Top Tech Stocks To Watch Right Now
Tech stocks are still on a bumpy ride this week. Following a gain on Thursday, the tech-heavy Nasdaq Composite is under pressure again. This came as U.S. bond yields resumed their push higher. Not all hope is lost as the tech sector is still booming in many areas. From 5G to automation and software, many tech companies still have a lot of growth potential. In fact, tech companies will continue to benefit for many years from this opportunity. Ultimately, this would also result in outsized earnings growth. Coupled with another round of stimulus checks, the sector could also benefit from this.
Some analysts are saying that this recent pullback could be a buying opportunity for investors. For instance, tech stocks like Salesforce.com (NYSE: CRM) and CrowdStrike (NASDAQ: CRWD) have shown solid growth in their latest financials. Salesforce had reported a record quarter last month when it posted a revenue of $5.82 billion for the quarter and $21.25 billion for its full-year revenue. It also raised its guidance to a top-line revenue of $5.885 billion, up by approximately 21% year-over-year. The company says that it has adapted to this pandemic era and is able to thrive in it as more people have shifted their businesses online. Given all of this, will you consider adding these top tech stocks into your portfolio?
Best Tech Stocks To Buy [Or Sell] This Month
- DocuSign Inc. (NASDAQ: DOCU)
- Oracle Corporation (NYSE: ORCL)
- MicroVision Inc. (NASDAQ: MVIS)
- Apple Inc. (NASDAQ: AAPL)
DocuSign is a company that helps organizations connect and automate how they prepare, sign, and manage agreements. In essence, the company offers the DocuSign Agreement Cloud, a software suite that includes DocuSign eSignature. It is an electronic signature solution that allows an agreement to be signed electronically on a variety of devices. The Agreement Cloud also includes several other applications for automating pre- and post-signature processes. DOCU stock is currently traded at $209.53 as of 2:12 p.m. ET and has been up by over 2.71% in the last 5 trading days. This latest rally seems to be based on anticipation after its fourth-quarter financials yesterday.
In it, the company reported a total revenue of $430.9 million, a 57% increase year-over-year. Subscription revenue represented a chunk of this revenue, at $410.2 million. The company also ended the quarter with $866.5 million in cash.
Given the circumstances of the pandemic, where businesses were forced to shift online for continuity, the company has benefited tremendously from this trend. You could say that DocuSign has become a pillar of the ‘anywhere economy’ that lets people increasingly do anything in life and work from anywhere. Given the digital transformation that is happening worldwide, will you consider buying DOCU stock?
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Oracle is a tech company that provides services and products that address corporate information technology environments. This would include the application, platform, and infrastructure segments. It is one of the world’s largest software makers and sells database software, cloud engineering systems, and enterprise software products. Oracle also develops and builds tools for database development and systems of middle-tier software, enterprise resource planning (ERP) software, and customer relationship management (CRM) software. The company released its third-quarter financial results on Wednesday.
It reported that its total quarterly revenue was $10.1 billion. Cloud services and license support revenues were up by 5% to $7.3 billion. Its cloud license and on-premise license revenue were up by 4% to $1.3 billion. It also reported an earnings per share of $1.68 for the quarter.
Impressively, its Oracle Gen2 Cloud Infrastructure revenue doubled compared to a year earlier. The company looks to open new regions as fast as it can to support its rapidly growing multi-billion dollar infrastructure business. Will you buy ORCL stock for these reasons?
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MicroVision is a leader in laser beam scanning technology. The company markets its technology under the brand name of PicoP. Its scanning technology can be used in products for interactive projection, consumer/automotive light detection and ranging (LiDAR), and augmented reality. MicroVision’s platform approach for this advanced sensing and display solution means that it can be adapted to a wide array of applications and form factors. MVIS stock currently trades at $17.23 as of 2:16 p.m. ET. It has been up by over 200% year-to-date and has just recently announced its fourth-quarter financials as well.
The company has made significant progress in advancing its automotive LiDAR development in the last few months. For instance, it expects to show a working sample of its long-range LiDAR solutions by April. Last month, the company announced that it had raised $48.7 million in funding through an at-the-market stock sale. This sale allows the company to shore up its balance sheet and also pursue strategic alternatives.
In addition to LiDAR products, the company is also designing micro-display engine chips for augmented reality hardware. Given the developments surrounding the company, will you consider MVIS stock as a top tech stock to buy?
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Apple is a multinational technology company that is based in California. It’s one of the Big Five companies in the U.S. information technology industry along with industry giants Amazon (NASDAQ: AMZN) and Microsoft (NASDAQ: MSFT). Last year, the company became the first publicly traded U.S. company to be valued at over $2 trillion. The company also has a high level of brand loyalty and is ranked as one of the world’s most valuable brands. AAPL stock currently trades at $120.72 as of 2:15 p.m. ET.
In the company’s latest quarter financials in January, Apple posted all-time record revenue of $111.4 billion, up by 21% year-over-year. It also reported a quarterly earnings per diluted share of $1.68, up by 35% in the same period. International sales accounted for 64% of this quarter’s revenue.
“Our December quarter business performance was fueled by double-digit growth in each product category, which drove all-time revenue records in each of our geographic segments and an all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO. “These results helped us generate record operating cash flow of $38.8 billion. We also returned over $30 billion to shareholders during the quarter as we maintain our target of reaching a net cash neutral position over time.”