Are Investors Watching These Top Tech Stocks In 2020?
Many tech stocks have been affected by the economic crisis going on. This suggests that tech stocks are in a volatile place. Some tech companies have started to recover or have fully recovered though. It’s unsure what is going to happen with the economy at the moment, which directly affects tech stocks. It will be interesting to see how reopening affects top tech stocks in the future.
Tech stocks can pertain to many different types of companies. This includes e-commerce, digital services, software developers, and more. Many new tech companies come into the market every year. Some tech stocks swim while others sink. That is why it is important to stay up to date on the best tech stocks to watch. One example of this is Microsoft (MSFT stock report) who recently reached new record highs in its stock price.
Another example of a tech stock that benefitted from the crisis is Apple (AAPL stock report). Apple saw a large increase in its stock price due to an increase of sales despite its retail locations closing. So it is clear that tech stocks can strive in the current market. Let’s take a look at two trending tech stocks that have momentum in the market.
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Top Tech Stocks To Buy [Or Sell] In 2020: Chegg Inc.
This tech stock to watch, Chegg Inc. (CHGG stock report), saw a new height in stock price on June 29th. Chegg was founded in 2005 and focuses on digital and physical textbook rentals. It also offers online tutoring and many other services for students. As of June 2020, the California based company has over three million subscribers. It has made many acquisitions of other education-related companies in recent years. The company has grown to be a well-known brand for students.
With many stuck at home, it is no surprise that CHGG stock saw an increase. All schools have online classes at the moment. With Chegg offering online tutoring and digital textbooks, it is no surprise that CHGG stock price has gone up. CHGG stock was at $42 a share on average in February before classes were placed online. In May CHGG stock price saw a large spike due to good reports that were released. In June, CHGG stock reached over $70 which is its record high. As of June 29th, CHGG stock price is $67, meaning it has kept most of its momentum from its rise.
With a second wave of the ongoing virus on the way, online classes will still be relevant. A potential increase of CHGG stock can happen if all colleges confirm classes will be online. Even when schools open once again, Chegg has gained many new customers who will continue to use its services. That is why CHGG stock’s momentum makes it a tech stock to watch.
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Top Tech Stocks To Buy [Or Sell] In 2020: NetApp
The second tech stock that will be discussed is NetApp Inc. (NTAP stock report). NetApp focuses on cloud data services and data management. The California based company was founded in 1992 and has made its way to the Fortune 500 list. Recently NetApp acquired a startup cloud company called Spot. This has helped boost its stock price up.
On June 25th, NTAP stock was at $40 a share on average. On June 29th, NTAP stock price rose to $43 a share. NTAP stock is extra relevant due to cloud services being on the rise. Many business are using NetApp services causing a rise in NTAP stock price. It’s expected that these businesses will continue using their services after the world crisis is over. While NTAP stock isn’t a near recovery, it is a potential tech stock to watch due to its recent market movement. NTAP stock price is on the rise and if good news is released from the company, it could rebound.
What Now
These two tech stocks, NTAP stock, and CHGG stock have momentum in the market. June was a great month for these two tech stocks. The economy is unpredictable making tech stocks unpredictable as well. Just like we’ve seen many other tech stocks rise, it is possible for these ones to as well. It is important to pay attention to financial reports and press releases that may come for these tech companies.
