Are These Top Tech Stocks Worth Investing In Right Now?

When it comes to the tech sector today, most would argue that growth is the name of the game. Evidently, as the sector is home to some of the top growth stocks in the stock market today, not much has changed. This is likely thanks to the nature of tech where innovation and progress are a constant. Now, the main factor that could deter investors from the sector now would be inflation. Given the recent string of updates on the state of the economy, it seems that inflation fears could subside for now.

Namely, the service sector activity report from the Institute of Supply Management was released yesterday. In it, survey data revealed that while pricing pressure remains elevated, the pace at which it changes has slowed. This would support some economists and the Federal Reserve’s views suggesting that the recent spikes in inflation are merely transitory. Supporting this, a recent client survey by information services firm IHS Markit (NYSE: INFO) saw respondents citing a “reduction in concerns over inflation”. With all that said, I can understand if investors are keen on the tech industry now.

After all, the demand across some of the hottest sectors in the tech industry remains high. For instance, we could look at some of the top semiconductor stocks and cybersecurity stocks in the stock market now. For starters, chip manufacturers such as Micron (NASDAQ: MU) and Taiwan Semiconductor (NYSE: TSM) are benefiting from global semiconductor demands. At the same time, an increase in cyberattacks continues to drive corporate spending in the cybersecurity industry. This would see the likes of Okta (NASDAQ: OKTA) and Zscaler (NASDAQ: ZS) being put in the spotlight now. Across the board, tech companies seem to be thriving. On that note, here are three worth looking at right now.

Best Tech Stocks To Buy [Or Sell] This Week

Apple Inc.

Apple is a multinational tech company that specializes in consumer electronics, computer software, and online services. The company is one of the largest tech companies in the world by revenue and also one of the most valuable. It has revolutionized personal technology with the introduction of its premium products and services. It boasts over 100,000 employees worldwide and was one of the first publicly traded U.S. companies to be valued at over $1 trillion. AAPL stock currently trades at $144.57 as of Wednesday’s close and is up by over 50% in the last year.

The company reported a record fiscal second quarter in April. Firstly, it posted a revenue of $89.6 billion, up by 54% year-over-year. The company also reported quarterly earnings per diluted share of $1.40. Apple says that international sales accounted for 67% of this quarter’s revenue. It also says that it continues to see optimism from its consumers and that there will be better days ahead for the company. The company also continues to innovate across its product lineup and is focusing on how it can help teams and communities when they emerge from this pandemic.

This would include efforts like its 8 gigawatts of new clean energy that it will bring into its grid and its $430 billion investment in the U.S. over the next 5 years. Investors and analysts alike are following the company closely ahead of the fall launch of its next-generation products. JPMorgan (NYSE: JPM) analyst Samik Chatterjee reiterated his Overweight rating on Apple shares and even lifted his price target to $170 from $165. Given the excitement surrounding Apple, will you consider adding AAPL stock to your portfolio?

top tech stocks (AAPL stock)
Source: TD Ameritrade TOS

Read More

Alphabet Inc.

Alphabet or more commonly known as Google is a tech giant that has taken the world by storm. The company’s tech products and services are used by billions all over the world. Its services include online advertising technologies, search engine, cloud computing, software, and hardware. GOOGL stock currently trades at $2,529.48 as of the end of Wednesday’s trading session and is up by almost 70% in the last year.

In April, the company reported a strong first quarter as well. In it, its revenue was a whopping $55.31 billion, up by 34% year-over-year. Operating income for the quarter was $16.43 billion and operating margin was 30%. Also, it posted a net income of $17.93 billion or diluted earnings per share of $26.29. The company says that over the last year, people have turned to Google Search and its many online services to stay informed, connected, and entertained.

Last month, it also announced a comprehensive, long-term strategic relationship with Reliance Jio to power 5G in enterprise and consumer segments all over India. The collaboration would enable a billion Indians all over India to access superior connectivity. In addition, Reliance Jio will also take advantage of Google Cloud’s scalable infrastructure. This would enable its retail business to achieve better operational efficiency, modernize, and scale for growth. This would be a strategic play by Google as Jio is one of the leading network and largest service providers in India. All things considered, is GOOGL stock a buy right now?

best tech stocks (GOOGL stock)
Source: TD Ameritrade TOS

[Read More] 4 Artificial Intelligence Stocks To Watch Right Now

PayPal Holdings Inc.

PayPal is a tech company that operates an online payments system in the majority of countries that support online money transfers. In essence, its digital payments platform allows its 325 million active account holders to connect and transact in new and powerful ways. It creates better ways to manage and move money while offering choice and flexibility when sending payments or getting paid. PYPL stock currently trades at $297.13 as of Wednesday’s closing bell.

Now, PayPal seems to be intent on keeping up its momentum in the digital payments space. We can see this from its latest move on the operational front. As of last week, the company’s PayPal Zettle service is now available in the U.S. Simply put, PayPal describes Zettle as a digital point-of-sale solution that empowers small businesses across in-person and online channels. It does so via a stack of integrated solutions, enabling merchants to accept a range of payment methods via the Zettle card reader and set up their e-commerce operations. Adding to that, the service also helps to manage sales and inventory while keeping track of payments across channels. By bringing this crucial all-in-one service to the U.S., PayPal would be catering to the current shift in focus towards digital commerce.

By and large, PayPal seems to be well aware of the current trends and demands in the fintech space now. From its recent quarterly earnings, this appears to be the case. Back in May, PayPal reported year-over-year gains of over 1,200% in both its net income and earnings per share. With this being the strongest first-quarter results in PayPal’s history, would you consider PYPL stock worth investing in now?

tech stocks to buy now (PYPL stock)
Source: TD Ameritrade TOS

Sign up for our FREE Newsletter and get:

  • Stock Alerts And Ideas
  • Learn to Trade Stocks & Options
  • Free Access to The Fastest Growing Highest Rated Trading Chatroom
Privacy Policy

Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 |

Notify of
Inline Feedbacks
View all comments
You May Also Like