Looking For The Best Tech Stocks To Buy? Here’s 3 To Consider For Your List.
Tech stocks are still thriving in the stock market. Be it the pandemic, Joe Biden winning the election, or positive vaccine news from Moderna (MRNA Stock Report), tech stocks have made notable gains this year. The Nasdaq Composite, which is a tech-heavy index, has been up by 73% since the stock market crash in March. These gains are impressive given how other industries suffered terrible losses and are still struggling to regain their share value. If you look at the top 10 stocks in the Nasdaq Composite, you will realize that 9 of them are tech stocks. Furthermore, these top 10 stocks represent one-third of the index’s performance.
So why are investors flocking to top tech stocks? Why are tech stocks showing so much resilience and momentum when more established industries could not? It’s because of the tech industry’s ability to adapt and innovate. They were quick to adjust to the new normal set by the pandemic and could identify shifting consumer needs. Tech companies like Apple (AAPL Stock Report) have enjoyed tremendous success over the last few months. The company was able to keep up with global demands for its products. With more people staying at home and working from home, we rely on tech to keep ourselves productive and occupied.
With Pfizer’s (PFE Stock Report) coronavirus vaccine having a 95% efficacy, it is uplifting news for the world. The pandemic that has claimed more than 1.3 million lives could be behind us by 2021. Tech stocks will continue to thrive as the world has embraced technology. With the tech offerings we have today, from artificial intelligence to cutting edge gadgets, we are living in the golden age of technology. With that in mind, here are 3 top tech stocks for investors to watch.
- Top EV Stocks To Watch in November 2020; 1 Set To Announce Earnings Today
- Are These The Top Retail Stocks To Watch Before Friday?
Tech Stocks To Buy [Or Sell] Right Now: Pinterest
Pinterest (PINS Stock Report) is a tech stock that has enjoyed success in 2020. The San Francisco company is an image sharing and social media service designed to enable saving and discovery of information on the internet. With more people staying at home and under lockdown orders, the company has made huge strides in the stock market. Pinterest is up by nearly 240% year-to-date and currently costs $64.11 a share as of 9.44 a.m. ET.
The company had just announced its third-quarter financials in October and has exceeded investor expectations. The company posted revenue of $443 million, which represented a 58% increase year-over-year. This was accompanied by a global monthly active user increase of 37% to 442 million. This is expected as more people are coming to Pinterest to seek inspiration for their lives. From learning new recipes to picking up new hobbies, these are the things you do when you are stuck at home. Pinterest allows its creators to share their ideas with people all over the world.
Pinterest CFO, Todd Morgenfield said “The strong momentum our business experienced in July continued throughout the rest of the third quarter. We’re extremely pleased with the broad-based strength of our business, driven by recovering advertiser demand as well as positive returns from our investments in advertiser products and international expansion,” The company also expects its fourth-quarter revenue to grow around 60% year-over-year. With so many exciting things happening to Pinterest, will you consider having PINS stocks in your portfolio?
Tech Stocks To Buy [Or Sell] Right Now: Paypal Inc
Next on this list is PayPal (PYPL Stock Report). The company operates a worldwide online payments system that supports online money transfers. PayPal’s digital payment platforms enable digital and mobile payments on behalf of customers and merchants worldwide. The tech company’s share has enjoyed a growth of 73% year-to-date. With borders being closed all over the world, PayPal has thrived in a world where online payments are relied on more than ever.
The company had posted its third-quarter results 2 weeks ago. In the quarter, PayPal reported its strongest growth in total payment volume and revenue in its history. Total payment volume (TPV) was a staggering $247 billion, growing by 38% year-over-year. The company also reported net revenue of $5.46 billion, which was a 25% increase from a year ago. Lastly, PayPal posted earnings per share of $0.86 which represented a 121% increase compared to a year earlier.
The company has seen double-digit customer growth and strong engagement in this latest quarter. PayPal has added 15.2 million Net New Active Accounts and ended the quarter with 361 million active accounts. This is a clear indication that the company plays an essential role in its customer’s daily lives during the pandemic. The company announced that it is creating one of the most compelling and expansive digital wallets in the world. It will embrace all forms of digital currencies and payments. With so much exciting development, will PYPL stock find its way into your portfolio?
Tech Stocks To Buy [Or Sell] Right Now: Palantir Technologies
Palantir Technologies (PLTR Stock Report) may be a newcomer in the stock market, but it certainly is not a lightweight. The software company specializes in big data analytics and is headquartered in Denver. Palantir’s stocks are up by about 20% this week and traded at $18.79 a share as of 10.04 a.m. ET. This came after its first earnings report last week.
Palantir builds software that lets organizations integrate their data and operations into one platform. It builds a data fusion platform to integrate, manage, and secure data on a massive scale. Fresh off its third-quarter fiscal, the company posted revenue of $289.4 million, up by 52% year-over-year. Palantir had also obtained new contracts in this quarter, with $91 million with the U.S. Army, $36 million with the National Institutes of Health, and a whopping $300 million renewal with an aerospace customer.
The company reported that demand for its software had increased steadily over the past year. This is despite significant economic and geopolitical uncertainty in the U.S. and abroad. The company focuses on working with healthcare organizations across the federal government and continues to expand its business with the nation’s defense and intelligence agencies. This extensive reach could set the foundation for the company’s growth for the long term. As organizations continue to expand access to Palantir’s platforms, these are certainly exciting times for the company. With that in mind, will PLTR be a top tech stock to buy?