Top Tech Stocks To Consider Adding To Your Portfolio Right Now
Tech stocks continue to impress in the stock market today. Despite retreating from an all-time high in February, the tech industry appears to be recovering along with the broader market. Investors seem to have shaken off the market jitters and for good reason. The reason being that we have come to depend on the various tech products and services that are available today. They do help make our lives easier after all. The convenience that technology has provided is undeniable as seen from the latest smartphones to the newest wearables. If anything, the tech industry as a whole has proven its resilience time after time.
Last week, tech titan Google (NASDAQ: GOOGL) showcased ways advertisers can continue to reach consumers as it reduces support for tracking cookies. This would appeal to advertisers while maintaining privacy for its users. With regulators taking a closer look at user privacy and advertising being Google’s core business, the company is able to keep both users and advertisers happy. Salesforce (NYSE: CRM) is another tech company that made headlines last week when it posted strong first-quarter financials. The company saw record levels of new business and strength across all products, regions, and customer sizes. With tech companies firing on all cylinders right now, here are four top tech stocks in the stock market right now to add to your watchlist this week.
Best Tech Stocks To Buy [Or Avoid] This Week
- Zoom Video Communications (NASDAQ: ZM)
- Nvidia Corporation (NASDAQ: NVDA)
- Palantir Technologies Inc. (NYSE: PLTR)
- BlackBerry Inc. (NYSE: BB)
Zoom Video Communications Inc.
Zoom is a tech company that provides videotelephony and online chat services. It does this through its cloud-based peer-to-peer software platform and its services also include telecommuting, distance education, and social relations.
For the uninitiated, Zoom enjoyed significant growth after most parts of the world went into lockdown in response to the coronavirus pandemic last year. ZM stock traded at $331.43 as of last Friday’s closing and will be reporting its first-quarter financials this Tuesday after the market closes.
To see how the company has been doing financially ahead of its first-quarter financials, we look at its fourth-quarter financials that were posted in March. Firstly, Zoom reported a fourth-quarter revenue of $882.5 million, up by 369% year-over-year. GAAP income from operations for the quarter was $256.1 million, up by a whopping 2,327% year-over-year. The fourth quarter certainly marked a strong finish to an unprecedented year for Zoom. For these reasons, will you consider buying ZM stock ahead of its first-quarter financials?
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Nvidia Corporation
Nvidia is a multinational tech company that is based in Santa Clara, California. In essence, the company designs graphic processing units (GPU) for the gaming and professional markets. It also pioneered the GPU market and revolutionized modern computer graphics. Nvidia has also invested heavily in GPU deep learning which ignited modern AI. NVDA stock has been up by over 80% in the last year. Last week the company reported stellar figures in its first-quarter financials for fiscal 2022.
In detail, it reported a record revenue of $5.66 billion, up by 84% year-over-year. Specifically, its gaming revenue doubled to $2.76 billion. Also, its data center revenue was up by 79% year-over-year to a cool $2.05 billion.
Nvidia also continues to expand its data center business as many industries continue to implement Nvidia AI for conversational AI, natural language, and process computer vision. Its Nvidia RTX GPUs have driven upgrades across the gaming and design markets and the company’s partners are launching the largest-ever wave of Nvidia-powered laptops. With so many exciting developments surrounding the company, is NVDA stock worth buying?
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Palantir Technologies Inc.
Palantir is a software company that focuses on creating the world’s best user experience for working with data. Its software is built for integrating, managing, and securing data on top of which it layers applications for fully interactive human-driven, machine-assisted analysis. It helps institutions make the best decisions for safety, stability, and prosperity with the data they have. PLTR stock has been up by over 130% in the last year. Last week, the company was awarded a contract to provide a mission command platform for the U.S. Special Operations Command (USSOCOM).
Diving in, the company’s platform is used by USSOCOM in real-time mission operations to interoperate with other components of the global situational awareness architecture since 2016. The contract is valued at a total of $111 million, inclusive of options.
It also expanded its partnership with the U.S. Space Force last week. Palantir will support the Space Force and Air Force by providing its software to senior leadership with a continuously improving operational readiness analytics platform. Seeing how the company continues to expand and forge partnerships, will you consider adding PLTR stock to your portfolio?
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BlackBerry Ltd
BlackBerry is a tech company that specializes in enterprise software and the Internet of Things (IoT). In detail, the company provides intelligent security software and services to enterprises and governments around the world. It secures more than 500 million endpoints, which includes 175 million cars on the road today. The company leverages AI and machine learning to deliver innovative solutions in many fields. BB stock traded at $10.07 as of Friday’s closing and has been up by over 50% year-to-date. On May 17, 2021, the company announced BlackBerry Optics 3.0, its next-generation cloud-based endpoint detection and response (EDR) solution. Using an AI-driven approach, the company’s new endpoint and network security will give it a competitive edge over its peers.
It was also recently named an innovator in healthcare cybersecurity by Frost & Sullivan. BlackBerry was selected for its pioneering platform that can protect against cybersecurity threats in any connected care system. This would comprehensively secure the healthcare system and help ensure the delivery of care to patients is uninterrupted.
“At UHN, the largest healthcare and medical research organization in Canada, cybersecurity is a top priority, to ensure patient safety and enable patient care innovation,” said Kashif Parvaiz, Chief Information Security Officer, University Health Network. “BlackBerry’s superior, AI-driven, cybersecurity solutions mean that we stay ahead of adversaries and can measurably improve patient care.” With that in mind, would you be watching BB stock?
