Are These The Best Tech Stocks To Invest In This Week?
Between a burning hot economy, rising political tensions worldwide, and looming interest rate hikes, the stock market today is volatile. However, even in the face of all this, investors may want to keep an eye on tech stocks. After all, you can’t deny that tech has and continues to play increasingly vital roles in our daily lives. From life-saving biotech treatments to the very device you are reading this on, this is apparent. If anything, the world of tech today is constantly evolving and constantly looking towards newer horizons.
Speaking of looking forward, among the latest emerging fields of interest in tech today would be the metaverse. For those uninitiated, the metaverse is essentially a virtual space where people can interact with and communicate with one another. In theory, its applications range from simulating digital workspace to providing immersive real-time collaborative efforts beyond audio and video formats. More importantly, while the idea may seem revolutionary, just how monetizable is the tech might you ask? Well, for starters, some of the biggest names in tech are already jumping on the metaverse train. Among the more prominent examples would be Meta Platforms (NASDAQ: FB) with its name change, and Microsoft (NASDAQ: MSFT).
Not to mention, even major players in the Chinese tech market are following suit. For one thing, analysts over at Morgan Stanley (NYSE: MS) currently estimate that the total addressable market for the metaverse in China alone is around $8 billion. On this front, the firm names companies like Alibaba (NYSE: BABA) and Tencent (OTCMKTS: TCEHY) as frontrunners. All in all, there seems to be no shortage of excitement in the tech industry. With this in mind, could one of these tech stocks be top picks in the stock market now?
Top Tech Stocks To Buy [Or Sell] This Month
- Splunk Inc. (NASDAQ: SPLK)
- Cloudflare Inc. (NYSE: NET)
- Global Payments Inc. (NYSE: GPN)
Splunk Inc.
Splunk is a tech company that helps organizations around the world utilize its data. Its technology is designed to monitor and analyze data at any scale. The company’s extensive data platform powers unified security, full-stack observability, and limitless custom applications. Notably, some of the most innovative organizations partner with the company and include big names like Intel Corporation (NASDAQ: INTC) and Coca-Cola (NYSE: KO). Today, SPLK stock is up by over 9% on today’s opening bell.
Investors are likely responding to a report by the Wall Street Journal. It seems that Cisco Systems (NASDAQ: CSCO) has made a takeover offer worth more than $20 billion for the software company, according to people familiar with the matter. This could be Cisco’s largest acquisition ever as the company continues to expand its security business. However, it has also sold its data center networking equipment and Webex collaborative software.
Today, the company also announced that Papa Johns (NASDAQ: PZZA) has extended its ability to use data to enhance visibility and performance across over 3,000 North American stores. “In today’s constantly changing world, data is no longer just part of the business – it is the business,” said Teresa Carlson, president, and chief growth officer for Splunk. “Innovative organizations like Papa Johns are laser-focused on meeting and exceeding customer expectations through embracing the cloud and leveraging insights from their data to drive their strategy forward. We are proud to support Papa Johns as they accelerate and optimize their mission-critical digital capabilities to the benefit of both their hungry customers and the global restaurant industry.” Given this piece of news, is SPLK stock worth buying right now?
Cloudflare Inc.
Following that, we have Cloudflare, a web infrastructure and website security company. In essence, it is a global cloud services provider that delivers a wide range of services to businesses of all sizes and in all geographies. In fact, it makes businesses more secure, enhancing efficiency and eliminating the cost and complexity of managing individual network hardware. NET stock has enjoyed gains of over 25% in the past year alone.
On February 10, 2022, the company announced that it has acquired Vectrix, a company that provides business one-click visibility and control across all of its Service-as-a-Software applications. Vectrix will enhance Cloudflare’s existing Zero Trust platform, Cloudflare One, by allowing security teams to scan third-party tools to detect and mitigate issues such as inappropriate file sharing and user permission misconfigurations.
Furthermore, it also announced its fourth-quarter and fiscal-year 2021 financials on that same day. Diving in, revenue for the quarter totaled $193.6 million, increasing by 54% year-over-year. It also reported a record dollar-based net retention of 125%, driven by continued strength from large enterprise customers. Also, the company credits its highly scalable platform and says that it is in a unique position to extend its network and grow its total addressable market. All things considered, is NET stock a top tech stock to consider investing in right now?
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Global Payments Inc.
Last but not least, we will be taking a look at Global Payments (GPN). In brief, it is a leading player in the global fintech industry today. Through its offerings, GPN offers a wide array of financial solutions, enabling clients across a variety of industries. All this is mainly via the company’s Merchant Solutions, Issuer Solutions, and Business & Consumer Solutions divisions. Overall, as the world’s reliance on fintech services continues to grow, so too would demand for GPN’s services. As such, GPN stock could be worth considering amidst the recent volatility in tech stocks.
If anything, the company appears to be gaining momentum on the financial front now. Just last week, it posted solid figures across the board in its latest quarterly earnings report. In detail, GPN raked in earnings per share of $2.13 on revenue of $1.93 billion for the quarter. For reference, it topped earnings estimates of $2.12 and fell just shy of revenue forecasts of $1.97 billion. According to CEO Jeff Sloan, the company’s operations remain resilient with its Merchant Solutions being a key performer. All of which contributes to the company reporting the “best results” in its history in 2021.
Regarding its 2022 outlook, GPN appears to be confident as well. By and large, Sloan notes that the company expects this growth to persist well into the current fiscal year. With GPN seemingly kicking into high gear, would GPN stock be a top tech stock to know for you?
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