Do You Have These Top Tech Stocks On Your Watchlist This Week?
In 2020, tech stocks have been in the upper echelon of performance. Tech stocks fell in price back in February just like many other sectors due to the pandemic. But many tech companies were able to quickly recover and start performing even better than before. Company’s like Netflix (NFLX Stock Report) and Disney (DIS Stock Report) saw the benefits of operating large digital services.
Digital tech stocks have been at the top of the technology sector. People are generally using these services now more that we are in a pandemic. Gaming and computers have also significantly increased in market share throughout 2020 too. People are staying inside, making digital tech much more useful. US tech stocks have grown to be larger than the European stock market. Let’s look at three of these tech stocks that have been top performers in 2020.
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Top Tech Stocks To Watch This Week: Micron Technology Inc.
First up on this list of tech stocks to watch is Micron Technology Inc. (MU Stock Report). Micron Technology is a tech company that sells memory and storage solutions all around the world. It offers memory and storage tech such as DRAM, NAND, NOR Flash, and 3D XPoint memory. Its sub-brands are Micron, Crucial, and Ballistix as well as some private labels. It produces a lot of other things such as SSDs and more as well.
Let’s look at the recent news for the company. In the company’s FQ4 quarter results, it made $6.1 billion, up 11% YEAR OVER YEAR. Its FY20 revenue was down 8% year over year though, due to pandemic related complications.
The CEO of the company, Sanjay Mehrotra said, “Micron delivered solid fiscal fourth-quarter revenue and EPS resulting from strong DRAM sales in cloud, PC and gaming consoles and an extraordinary increase in QLC NAND shipments.”
MU stock price is up $3 in the last 5 days due to its performance. Analysts have predicted a better report whenever Micron releases its next one. That is why this company has made it to this list of tech stocks to watch.
Top Tech Stocks To Watch This Week: Cloudera Inc.
Next up on this list of tech stocks to watch is Cloudera Inc. (CLDR Stock Report). Cloudera is a technology company with a focus on data engineering, data storage, machine learning, and more. Cloudera has built itself to become a successful tech company through its many services. So how is the company performing recently? Well, let’s take a dive into its second-quarter results. These results were released on September 2nd, and are very telling as to how this tech company is performing.
Cloudera reported second quarter revenue of $214.3 million, which is a 9% increase year over year compared to 2019. In addition to this, its subscription revenue grew 17% to $191.5 million.
Rob Bearden, the CEO of Cloudera said, “CDP offers a powerful hybrid architecture that separates compute and storage while maintaining data context for greater agility, ease of use, and more efficient infrastructure consumption. With CDP, we are participating in the fastest-growing segment of the market through cloud-native services. Uniquely, we also benefit from the demand for hybrid and multi-cloud solutions that allow enterprises to optimize the performance, cost, and security of workloads and use cases.”
The recent advancements that Cloudera has been making are key to its success. As of July 31st, the company has total cash and equivalents of $568.7 million. CLDR stock price has actually recovered as well. As of October 12th, the company is at $11.87 a share on average. It has gone up more than 10% in the last 5 days as of the 12th. That is why CLDR stock has made its way on to this list of tech stocks to watch.
Top Tech Stocks To Watch This Week: Cloudfare Inc.
Last but not least on this list of tech stocks to watch is Cloudfare Inc. (NET Stock Report). Cloudflare is a cloud platform that delivers network services to businesses all around the world. It offers an integrated cloud security solution to secure many platforms such as public and private cloud, SaaS apps, and more. The company sells Cloud Firewall, Bot Management, DDoS protection, and more. It also provides performance solutions as well such as content delivery, intelligent routing, and mobile software development kits. The company has grown to great notoriety today and hosts many popular websites and keeps them safe. So let’s take a dive into how Cloudfare is performing.
Well, as a digital service it is no surprise that Cloudfare is doing well. Cloud services are being used much more than they were traditionally, and the company has a large market share of the cloud business. In its second-quarter reports released back in August, its revenue was $99.7 million, a 48% year over year increase. This was big news for this tech company.
The CEO Matthew Prince stated, “It has been incredible to see the rate of innovation that has continued, and even accelerated, as we work remotely. We hired more new team members than any other quarter in our history, attracting more than 47,000 applicants in just three months.”
Now it will be interesting to see how NET stock performs in the future. In 2020, NET stock has gone from $17 a share to $57 a share as of October 12th. That is why it is the final company on this list of tech stocks to watch.