report after the closing bell yesterday.
During its fourth quarter, SoFi reported a record GAAP revenue of $286 million, an increase of 67% year-over-year. Meanwhile, its full-year GAAP revenue came in at $984.9 million, up 74% compared to the prior year. Investors should also be aware that the company reached an all-time high in members added, products added, and engagements. The company finished the year with approximately 3.5 million total members, up 87% from the start of the year. This is 500,000 ahead of its stated goal for 2021.
Furthermore, SoFi also recently announced that it has entered into a definitive merger agreement to acquire Technisys, a leading cloud-native, digital multi-product core banking platform. This is an important addition as Technisys offers a unique and critical strategic technology that all leading financial services will need to keep pace with digital innovation. Being the proven leader in Gen 3 multi-product banking core technology, it will be exciting to see how SoFi will utilize it and deliver to all its customers worldwide. Given these exciting developments, could it be a good time to jump on the SOFI stock bandwagon?
[Read More] Top Stock Market News For Today March 2, 2022
As far as customer relationship management (CRM) goes, it is difficult not to mention the likes of Salesforce. In detail, the company’s Customer 360 platform delivers a source that connects customer data across systems, applications, and devices to help companies conduct commerce from anywhere. Besides that, its software is also used for application development, analytics, and marketing automation among others. With more than 150,000 companies utilizing its software to grow their businesses, Salesforce is one of the best at what it does.
Yesterday, Salesforce announced its fourth-quarter and full-year fiscal 2022 financials. To say the least, it was yet another exceptional year for the company on many fronts. For the quarter, it raked in revenue of $7.33 billion, up 26% compared to the prior year’s quarter. Meanwhile, total fiscal 2022 revenue also improved to $26.49 billion, an increase of 25% year-over-year. From this, we can see the continuous demand from its customers. Hence, the company is now raising its full-year fiscal 2023 revenue guidance to $32.1 billion at the high-end of the range.
On top of that, innovations and new advancements are one of the company’s top priorities for growth. We saw Salesforce announcing Safety Cloud back in February amid the ongoing coronavirus pandemic. This will help businesses and communities to get closer together safely. Now, what it does is, it will streamline COVID-19 testing and health status reporting with agility and precision on a single platform. All in all, would you consider betting on the future of CRM stock?
Summing up the list, let us look at another trending tech company right now, UserTesting. In detail, the company offers a video-first, enterprise-grade software-as-a-service platform. Its platform captures authentic, credible, and contextualized customer perspectives from audiences who chose to share their thoughts. Thus, it enables organizations to see and hear the experiences of real people as they engage with products, designs, brands, and even concepts. Impressively, USER stock climbed by 27% on Tuesday.
This came after the company announced its fourth-quarter financials. In brief, revenue for the quarter improved to $42.5 million, representing an increase of 45% year-over-year. Out of which, $39.8 million was subscription revenues. CEO Andy MacMillan said, “The investments we are making across our go-to-market organization to both drive awareness and expand use cases within existing customers are generating results. We believe the ability to use genuine human insights to inform business decisions at the speed of innovation represents a broad, underpenetrated market, which creates growth opportunities for years to come.”
In February, UserTesting released a new social commerce template for its Human Insight Platform. It would empower companies to obtain fast, opt-in feedback from shoppers on various social media platforms such as TikTok and Instagram. Hence, companies will have better insight to create more impactful buying experiences for their customers. Now, as social media continues to gain adoption, this new solution could make a big impact. All things considered, would you consider adding USER stock to your watchlist?