With the Nasdaq trading at a record high, tech stocks would naturally gain traction among investors in the stock market. It is a given that there will be some turbulence in the economic recovery due to the coronavirus. So, investors will be looking for the industry with the best future growth potential. Well, the tech industry wouldn’t be off the list now, would it? Leveraging technology to make improvements has become a norm in various industries.
We need to look no further than Paypal (NASDAQ: PYPL) and Square (NYSE: SQ) to see the impact of technology in an industry. Making payments and transferring money has never been so easy. Whether it is the Cash App by Square or Venmo by Paypal, we could now make money a transaction from anywhere and at any time. Well, Paypal is even showing aspirations to explore ways to let its users trade stocks on its platform.
Overall, no one could be certain how the future would be given how rapidly technology is advancing. But it would be safe to assume that it will play a pivotal role in shaping our daily lives. With all these in mind, let’s take a look at some of the top tech stocks in the stock market today.Best Tech Stocks To Watch In September 2021
- Amazon.com, Inc (NASDAQ: AMZN)
- Anaplan Inc (NYSE: PLAN)
- Ambarella Inc (NASDAQ: AMBA)
- Broadcom Inc (NASDAQ: AVGO)
Firstly, we have the multinational tech company, Amazon. Put simply, the company has one of the largest e-commerce businesses in the world. Its products include merchandise and content that it purchases for resale from vendors and those offered by third-party sellers. On top of that, the company also offers a number of tech services such as Amazon Web Services (AWS) and Amazon Prime. Being the tech juggernaut that it already is, it is no surprise that investors are always on the lookout for the company’s stock.
Yesterday, the company announced the opening of two delivery stations in Hanover and Baltimore. Delivery stations are pivotal in the company’s operations as they power the last mile of its order process and help speed up deliveries for customers. Also, it would offer entrepreneurs the opportunity to build their own business delivering Amazon packages or create their own schedule delivering for Amazon Flex. As e-commerce rises in popularity, Amazon’s core business and services are also in high demand.
On the same day, AWS announced that Arctic Wolf Networks has selected it as its primary cloud provider to power the company’s cloud-native security operations platform. The leading cybersecurity tech innovators will utilize AWS’s unmatched portfolio of cloud capabilities to process more than 1.4 trillion unique security events a week from its global growing customer base. With all said and done, would you still consider AMZN stock as a top tech stock to watch?Source: TD Ameritrade TOS
Read MoreAnaplan Inc
Following that, we have the cloud-based planning platform, Anaplan. The company’s platform connects organizations and people to make decisions. Also, by using the company’s Hyperblock technology, users can manage sales performance, including incentive compensation, sales forecasting, account segmentation, and scoring, and sales capacity planning. PLAN stock soared 10.3% on Wednesday’s trading session. So let us see what could have been the catalyst for this movement.
It appears that investors are responding positively to its recent second-quarter earnings report. Anaplan posted total revenue of $144.3 million, an increase of 35.5% year-over-year. Out of which, its subscription revenue contributed $130.8 million, representing an increase of 34.6% year-over-year. Given that it has surpassed expectations, the company is also updating its guidance for its full-year fiscal 2022. Now, its total revenue is expected to be between $571.5 and $573.5 million.
Overall, the company is seeing strong sales growth thanks to the rising demand for advanced business planning software. Some would argue that the company is primed to take advantage of the market opportunities that may present itself with the post-pandemic economy. With that in mind, would you consider adding PLAN stock to your watchlist?Source: TD Ameritrade TOS Ambarella Inc
Another trending company in the tech industry would be Ambarella. Essentially, the company engages in the development of high-definition (HD), ultra HD video compression, image processing, and computer vision solutions. Hence, its products are used in a variety of human and computer vision applications. Well, AMBA stock skyrocketed by over 30% just within the past week.
For starters, its second-quarter financial results played a role in getting investors excited. Ambarella posted revenue of $79.3 million for its second quarter, up by 58% year-over-year. Its rapidly expanding artificial intelligence of things has laid a strong foundation for the company. It has driven the company to achieve record revenues as it further expands into new markets. For instance, its IoT cameras, primary security, and automotive businesses contributed approximately 90% of its second-quarter revenue.
Not to mention, the company also announced that the new Yandex SignalQ2 LTE-enabled driver monitoring system camera is based on the company’s CV25 edge AI vision system-on-chip. It will be deployed across the Yandex.Taxi fleet for partner ride-hailing vehicles by 2022. Given these exciting recent developments, would you bet on the future of AMBA stock?Source: TD Ameritrade TOS Broadcom Inc
Last but not least, we will be looking at Broadcom. The semiconductor company designs, develops, and supplies a range of semiconductor and infrastructure software solutions. Its semiconductor solutions segment includes semiconductor solution product lines, as well as its Internet protocol (IP) licensing. Meanwhile, the infrastructure software segment includes its mainframe and enterprise software solutions and fiber channel storage area networking business.
Since Broadcom is announcing its fiscal third-quarter earnings result after the stock market closes today, let us review its previous financials to gauge what to expect. Its revenue came in at $6.61 billion for the second quarter, up 15% year-over-year. Meanwhile, its GAAP net income was $1.49 billion. The company continues to post strong financial results which reflect the high demand for semiconductors across its multiple end markets.
Furthermore, an analyst from JP Morgan also reiterated an overweight rating on the company stock. Harlan Sur has a $585 price target on the stock and believes that the company will continue to set a high bar for its competitors. All things considered, do you share the same sentiment? If so, would you consider AVGO stock a buy right now?Source: TD Ameritrade TOS