Which Tech Stocks Are Investors Watching Right Now?
Tech stocks continue to attract investors’ attention as these companies innovate and bring game-changing products and services to the masses. Could the sector still be a winner in the stock market this year? Firstly, these tech offerings have become so intertwined with our lives that we have become rather dependent on them. For instance, Google (NASDAQ: GOOGL) is the go-to online search engine for just about anything. It also boasts the biggest mobile operating system in the world, with over 2.5 billion users. The company also invests significantly in artificial intelligence (AI) and other emerging technology fields.
Given the conveniences and quality of life that comes with technology, there will always be a demand for these tech products and services. For example, audio streaming stock Spotify (NYSE: SPOT) continues to enjoy high demand for its services. In its latest quarter financials, Spotify reported that its monthly active users grew by 27% to a staggering 345 million in the quarter. Also, tech services like GoDaddy’s (NYSE: GDDY) online advertisement will undoubtedly be needed even in a post-pandemic world.
Ultimately, the tech sector will play a crucial role in the global economy for the years to come. After all, it has been able to adapt to meet the ever-changing needs of consumers in the past and would continue to do so in the future. With all that in mind, will you be putting up a list of top tech stocks to buy in the stock market today?
Top Tech Stocks To Buy [Or Sell] Right Now
- Palantir Technologies Inc. (NYSE: PLTR)
- Apple Inc. (NASDAQ: AAPL)
- Microsoft Corporation (NASDAQ: MSFT)
- Cisco Systems Inc. (NASDAQ: CSCO)
Palantir Technologies
First, on the list, we have big data analytics company Palantir Technologies. The company’s clients include the U.S. Army and the U.K. National Health Service. Apart from government agencies, Palantir is also in business with multinational companies like IBM (NYSE: IBM) and BP (NYSE: BP). With such high-profile clientele, it is no surprise that investors are closely watching PLTR stock.
On Tuesday, Palantir and Ringier AG announced the extension of their digital transformation partnership. Ringier is using Palantir’s Foundry software to expand its reach to a larger audience and improve its advertisement department capabilities. Marc Walder, CEO of Ringier AG said that Palantir’s software enables experienced journalists to make better-informed decisions on content that best serves their local communities. The renewed strategic partnership is a testament to Palantir’s data analytics prowess and its potential for more contract client renewals.
Palantir’s recent Double Click event also showcased just how versatile and critical the Foundry software is. During the event, the company went into detail on how it can potentially transform the way industries manage data. For instance, Foundry enables customers to quickly identify emerging issues and accelerate root cause analysis. It also enables customers to forecast network health and generate early warning alerts for potential issues. As a result, this would improve businesses that utilize Palantir’s software. If you believe in the long-term potential of Palantir, will you consider buying PLTR stock?
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Apple
Next up we have tech goliath, Apple. There’s no question that the company’s branding has been resonating with consumers for over a decade now. Whenever a new product launches in its stores, long lines are a common sight. Over the past year, AAPL stock has nearly doubled. That is no small feat for a company of its size.
This week, the company kicked off its first Apple event of the year. Apple refreshed several products including a more powerful iPad Pro, an all-new iMac, and the iPhone 12 in a stunning purple. Three eye-catching launches were the AirTags, a new Podcast App, and the Apple Card Family. Without diving into details, the company probably launched more products than most expected. The exciting event announcement may attract consumers to flock to Apple stores for its new products.
Apple is slated to announce upcoming quarterly results on April 28. The company posted an impressive quarterly financial result, hitting all-time record revenue of $111.4 billion, up by 21% year-over-year. With the rollout of stimulus checks, could Apple see a boost in its demand for the first quarter? Considering all these, would AAPL stock see more gains as the year progresses?
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Microsoft
Microsoft is a tech giant that develops and sells computer software and personal computers. Being in such a position, most investors would be watching MSFT stock in anticipation of the company’s latest plays. MSFT stock has risen by over 15% since the start of the year, hitting a record high of over $261.48 this month. What could be the reason behind this latest rally?
In case you have missed it, the company recently announced it will acquire Nuance Communications (NASDAQ: NUAN) which is expected to close this year. Nuance is a software company that specializes in AI. Impressively, Nuance’s Healthcare Cloud revenue experienced 37% year-over-year growth in its fiscal year 2020 financials. The acquisition will double Microsoft’s total addressable market in the healthcare provider space.
The company was also recently awarded a $21.8 billion contract to build custom AR headsets for the U.S. Army. On Tuesday, Microsoft’s gaming division Xbox rolled out a beta version of its cloud gaming service on web browsers of Windows 10 PCs, iPhones, and iPads. This will enable more users to play Xbox games without using a video game console. With Microsoft firing on all cylinders, could it be a good time to watch MSFT stock?
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Cisco Systems
Cisco is a worldwide leader in technology that powers the internet. Despite the recent weakness in many tech stocks, CSCO stock has risen by over 15% year to date. No doubt, the pandemic has forced the world to resort to virtual and other forms of socially distanced meetings.
In the past 2 months, the company completed acquisitions of both Acacia Communications and IMImobile PLC. The acquisition with Acacia will enable the company to meet the growing network of infrastructure demands from clients. On the other hand, IMImobile’s solution functionality will enable a more robust Customer Experience as a Service (CXaaS) offering.
The company also expects to close another acquisition in May with Slido. In detail, Slido is an easy-to-use Q&A and polling platform. It also adds engagement features such as world clouds and upvoting questions. The features will improve interactivity in meetings which could make Cisco a more attractive platform for users. With all this in mind, will you be adding CSCO stock to your portfolio?
