Do You Have These Trending Tech Stocks On Your Watchlist Today?
While the broader stock market attempts to recover from its recent losses, tech stocks may seem attractive to investors today. For one thing, Credit Suisse (NYSE: CS) claims that big tech stocks are no longer expensive. Following the stock market selloff, tech stocks are now trading at more attractive price tags. Even major tech stocks such as Netflix (NASDAQ: NFLX) and Amazon (NASDAQ: AMZN) are trading at a substantial discount from where they were a few months ago. With all this in mind, some would argue that these valuations could appeal to investors now.
Among the tech firms that are making headlines this week is Snowflake (NYSE: SNOW). Notably, this is likely thanks to JPMorgan (NYSE: JPM) analyst Mark Murphy upgrading SNOW stock. The upgrade is from a Neutral rating to an Overweight rating. This upgrade was based on the results of JPMorgan’s annual chief information officer (CIO) survey, in which the company surged to “elite territory.” Additionally, JPMorgan believes that the company is reaching “an inflection point” in terms of generating free cash flow and is benefitting from secular tailwinds and trends.
At the same time, tech giants such as Meta Platforms (NASDAQ: META) continue to innovate in new spaces as well. Just this week, CEO Mark Zuckerberg noted that the company sees a massive opportunity in the metaverse. According to Zuckerberg, Meta is hoping to get “around a billion people in the metaverse doing hundreds of dollars of commerce.” He went on to elaborate that this would be on various digital goods and services that could help personalize their respective metaverse experiences. Having read this far, you might be interested in tech stocks yourself. In that case, here are three more tech stocks to consider watching in the stock market today.
Tech Stocks To Buy [Or Sell] Today
- Accenture Plc. (NYSE: ACN)
- FactSet Research Systems Inc. (NYSE: FDS)
- Methode Electronics Inc. (NYSE: MEI)
Accenture Plc.
Starting us off today, we have Accenture, a professional services company that specializes in information technology services and consulting. In fact, it has leading capabilities in digital, cloud, and security. On top of that, it also serves clients in more than 120 countries. Combining unmatched experience and specialized skills across more than 40 industries, it offers Strategy and Consulting, Technology and Operations Services, and Accenture Song. This week, the company reported its third-quarter financials.
Diving in, total revenue for the quarter was up by 27% year-over-year to $16.2 billion. By geographic markets, revenue growth was up by over 20% across North America, Europe and Growth Markets. Notably, North American revenue was at $7.6 billion, growing by 23% year-over-year. Accenture also reported an earnings per share of $2.79, up by 16% year-over-year. The company also ended the quarter with new bookings of $17 billion.
Julie Sweet, Accenture’s Chair & CEO, said, “Our very strong financial results for the third quarter reflect continued broad-based demand across markets, services, and industries, and the continued recognition of the outstanding talent of our 710,000 people. We continue to gain significant market share, and our services have never been more relevant as our clients turn to us as the trusted partner for the solutions they need to accelerate growth and become more resilient and efficient.” In addition, it carried out share repurchases of $972 million and paid $614 million in dividends during the quarter. On top of that, the company also declared another quarterly cash dividend of $0.97 per share. All things considered, is ACN stock worth investing in right now?
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FactSet Research Systems Inc.
Following that, we have FactSet, a tech company that specializes in financial data and software. Impressively, it delivers superior content, analytics, and flexible technology to help more than its 170,000 users. In brief, it also gives investment professionals the edge to outperform with informed insights and workflow solutions across the portfolio lifecycle. The company also provides industry-leading support from its team of dedicated specialists.
This week, FactSet also reported its third-quarter financials. Firstly, it posted a revenue of $488.8 million for the quarter, increasing by 22.3% year-over-year. In its press release, FactSet says that this increase in revenue is due to the acquisition of CUSIP Global Services in March 2022. It also cites higher sales of research and advisory and analytics solutions. Secondly, it reported a GAAP diluted earnings per share of $1.93.
On June 13, 2022, the company announced that it has been named the 2022 Financial Services Industry Partner of the Year award winner by Snowflake. Notably, it was recognized for its achievements as part of the Snowflake Data Cloud. In it, it offers joint clients elasticity for the storage and computation of financial data, while also offering the flexibility to ramp up or dial back as customer needs change. All in all, should investors consider paying attention to FDS stock?
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Methode Electronics Inc.
Methode is a global supplier of custom-engineered solutions for user interface, LED lighting, and power distribution applications. To summarize, the company has four segments which are automotive, industrial, interface, and medical. For starters, its automotive segment provides electrical and electromechanical devices, as well as related components, to automotive OEMs. Following that, the industrial section produces exterior lighting systems, braided flexible cables, and other products. Next, the interface arm offers copper and fiber-optic interface and interface solutions. Lastly, Methode’s medical division includes its medical device company, Dabir Surfaces, which uses surface support technology to avoid pressure injuries.
On Thursday, Methode announced its fiscal 2022 fourth quarter and full-year financial results. In the highlights for the fourth quarter, net sales were $288.7 million. The company’s net income was $16.2 million, or $0.43 per diluted share. More importantly, for the full fiscal year, Method hit a record net sales of $1.16 billion. The company also reported its net income was $102.2 million, or $2.70 per diluted share. Overall, it seems like Methode is gaining momentum on the operational front. This is despite various challenges mainly from market disruptions and supply chain constraints.
Recently, Methode announced that its board of directors has authorized an expansion of the company’s existing share buyback program. The board of directors authorized the acquisition of an additional $100 million of the company’s outstanding common stock. With the additional fund, this will increase the total program authorization to $200 million. Not to mention, Methode’s board has also announced a quarterly dividend of $0.14 per share. As such, will you be adding MEI stock to your watchlist today?
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