3 best tech stocks to buy after earnings (that aren’t META)

February 07, 2024 at 07:00 AM EST

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Earnings season follows a predictable pattern in which various sectors report relatively closely together. The week of January 29, the big technology stocks reported earnings. The news was mostly good, with Meta Platforms Inc. (NASDAQ: META) leading the way.

The company delivered about as "perfect" an earnings report as was possible.

META stock is up 154% in the last 12 months; you may also wonder if its most considerable growth is already behind it.

If that's the case, or if you're just looking for other tech stocks to invest in, here are three tech stocks to consider. For different reasons, each one is likely to provide strong growth, yet may still fly under the radar of some retail investors.

Advanced Micro Devices Inc.

Nvidia Corporation (NASDAQ: NVDA) is another name you may think is conspicuous by its absence. Once again, this isn't a slight. However, the chatter inside the industry is that it will be difficult for Nvidia to keep up with the demand for its AI chips.

That's where Advanced Micro Devices Inc. (NASDAQ: AMD) comes in. The company recently released its M100 chips and projected $2 billion in sales in the prior quarter. It delivered sales of $3.5 billion. That number will only continue to grow in the next several quarters.

AMD stock is already up 102% in the last 12 months. Is all the growth priced in? Watching the analysts' reactions after the earnings report, that wouldn't seem to be the case. The company's results were great but in line with expectations. AMD stock sold off slightly after earnings.

That's starting to change. Analysts are almost unanimous in their bullish outlook on the stock, with many raising their price targets far above the consensus estimate of the analysts tracked by MarketBeat.

SMART Global Holdings Inc.

Investing in companies that supply the memory chips needed to house all that data is a different way to consider playing the growth in AI. SMART Global Holdings Inc. (NASDAQ: SGH) is a small-cap company that may be flying under the radar of investors.

In addition to memory solutions, SMART Global provides intelligent platform (i.e., computing) solutions and LED solutions. Revenue and earnings are down year-over-year, reflecting the normalization in the market. Analysts are buying into the company's margin expansion.

As of this writing, SMART Global has an approximately $1 billion market cap. However, with about 9% share price growth in the last year, the company is outperforming the Russell 2000 Index. The SMART Global analyst ratings on MarketBeat give the stock a consensus $29.80 price target, which is 46% higher than its current price.

Amazon.com Inc.

Amazon.com Inc. (NASDAQ: AMZN) looks like another tech stock with a comeback story still in the middle innings. AMZN stock is up 63% in the last 12 months as revenue and earnings have continued to increase yearly. However, the company's top- and bottom-line growth has been accelerating in its most recent quarter. Free cash flow also surged higher.

The fourth quarter tends to be one of the company's biggest due to holiday sales. This year was no different, but investors shouldn't be quick to discount it. The growth comes mainly from efficiencies from targeted layoffs and the growth of AI in the company's operations.

For those reasons, as well as continued growth in advertising revenue, analysts believe Amazon will continue to post strong growth in the coming quarters. The Amazon analyst ratings on MarketBeat give the stock a $197.95 upside, 16% higher than its price as of February 5.

However, there NASDAQ: AMZN" target="_blank" rel="noopener">could be a 40% upside in AMZN stock. That means there's still time for investors who have been on the sidelines.