top tech stocks to buy

Could These Tech Stocks Lead The Charge Moving Forward?

Tech stocks shot higher out of the gate on Election Day and remained elevated throughout the session. In general, U.S. stocks are soaring despite the volatility that comes around with the election. The S&P 500 closed up 1.78% to 3,369.11- one of the best Election Day closes for the S&P. On the other hand, the Nasdaq Composite closed up 1.85% higher to 11,160.57. Sure, the presidential election could potentially have a profound effect on many publicly traded companies. The winning candidate could probably encourage positive sentiments for investors in certain industries.

“With the way the retail market is behaving, it’s clear that investors are assuming a quick and early conclusion to the elections process,” says Dan Raju, CEO of financial technology and brokerage services firm Tradier. “The very fact that the Dow, S&P, and Nasdaq are all trading high on an election day indicates confidence.”

No matter how you interpret the polling results, the gains we saw on Tuesday could be read as an endorsement of either candidate’s platform. The stock market today is soaring on the back of an uneven tech earnings report. Although major companies like Apple (AAPL Stock Report) failed to impress investors, up and coming tech stocks like Pinterest Inc. (PINS Stock Report) showed strong results.

With the policy risks coming to tech stocks some investors could be taking a break from Big Tech. They might focus on other top tech stocks instead. With all that in mind, are these the best tech stocks to buy in the stock market right now?

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Top Tech Stocks To Watch: Alibaba Group Holdings 

The record-setting initial public offering (IPO) of Ant Group, which was supposed to debut Thursday on stock exchanges in Hong Kong and Shanghai, has been abruptly suspended. This came after Chinese authorities have cited “major issues” as the reason behind the suspension. Alibaba (BABA Stock Report), which owns a third of Ant, saw its share price plunge in both Hong Kong and New York stock exchanges. The share price drop wiped nearly $76 billion off its value, more than double the amount Ant was planning to raise. 

top e-commerce stocks to buy (BABA stock)

If you are looking to buy top tech stocks at discount, Alibaba presents one today. The plunge in stock price appears to be temporary as a fair number of bears aim to capitalize by shorting the stock while the news is still hot. The China Banking and Insurance Regulatory Commission also introduced draft rules for financial technology and online microfinance businesses. These include higher capital requirements and additional lending rules.

All these could be a sign of increased regulation on companies like Ant Group. If I were a betting man, I would guess that the Chinese regulators would not cancel the IPO altogether. After all, Ant Group is a high-profile IPO which is a manifestation of China’s innovation in fintech. So, while BABA stock appears to be taking a breather, you have an opportunity to buy it at a discount. 

Top Tech Stocks To Watch: Adobe Inc.

Investors have been kind to software company Adobe (ADBE Stock Report) in the year 2020 so far. The continued strong revenue growth would power Adobe for the coming decade. A healthy balance sheet puts Adobe in a strong position to make significant acquisitions over the coming years. The company saw its stock price surged by 35.7% year-to-date. Adobe has shown resilience in overcoming the odds in a stock market that was badly hit by the pandemic. The software company is the brains behind one of the best creativity and document management software in the world.

top software stocks to buy (ADBE stock)

Recently, Adobe hired Mark Adams as the company’s new chief security officer (CSO). The former Blizzard Entertainment CSO will be responsible for guiding the tech giant’s security steps in the company’s upcoming post-Flash era. The company has enjoyed tremendous success in recent years after transitioning from a licensed software business to a Software-as-a-Service (SaaS) business. Now, Adams’ experience in cloud security engineering, data privacy, and compliance fits right in with what Adobe needs right now. Therefore, Adobe seems to be in a good shape to elevate itself to greater heights.

In the company’s third-quarter fiscal posted in September 2020, Adobe had reported a 14% growth year-over-year in revenue at $3.23 billion. The company also reported earnings per share of $1.97, representing an increase of 22% year-over-year. The company’s CEO, Shantanu Narayen has stated that Adobe had delivered the best third quarter in its history.

With more people working from home, it makes sense that there would be an increase in usage for Adobe’s software. From small businesses to large corporations, many are incorporating Adobe’s digital services and software into their operations. With that in mind, would you consider adding ADBE stocks to your watchlist?

[Read More] Top Small-Cap Stocks To Watch Now After 3 Were Making Big Moves On Election Day

Top Tech Stocks To Watch: Zoom Video Communications

Zoom Video Communications (ZM Stock Report) was one of the first tech stocks to take off at the onset of the pandemic. In fact, its rally started before the stock market crash in March. The company has tapped perfectly into the work from home shift caused by the pandemic. While ZM stocks have appeared to be taking a breather as of late, it is fair to say that its stock price has been bucking the trend of the overall stock market. Shares have enjoyed years worth of gains in just a few quarters.

That’s because the company has seen a few years’ worths of growth taking place in just a couple of months. ZM stock has enjoyed 557% gains year-to-date. Obviously, Zoom can’t continue this kind of rally every year. The company is slated to release results for its third quarter of the fiscal year 2021 on November 30.

best software stocks (ZM stock)

In its second-quarter ended in July 2020, Zoom’s revenue shot up 355% year-over-year to $663.5 million. That exceeded analysts’ estimates of $500.5 million. The company ended Q2 2020 with over 370,000 customers, representing a significant growth of 458%. These numbers are staggering and are likely to fuel Zoom’s revenue for the years to come. Even with a vaccine around the corner, this new norm is likely to stay. Looking to fiscal Q3, management indicated that this strong momentum would continue. The company guided for third-quarter revenue of $685 million to $690 million, up from $167 million in the year-ago period. 

These numbers are staggering and are likely to fuel Zoom’s revenue for the years to come. Especially when the global pandemic shows no improvement, this new norm we are facing today is likely to stay. This is because even when the economy reopens, many people will continue to work and learn from home. Well, businesses and classes have been carried out online in the last 10 months. Perhaps, Zoom could potentially replace or at least reduce the need for face to face interactions and dealings. Of course, I could be wrong. With the recent resurgence in cases and weaknesses in its stock, would you be thinking about ZM stock this week?

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