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Looking To Add More Tech Stocks To Your Watchlist? 3 To Consider

It has indeed been a great year for tech stocks in the stock market. The catalyst behind all this as we all know is the coronavirus pandemic. Tech has been facilitating the new norms we live in now. Top tech stocks like Zoom (ZM Stock Report) and Dell (DELL Stock Report) have had a phenomenal year. Why is this so? It is because they have managed to meet the needs of the general public who are stuck at home this year. As life still has to go on, Zoom has been the go-to choice for video communication while Dell has provided the relevant tools for working from home via its line of laptops.

As the distribution and inoculation of vaccines will take time, these essential tech companies could see their reigns extend well into 2021. Pfizer’s (PFE Stock Report) hopeful initial news about a vaccine rollout in the U.K. was subsequently quelled. This came after supply chain issues led to only half of the promised doses being delivered. Investors and companies alike are likely aware of these possible difficulties and realities faced in the fight against coronavirus moving forward. Therefore, it appears that the current tech tailwinds will not be ending soon. As a result, we could see some of the best tech stocks to buy kicking into high gear as they try to refine and adapt their business models to fit the ever-changing needs of consumers.

The more important question remains, with so many tech stocks in the stock market today, which ones should investors be watching? Here are 3 to consider as we move into 2021.

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Best Tech Stocks To Watch Right Now: Alphabet 

First, we have tech giant Alphabet (GOOGL Stock Report). To recap, it is the fourth-largest U.S. company by market capitalization. Alphabet was established to streamline its core Google business, allowing greater autonomy to group companies that operate in businesses other than Internet services. As of January 2020, it became the fourth U.S. company to reach a $1 trillion market value.

The company’s share prices are up by an astounding 70% since its 52-week low in March. Its recent quarter fiscals released in October were green across the board as well. Alphabet reported a 14% rise in total revenue year-over-year. In addition to that, the company saw year-over-year jumps of 59% for net income and 62% for diluted earnings per share. With such an impressive performance, it is no wonder that investors are still flocking to GOOGL stock even in the face of its high value.

tech stocks (GOOGL stock)

Recently, Google announced that it would be adding support for Apple’s (AAPL Stock Report) music streaming platform Apple Music to its smart speakers. This integration will encompass the Google Nest smart speaker product line along with other Google Assistant-enabled smart speakers and displays in the U.S., U.K., France, Germany, and Japan. Naturally, this grants Google smart speaker owners the option to play Apple Music songs, albums, and playlists by way of voice commands. This is a bold move by Google as it provides its line of smart speakers with a competitive edge over its rivals. It could see higher sales increase than Apple’s HomePod and Amazon’s (AMZN Stock Report) Echo. With all that in mind, do you have GOOGL stock in your core portfolio? 

Best Tech Stocks To Watch Right Now: Pure Storage 

Following that, we have Pure Storage (PSTG Stock Report). Pure Storage is a California-based tech company that develops all-flash data storage hardware and software. The company develops flash-based storage for data centers using consumer-grade solid-state drives. Generally, flash storage is faster than traditional disk storage. Despite being more expensive, it has become a quintessential aspect of digital acceleration which is something a plethora of companies are undergoing right now.

Notably, the company’s share prices are up by over 20% in the past month. In its recent quarter fiscal posted in November, the company actually reported a 4% drop in total revenue year-over-year. The bright spot was the rising subscription services revenue which saw an increase of 29% year-over-year. On top of that, the company also appears to be making key investments in other aspects of its business as well. First, the company released its Pure Service Catalog which added an array of new service tiers for clients. Second, the company acquired Portwox, which ultimately added up to a new comprehensive suite of data services for clients. Investors may be wondering if these investments could pay-off in the long run.

top tech stocks (PSTG stock)

In addition, the company will also be collaborating with Amazon. This partnership will see Pure working with Amazon Web Services (AWS) Outposts in data centers. Outposts and Pure Storage are reported to be able to “unlock workloads in verticals”. This will help both companies address issues like data residency, local data processing, latency, and datacenter modernization. This integration of Pure’s products is huge for the company as it can gain exposure to the legion of clients who have shown interest in Outpost worldwide. All things considered, could PSTG stock be on track to soar in 2021? You tell me.

[Read More] Making A List Of The Best Software Stocks To Buy Now? 3 Names To Watch

Best Tech Stocks To Watch Right Now: Palantir Technologies 

Palantir (PLTR Stock Report) is a big data analytics tech company. Palantir is famous for its Gotham, Metropolis, and Foundry offerings. Gotham focuses on U.S. counterterrorism, and Metropolis is used by banks and financial service firms. Foundry is used by corporate clients such as Morgan Stanley (MS Stock Report) and Fiat Chrysler Automobiles (FCAU Stock Report). Seasoned investors appear to have their eyes on Palantir over the last few weeks.

In its recent quarter fiscal posted in November, the company reported a 51% jump in total revenue year-over-year. Palantir has boldly raised its full-year 2020 revenue guidance to over $1.07 billion which translates to a 44% year-over-year increase. The company appears to be confident with its performance thus far. Rightfully so, as Palantir closed a plethora of deals with new and existing customers including a $300 million aerospace deal. The company’s share prices have nearly doubled in the past month. Investors may be wondering what it is up to with all this hype.

best tech stocks (PLTR stock)

Most recently, Palantir won a $44.4 million contract from the U.S. Food and Drug Administration (FDA). Crucially, the three-year contract involves Palantir offering data and analytics services to the FDA’s Center for Drug Evaluation and Research (CDER) to speed its review of potential new medicines. This is one of the many ongoing contracts that the company has with the U.S government. Furthermore, Palantir will also provide services to the FDA’s Oncology Center of Excellence, which helps with the development and review of cancer products. All things considered, this is an exciting time for the company. Impressive as this is, do you think it can propel PLTR stock as we move into 2021?

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