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Maverick Bell
Maverick Bell

Technology Stocks To Buy Now

Alibaba is a Chinese technology company that was founded in 1999 by a group that included Jack Ma, a tycoon who largely disappeared from public view over a year ago. Alibaba got its start as an online wholesaler linking manufacturers, distributors and importers and exporters. While it is still largely focused on e-commerce, it has since expanded into tools and services, including web portals, payment transfer and cloud computing. Alibaba shares trade on the New York, Hong Kong and Frankfurt exchanges.

technology stocks to buy now

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Growth companies boost returns. Buying tech stocks lets investors dial up the risk in their portfolios to increase their returns. While risk certainly cuts both ways, buying fast-growing tech names is a very effective way of boosting returns in a low interest rate environment.

Low dividends. Most technology companies pay minimal dividends. Tech companies in the S&P 500 average a dividend yield under 2%. Many of these companies forego dividends to reinvest in their future growth.

As always, these are just tech stocks worth keeping an eye on, and there are no guarantees that any of these stocks will go up in 2023. We recommend that you do your due diligence and to invest accordingly.

Tech stocks delivered an uncharacteristically sluggish performance in 2022. The Technology Select Sector SPDR ETF (ticker: XLK), a popular exchange-traded fund, lagged behind the S&P 500 by about 10% last year as investors rotated from growth stocks to value stocks. For more than a decade, brief periods of tech sector underperformance have consistently been long-term buying opportunities, and tech stocks have once again tipped back toward outperformance so far in 2023. Inflation and interest rates remain headwinds for tech stock valuations in the near-term, however, making stock selection critical.

Nvidia designs and sells high-end graphics and video processing chips used for desktop and gaming computers, workstations, and other advanced computing servers and supercomputers. Not only is Nvidia one of the best-performing stocks in the entire market in the past 15 years, its year-to-date gain of 63.5% through March 3 is the best performance of any stock on this list so far in 2023. Zino says he is bullish on Nvidia's data center momentum, its opportunities in the central processing unit, or CPU, market and its investments in generative AI. CFRA has a "buy" rating and $250 price target for NVDA stock.

Accenture is a global information technology services firm that specializes in consulting and outsourcing. Holt says Accenture has a loyal client base, a solid balance sheet and a long track record of peer-leading earnings growth. Exposure to Russia and foreign exchange headwinds have weighed on that growth in the past year, but Holt says Accenture's underlying business remains strong. He says Accenture is a long-term market share gainer, and roughly $7 billion in capital returns in fiscal 2023 will also help support the stock. CFRA has a "strong buy" rating and $333 price target for ACN stock.

These headwinds included a Fed intent on aggressively raising interest rates to bring down stubbornly high inflation. There was also a near shutdown of the initial public offering (IPO) market, as well as a spate of awful layoffs. All of this led to significant share-price declines across the technology sector, including for many of Wall Street's best tech stocks.

With this in mind, here are the nine of the best tech stocks to buy now. This list includes a number of equities that are highly beloved by Wall Street analysts, but also a few contrarian picks that the crowd might be underestimating.

But this looks like only the beginning for one of Wall Street's best tech stocks. On the earnings call, cofounder and CEO Matthew Prince said: "Even as we achieve $1 billion [in annualized revenue], we have penetrated less than 1% of our identified market for products we already have available today. That's why we're confident we're on the path to organically achieve $5 billion in annualized revenue over the next five years."

There are catalysts that can continue to boost growth for one of the Street's best tech stocks. Freelance work is more flexible and can be more cost-effective, which are both attractive in today's slowing economy. Upwork also has been getting traction with its enterprise business. In the third quarter, revenues for this segment shot up by 41% to $12.5 million.

As Kafka grew quickly, Kreps, Rao and Narkhede would commercialize real-time streaming solutions with the founding of Confluent (CFLT (opens in new tab), $24.64) in 2014. The technology is available to clients of all sizes, from small businesses to Fortune 100 companies.

A use case of the technology is with Wix (WIX (opens in new tab)), which operates a large website development platform. The company started with Kafka, but it could not handle the complex workloads. By implementing Confluent, Wix was able to scale its use of real-time streaming data, reduce costs and mitigate the risks. The result was a 90% return on investment.

True, as IT spending comes under pressure, the growth rate will fall. But there remain strong long-term drivers for the company's technology, which is why CFLT is one of the best tech stocks around. The goal for 2023 (opens in new tab) is to get to breakeven for the operating margin and grow its top line at a 30% annual rate.

In addition to being one of the best tech stocks to buy, Fortinet is also one of the best AI stocks to watch going forward. The company has continued to invest aggressively in cutting-edge technologies like artificial intelligence. This is the role of Fortinet FortiGuard Labs, whose systems analyze over 100 billion events daily for real-time threat intelligence. The AI technology will help to further bolster the company's powerful competitive advantages.

A major driver for the growth has been the expanding product line. This has been a lever for upselling current customers. In the third quarter, 80% of its customers used two or more products, up from 77% in Q3 2021. About 40% use four or more products, and 16% use six or more. This speaks volumes to the staying power of one of Wall Street's best tech stocks.

NOW's own technology has certainly been a huge benefit for its own organization. Consider the metric called the Rule of 40. This is where the revenue growth rate and profit margin is at least 40%. At this rate, a cloud company will grow at a sustainable pace.

According to McDermott: "We have the end-to-end platform for digital transformation. That platform is applicable to each industry and every persona within the enterprise. And we are going to expand that across the world." And this is why NOW is on this list of the best tech stocks to buy.

2022 was a tough year for many of the best stocks to buy and watch, hurt in part by rising interest rates and an increasingly hawkish Federal Reserve. But a handful of the best stocks to buy and watch in the technology sector are holding up well as the stock market tries to bottom.

Fear of a recession and concerns about contagion in the financial sector after the collapse of SVB Financial (SIVB) and Signature Bank (SBNY) have made it an extremely challenging environment for many of the best stocks to buy and watch. But buyers have lifted the stock market off lows as hopes grow for a soft landing for the U.S. economy.

Stocks with high P-E ratios like Tesla (TSLA) and Nvidia (NVDA) were hit hard by institutional selling in 2022, along with security software stocks like CrowdStrike (CRWD) and Zscaler (ZS).

A rising interest rate environment isn't good for the best stocks to buy in the tech sector with high multiples. Why? Because it makes for a more challenging operating environment. If the stock market senses any possibility of a slowdown in earnings growth from high P-E names, the selling will hit these stocks first.

The best stocks to buy and watch aren't hard to find, as long as you're fishing in the right pond. Top stocks like Iridium Communications (IRDM) and Impinj (PI) don't get a lot of attention, but both have characteristics seen in past stock market winners before big price moves.

Screening for the best stocks to buy and watch is as easy as looking at the MarketSmith Growth 250, a daily screen of high-quality stocks. Click on any column header to sort the screen as you wish, either by those closest to their highs, stocks with the highest Composite Rating, or stocks trading up in price with the heaviest volume.

With the stock market fluctuating, and fresh signs of distribution in the major stock indexes, new buys will most likely have a hard time making meaningful headway. But when new institutional money starts to come in from the sidelines, the best stocks to buy and watch could easily resume their market leadership, helped in part by strong fundamentals.

The company makes tracking chips, mostly used for inventory management that can connect items to the internet cloud for customers in retail, transportation, logistics and other industries. It uses a wireless technology called Rain RFID.

Many of the best stocks to buy make their biggest moves from early-stage bases. Impinj still looks early stage after a 58% pullback that started in late December 2021 shook enough sellers out to reset the base count.

Commenting on the results, CEO Ken Xie said: "Our market share gains are being driven by Fortinet's integrated and single platform approach to cybersecurity combined with FortiASIC technology, which lowers the management costs and the total cost of ownership for organizations. Given our cost-for-performance advantage, the convergence of security and networking, and the consolidation of products and vendors, we expect to continue our solid growth trajectory."

After several up weeks in a row, Fortinet has been trading sideways, holding on to the bulk of its recent gains. Many of the best stocks to buy show strength and support after a breakout. Price action like this can often usher in a new entry. 041b061a72


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