7 Best Tech Stocks to Buy in October

Her passion is for options trading based on technical analysis of fundamentally strong companies. She especially enjoys setting up weekly covered calls for income generation. Tezcan Gecgil has worked in investment management for over two decades in the U.S. and U.K. The company’s forward P/E and P/S ratios are 7.41 and 3.38, respectively. Over the past several quarters, its revenues and margins have been growing at impressive rates. Buy-and-hold investors could regard a further decline toward the $70-level as a potential entry point.

  • The technology sector is one that can be exciting, but it is also one that can be difficult to time.
  • In terms of sectoral breakdown, Information Technology (78.3%) leads the holdings, followed by Communication Services (11.8%) and Financials (6.3%).
  • At its peak in mid-November, Asana was up almost five-fold for the year, far outpacing all other U.S. tech stocks.
  • Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
  • One of the newest tech shares, online gaming platform Roblox went public on the New York Stock Exchange (NYSE) in March and gained as much as 18% in mid-April.

With two straight quarters of revenue growth above 30%, Fortinet is expanding at its fastest rate since 2016. A flurry of ransomware attacks along with a more complex security environment created by a sudden surge in remote work led to a spike in demand for Fortinet’s technology this year. Converting free users to paying customers is key to Asana’s future growth and profitability. At its peak in mid-November, Asana was up almost five-fold for the year, far outpacing all other U.S. tech stocks. It’s lost almost half its value since then, falling alongside a bunch of other high-priced cloud software stocks. Despite the sell-off and the volatility across wide swaths of the tech industry, investors have made a bundle of money betting on specific companies and stories.

top tech stocks to buy now

By helping its customers better aggregate, analyze, and understand their data, the cloud leader has ingrained itself in its customers’ operations. Choosing to drop serious cash on a single company is not an investment strategy that is well-suited for everyone. Doing so requires caution, research and the weighing of risks.

However, October now looks like an opportune time to grab some shares, given the top-line momentum and depressed valuation. Inflation continues to rise and the Federal Reserve might take imminent measures for a tighter monetary policy. Therefore, we could expect the volatility in broader markets to continue in the short run.

Best Tech Stocks to Buy Right Now

The result is that companies can lower costs and operate with much more efficiency. In light of the macroeconomic headwinds, these benefits are top of mind for CEOs. As more companies looked to digital transformation, there was a big need for DevOps. Olivier Pomel and Alexis Lê-Quôc met while working at Wireless Generation, a cloud company. Pomel was in charge of the development team and Alexis was the director of operations.

Check out some of the 10 best tech stocks to buy for the second half of 2021 in the list below to get started. This next pick of the tech stocks breaks a trend on our list — it’s not headquartered in California. Based in Denver, Colorado, Ping Identity provides identity-verification solutions that enable secure access to services, applications or websites.

Leading Tech Stocks to Buy in 2021 and Beyond

EBay’s recent performance isn’t great and shares are about 50% below their 2021 highs. Despite the stock suppression, eBay stands to gain from renewed consumer confidence as inflation fades and recession fears abate. If the company can post a solid holiday sales report, shares of the eCommerce tech stock should shoot up substantially in 2023. Palantir best tech stock to buy 2022 Technologies (PLTR -6.09%) made a splash on Wall Street, weaving its custom software into the inner workings of America’s government and that of its allies. Palantir’s Gotham, Foundry, and AIP platforms can create and deploy software and artificial intelligence (AI) to help organizations analyze data and make better real-time decisions.

Tech Stocks to Buy: Meta Platforms (FB)

Many on Wall Street regard Upstart as a potential financial technology (fintech) disruptor. Its AI-based lending algorithms use various data points to help banks make better decisions. What’s more, Upstart claims that its technology approves loans at the same rate as FICO but boasts 75% fewer defaults.

If you want to go this route, you’ll also likely need to open a brokerage account if you don’t have one. Below are the 7 best-performing stocks in the Nasdaq 100 index from the technology sector, in order of one-year returns. Since then, that enthusiasm has dampened, with worries of a looming recession hitting tech companies especially hard. High inflation and resulting sharp interest rate increases often mean lower profits for debt-heavy tech companies. Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services. Old antivirus programs are no longer good enough to protect your computing devices from hackers; there have been countless breaches at companies where consumer data was compromised.

Learn first. Trade CFDs with virtual money.

The company has the deep pockets to do this, with $58 billion in cash on its balance sheet. Meta has 2.8 billion monthly active users and has made $29 billion in profits alone over the past three quarters. Tesla Motors has come a long way since unveiling its first Model S in 2012. Today, it’s one of the world’s largest companies, and its vehicle business is quickly growing.

Another advantage for tech stocks this year is that the valuations are much better. There has also been more of a focus on generating profits – which is certainly a good sign. The start of the year has already seen a nice bull move with tech stocks. Technology stocks have been far from a sure bet since 2021 began its stretch run in mid-November. Inflationary concerns and fears of rising interest rates pushed investors out of software and internet companies, sending scores of prior outperformers into correction territory.

Top 9 Best-Performing Stocks: December 2023

Not only does it sell process control equipment for leading-edge chipmaking, but it also sells process control equipment for advanced packaging. Still, Micron is the only U.S.-based manufacturer of DRAM (dynamic random access memory). And it still sits well below its all-time highs, leaving room for upside in 2024.

“Our bank partners rightly feel pressured to better serve low-to-moderate income Americans, and we want to help them do that right,” Girouard said. “The interest in the small dollar product from our bank and credit union partners is off the charts and we hope to bring it to market before the end of 2022.” Upstart shares are up 264% since the beginning of 2021, including a gain of 171% over a wild three-day stretch in March. Dock David Treece is a former licensed investment advisor and member of the FINRA Small Firm Advisory Board.

But shares are trading at a sky-high level of 97 times current sales according to Seeking Alpha. Long-term investors may need to wait for a price dip to take a long position. TD Synnex is a provider of business-to-business information technology (IT) services.

Both news about the company and his CEO, Elon Musk, are of significant market interest. Net income of $438 million translated into earnings of 93 cents per share. So far in 2021, the fund has returned more than 8%, and saw an ATH in mid-February. Therefore, many of the names in the fund are likely to be choppy in the coming days.

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