Do You Have These Top Tech Stocks On Your Watchlist?
Tech stocks continue to rebound after a rough start in March. Thankfully for tech investors, top tech stocks have only kept pushing forward. The fact of the matter is this, our society today relies heavily on tech. Even so, this reliance will likely continue to grow. New tech addresses new issues and even improves upon existing tech. Such is the nature of the tech industry where constant innovation is the name of the game.
For example, internet search giants Baidu (NASDAQ: BIDU) and Google (NASDAQ: GOOGL) have been making moves in the stock market. First, leading artificial intelligence (AI) company Baidu is looking to raise nearly $3.1 billion in its upcoming Hong Kong secondary listing. This would help provide more capital funding to fuel its exciting electric vehicle and autonomous vehicle projects. Second, Google unveiled the second generation of its Nest Hub smart home device which is set to launch on March 30. This iteration comes with built-in radar sensors that can track users’ sleep quality by measuring micro-movements during sleep.
Regardless, it really does seem like the sky’s the limit when it comes to tech. Even the biggest names in the industry seem to have their eyes on the next massive upgrade to their wares. If all this has you keen on investing in the best tech stocks, here are four in the limelight this week.
Best Tech Stocks To Watch Now
- Applied Materials Inc. (NASDAQ: AMAT)
- PayPal Holdings Inc. (NASDAQ: PYPL)
- Coupa Software Inc. (NASDAQ: COUP)
- Synopsys Inc. (NASDAQ: SNPS)
Applied Materials Inc.
Starting us off is Applied Materials. In brief, the company supplies equipment, services, and software to its clients. Applied Materials’ main end market is the semiconductor chip manufacturing industry. With semiconductors being the brains behind virtually all electronics, the company would have long-term growth potential. Applied Materials’ offerings help with the manufacturing of flat panel displays for household electronic devices and solar products. Despite the recent semiconductor chip shortages, general investor sentiment appears positive regarding companies like Applied Materials. Evidently, AMAT stock has doubled in value over the past six months.
Even after a record year on the stock market, Applied Materials does not appear to be slowing down anytime soon. Yesterday, the company revealed its latest AI-based semiconductor manufacturing tech, ExtractAI. Basically, the tech relies on AI to spot mistakes in semiconductor chips more effectively. The new tools will work to identify issues in manufactured chips down to the nanometer.
According to Applied Materials, ExtractAI accomplishes what conventional electron microscopes take days to do, in about an hour. No doubt, such tools would be critical to the operations of chip giants such as Intel (NASDAQ: INTC). Does this make AMAT stock worth adding to your watchlist right now? I’ll let you decide.
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PayPal Holdings Inc.
Next up, we have leading fintech company PayPal. As most would know, the company has been in the limelight thanks to the growing adoption of digital payments. Accordingly, this is because of the sudden demand for contactless payment methods brought on by the pandemic. In turn, more consumers than ever continue turning to PayPal for their digital transaction needs. Now, PYPL stock was among the hard-hit tech stocks during the recent pullbacks. But, investors should also know that the company has been hard at work bolstering its cryptocurrency services. With the growing adoption of Bitcoin and other cryptos, PayPal seems set on staying relevant in the current age. Could PYPL stock be a buy at its current valuation?
While investors consider that, PayPal keeps on growing its operations. Yesterday, the company announced a groundbreaking collaboration with African payments company, Flutterwave. Through a new “Pay with PayPal” feature, PayPal customers globally can now pay African merchants.
Seeing as Flutterwave has “the largest payment infrastructure in Africa”, PayPal’s entrance into the region is a major one indeed. Moreover, the African e-commerce market is estimated to generate $29 billion annually by 2022. With PayPal eyeing such a potentially massive market, could PYPL stock continue to flourish? You tell me.
Coupa Software Inc.
Following that, we will be looking at Coupa Software. The California-based company operates a leading business spend management (BSM) platform. Through its platform, Coupa provides comprehensive cloud-based BSM services. In doing so, Coupa connects hundreds of organizations with over five million suppliers globally. Furthermore, Coupa’s services provide clients with greater visibility and control over their finances. Given the company’s prominent role in BSM, I could see organizations requiring its services amidst these uncertain times. Meanwhile, COUP stock could be on investors’ radars now seeing as the company posted solid figures in its recent quarter fiscal yesterday.
In it, Coupa posted a record quarterly revenue of $164 million, a massive 47% year-over-year surge. On top of that, the company also saw record calculated billings of $270 million in the quarter. This added up to a year-over-year leap of 49%. CEO Rob Bernshteyn cites strategic investments and acquisitions throughout the quarter as key factors for Coupa’s performance.
Moving forward, Bernshteyn believes that the company is “more optimally positioned to deliver broad-based global customer success”. Furthermore, investment firm Oppenheimer analyst Brian Schwartz reiterated a buy rating on COUP stock with a $320 price target. Given all of this, will you be watching COUP stock?
Topping off our list is electronic design automation (EDA) company, Synopsys. In short, the company focuses on providing application security testing tools and services. Synopsys’ core end markets include the semiconductor and software development industries. With its services, developers can produce more secure and high-quality software. If anything, Synopsys is a global leader in the EDA and semiconductor industries. Given the current momentum of the software industry, SNPS stock could be a go-to tech stock for investors now.
In terms of business highlights, Synopsys appears to be kicking into high gear. Earlier today, Synopsys launched “the industry’s first complete IP (Internet Protocol) solution” for PCI Express (PCIe) 6.0. To simplify things, PCIe connects high-speed components in electronic devices, PCIe 6.0 is the latest iteration of the tech.
According to SVP John Koeter, companies can now employ Synopsys’ latest offerings to focus on developing PCIe 6.0-based programs. Koeter also noted that this benefits Synopsys’ customers who have to design high-speed systems for the cloud computing and machine learning industries. Above all, Synopsys is providing revolutionary tools that will be put towards pushing boundaries in these booming fields. Could this make SNPS stock worth watching now? Your guess is as good as mine.