5 Tech Stocks For Your Watchlist Right Now
As we approach the tail-end of June, tech stocks appear to be making a comeback in the stock market today. Understandably, with somewhat mixed economic figures coming in now, some would consider buying on the dip when it comes to tech stocks. After all, most of 2020’s top growth stocks are a part of the tech industry. Despite their long-term growth potential, many are still lagging behind the broader market in terms of year-to-date gains. In light of all this, I could see investors rotating back into the tech industry now.
Besides, the world of tech continues to press on regardless of stock performance this year. Today, Microsoft (NASDAQ: MSFT) is expected to reveal the next version of its industry-leading Windows operating system (OS). Notably, Windows 11 would mark the company’s latest update of the OS in over six years.
At the same time, even institutional investors are eyeing cybersecurity companies such as CrowdStrike Holdings (NASDAQ: CRWD). According to Stifel (NYSE: SF) analyst Brad Reback, CrowdStrike has “significant runway remaining” as demand for its services rises. Reback recently hit CRWD stock with a “Buy” rating and a price target of $300. It remains to be seen if the current rebound in tech will stick. Nevertheless, should you be looking to pad your portfolio with some more reasonably priced tech names, here are five to know in the stock market now.
Best Tech Stocks To Watch Right Now
- Accenture (NYSE: ACN)
- Luminar Technologies Inc. (NASDAQ: LAZR)
- Semrush Holdings Inc. (NYSE: SEMR)
- Visa Inc. (NYSE: V)
- Amazon.com Inc. (NASDAQ: AMZN)
Accenture Plc
Accenture is a global professional services company with leading capabilities in digital, cloud, and security. The tech consulting leader has unmatched experience and specialized skills across more than 40 industries. It boasts over 550,000 employees that serve over 120 countries. ACN stock currently trades at $291.56 as of Thursday’s closing bell. The company today reported its financial results for the third quarter of fiscal 2021, which ended on May 31, 2021.
In it, the company posted total revenue of $13.3 billion, an increase of 21% year-over-year. Its North American market led the way at $6.2 billion. The company also posted earnings per share of $2.40 for the quarter, representing a 26% increase. It also continues to see strong growth across its technology, strategy & consulting, and operations segments. Accenture also posted a quarterly cash dividend of $0.88 per share. For these reasons, will you consider buying ACN stock?
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Luminar Technologies Inc.
Luminar is a tech company that focuses on autonomous vehicle sensors and software. It is driven to deliver the only lidar and associated software that meets the industry’s stringent performance, safety, and economic requirements. LAZR stock currently trades at $23.95 as of the end of Thursday’s trading session. Investors seem to be cheering on the news that the company released today.
In detail, the company announced that it will be the standard on Volvo Cars’ forthcoming fully electric flagship vehicles, helping the automaker to save even more lives as it sets a new benchmark for automotive safety. The fully electric successor to Volvo’s XC90 will be unveiled in 2022 will now come with state-of-the-art lidar hardware with Luminar’s Iris and perception from its Sentinel solution. Luminar says that this is a significant win towards establishing the next era of safety technology with this announcement. All things considered, will you add LAZR stock to your portfolio?
Semrush Holdings Inc.
Semrush is a leading online visibility management SaaS platform. It enables companies to identify and reach the right audience. The company helps businesses globally to run search engine optimization, content, social media, and competitive research campaigns. It also offers insights and solutions for companies to help build and manage their brands across various marketing channels. SEMR stock currently trades at $24.96 as of 11:18 a.m. ET and has been up by over 60% in the last month.
Last week, the company announced that it has released a major update to its Backlinks Database and Backlinks Analytics tool for digital marketers. In brief, backlinks are a key component used by search engine algorithms to decide if a website is trustworthy and, based on that, ranks search results. In May, the company also announced the release of Keyword Wizard, a new tool within the Sellzone toolkit, a comprehensive toolkit for Amazon sellers. The current size of the Keyword Wizard tool database is 200+ million keywords to help sellers identify keywords that can make their listings more profitable. With that in mind, is SEMR stock a top tech stock to consider buying?
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Visa Inc.
Following that, we will be taking a look at fintech giant, Visa. The California-based financial services company primarily facilitates electronic fund transfers. It does so on a global scale via its Visa-branded credit, debit, and prepaid cards. According to the company, its global processing network handles over 65,000 transaction messages per second. Because of this, Visa can provide secure and reliable payment solutions to its customers across the globe. Moreover, the company is also expanding into the crypto space, accepting USD Coin in transactions. As it stands, V stock is currently trading at $236.24.
Given the importance of the finance industry in our world today, Visa’s services would likely remain viable. Despite all of this, the company seems to be kicking into high gear now. Evidently, Visa announced plans to acquire European open banking platform, Tink, earlier today. In brief, Tink’s platform empowers financial service providers to build the relevant tools and products to serve European consumers. Through the $2.14 billion deal, Visa will be significantly expanding its addressable market in the region, to say the least. Given all of this, would V stock be a top buy for you now?
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Amazon.com Inc.
Amazon is a company that needs no introduction. Given its gargantuan e-commerce empire and leading cloud computing division, most would be familiar with the company. Aside from that, Amazon also has operations in the fields of digital streaming, artificial intelligence, and even health care. Now, AMZN stock trades at $3,449.08 a share as of Thursday’s closing bell. Could the current uptrend in tech make it worth investing in?
Well, if anything, it appears to be a busy week for Amazon, safe to say. For starters, the company just held its Prime Day members-only mega sale this week. According to Adobe (NASDAQ: ADBE) Analytics, consumer spending on the first day of the event could be well above the $5.6 billion range. Should this be the case, it would mark the most daily online sales in the U.S. this year. At the same time, Amazon Web Services recently expanded and deepened its current partnership with Salesforce (NYSE: CRM). This would see the introduction of more integrations between both companies’ platforms. Would you say that all this gives AMZN stock more room to run moving forward?
