Are These The Best Tech Stocks To Have On Your June 2022 Watchlist?
Tech stocks, while not the most active stocks in the stock market today, may be worth checking out now. Sure, the Nasdaq composite’s losses of over 2% yesterday may deter some at face value. However, this would not discount the overall dependence on the tech industry across the globe. After all, virtually most aspects of day-to-day life have and continue to shift into the digital age. Not to mention, for some long-term investors, the current widespread dips among the top tech stocks could present buying opportunities.
At the same time, even Chinese tech giants are in the green today following a positive update from the government. In detail, China Premier Li Keqiang encouraged China to go through with economic stabilization measures. This alongside China Vice-Premier Liu He’s comments on properly managing relationships with the country’s tech firms from earlier this month seems to be drawing investor attention. Simply put, this could, arguably, suggest that the regulatory pressure on Chinese tech firms is easing, somewhat. As a result, the likes of Alibaba (NYSE: BABA), Baidu (NASDAQ: BIDU), and JD.com (NASDAQ: JD) are on the rise. This could put more focus on Alibaba ahead of its upcoming earnings report set for release tomorrow.
If all that wasn’t enough, tech goliaths such as Microsoft (NASDAQ: MSFT) continue to innovate in emerging fields as well. As of earlier this week, the company is working with the Japanese industrial firm Kawasaki. Through Microsoft’s tech, Kawasaki is now employing the “industrial metaverse” in its facilities to help manufacture robots. Overall, the tech industry does not appear to be slowing down anytime soon. With that in mind, here are three tech stocks to consider keeping an eye on in the stock market now.
Tech Stocks To Watch Today
- Agilent Technologies Inc. (NYSE: A)
- Palantir Technologies Inc. (NYSE: PLTR)
- Dell Technologies Inc. (NYSE: DELL)
Agilent Technologies Inc.
Agilent Technologies is a global leader in diagnostics and life sciences. Its full range of solutions includes instruments, software, services, and expertise. It also continues to deliver insight and innovation that advances the quality of life. For a sense of scale, over 265,000 companies use Agilent’s solutions and the company has over 17,000 employees worldwide. Furthermore, it reported a revenue of $6.32 billion in fiscal 2021. Last week, it also reported a quarterly cash dividend of $0.21 per share that will be paid on July 27, 2022.
On Tuesday, the company reported its second-quarter financials for the fiscal year 2022. Diving in, it reported a revenue of $1.62 billion for the quarter, a 5% increase year-over-year. Agilent also reported a GAAP net income of $274 million, or an earnings per share of $0.91, increasing by 30% from a year earlier. According to the company’s press release, it expects third-quarter revenue to be in the range of $1.625 billion to $1.650 billion.
“The Agilent team delivered once again, demonstrating the resilience and strength of our business model,” said Agilent President and CEO Mike McMullen. “We delivered 7% core revenue growth, exceeded our EPS expectations, and continued to build order backlog, all despite macro challenges including temporary COVID-19 shutdowns in China. Our momentum continues and we have again raised our full-year outlook.” On May 10, 2022, the company also announced that its PD-L1 IHC 22C3 pharmDx is now EU CE-IVD marked for use in cervical cancer. It can be used as an aid in identifying cervical cancer patients for whom treatment with Keytruda may be appropriate. With that in mind, is A stock worth watching right now?
Palantir Technologies Inc.
Following that, we have Palantir Technologies, a software company that specializes in data analytics and cybersecurity. Accordingly, it builds software that empowers organizations and governments to effectively integrate their data, decisions, and operations. For instance, its Gotham platform is a commercially-available, AI-ready operating system that improves and accelerates decisions for operators across roles and all domains.
Today, the company announced a partnership with one of the world’s leading automakers and mobility providers, Stellantis N.V. (NYSE: STLA). The company will deploy Palantir’s Foundry operating system across its brands, business functions, and plant locations. This will help accelerate Stellantis’ digital transformation into a sustainable mobility tech company. It will also improve supply chain performance and enhance vehicle quality. On top of that, the system will also speed deliveries and scale marketing & sales efforts.
Earlier in the month, Palantir had reported its first-quarter financials for 2022. Firstly, it posted a total revenue of $446 million for the quarter, increasing by 31% year-over-year. Commercial revenue grew by 54% compared to a year earlier while U.S. commercial revenue grew by over 130%. Cash flow from operations was $35.47 million, a margin of 8%. With that being said, is PLTR stock a top tech stock to consider investing in right now?
Dell Technologies Inc.
Another tech firm gaining attention in the stock market today would be Dell. On the whole, most would be familiar with the company’s broad tech portfolio. In essence, its tech offerings range from office and productivity hardware to innovative software catering to professional industries. Its core end markets include the cloud computing, DevOps, Infrastructure, OEM, and cybersecurity sectors among others.
More importantly, DELL stock is in the spotlight today thanks to a positive analyst update. Namely, this is thanks to Evercore (NYSE: EVR) analyst Amit Daryanani raising the firm’s rating on DELL stock to Outperform. On top of that, Daryanani also currently has a price target of $60 on the company’s stock as well. According to the analyst, “Dell’s full-year guide is a low bar.” Additionally, he also notes that the current spending environment in the IT space is stronger than Dell is accounting for. Because of this, Daryanani argues that Dell is among the “best supply chain companies globally to navigate these issues.”
Following this rosy commentary, it would make sense that investors are turning towards DELL stock. Moreover, this update comes just ahead of the company’s upcoming first fiscal quarter financial update. After considering all of this, will you be watching DELL stock now?