Tech stocks continue to dominate the stock market right now. Evidently, this is because of the stellar earnings season that we have seen over the past few weeks. For instance, tech juggernauts Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) posted record $100 billion revenues fueled by pandemic tailwinds. As it stands, there could be more in store for the sector in this regard. Namely, increased corporate and consumer spending on technology will likely continue to fuel the sector throughout the remainder of the pandemic.
In terms of corporate spending, we can see that companies such as Workday (NASDAQ: WDAY) and The Trade Desk (NASDAQ: TTD) continue to reap the benefits. Both companies have seen their shares more than triple in value since the March selloffs. Importantly, the duo were and still are prime choices for organizations looking to optimize their businesses amidst the pandemic. From the consumer spending perspective, we could look at the likes of Roku (NASDAQ: ROKU) which sells consumer streaming tech. The company saw its total net revenue rise by 73% to $452 million for the quarter and posted a subscriber count of 46 million. Across the board, the tech industry seems to be kicking into high gear. Consequently, it would not surprise me to see investors searching for the best tech stocks to buy. If you are one of them, here are four tech companies to consider.Best Tech Stocks To Watch Now:
- Gilat Satellite Networks (NASDAQ: GILT)
- Canaan Inc. (NASDAQ: CAN)
- Vocera Communications Inc. (NYSE: VCRA)
- HubSpot Inc. (NYSE: HUBS)
First up is leading satellite-based broadband communication company, Gilat. The Israel-based company develops and markets cutting-edge satellite ground stations and related equipment. As the upkeep and development of communication technology are more important than ever amidst the pandemic, Gilat is playing a crucial role with its tech. Meanwhile, investors appear to be catching on to GILT stock as well seeing as it has gained by over 190% year-to-date. Of course, investors would be curious to see if it has more room to run, given its current explosive growth.
Well, last Thursday, the company announced that its aero modem technology will be installed on an entire fleet of planes. Specifically, Gilat’s technology is being installed on the first airline in China as well as additional domestic airlines. According to the company, this airline is the first fleet out of a potential 3,500 commercial aircraft operating in China. Furthermore, it was reported that a “leading Chinese system integrator” will be in charge of the installation. This is made possible as Gilat’s tech is a key component of the connectivity systems being used in the aircraft.Source: TD Ameritrade TOS
To this end, Gilat could be looking at long-term gains and growth potential down the line in the emerging Chinese airline market. Could this be the start of GILT stock’s return to its former glory? Your guess is as good as mine.
- Best Stocks To Buy Tomorrow? 4 Reporting Earnings This Week
- Pacific Biosciences (PACB) Stock: Is This Biotech Stock The Next Illumina?
Following that, we have computer hardware company Canaan. In brief, the company develops and manufactures blockchain technology used to mine cryptocurrency. Accordingly, you would expect the company to be in focus with all the recent buzz around Bitcoin. The price of the cryptocurrency has dipped since the $1.5 billion investment by Tesla (NASDAQ: TSLA) last week. Despite the Bitcoin price drop, CAN stock soared by over 68% since an upbeat financial guidance update on Feb 10.
Simply put, the company assured investors in its latest press release last week. In it, Canaan reported that it has preorders for more than 100,000 Bitcoin-mining machines. According to the company, this would require its manufacturing facilities to be working at full capacity for the entire year. The company cites its expanding customer base and plans to cater towards mostly publicly traded companies as a key driver of this growth. As a result, it would not only be receiving more sizable orders, but also more long-term commitments.Source: TD Ameritrade TOS
Clients of this size would have more spending power which could bode well for CAN stock moving forward. All this coupled with a growing corporate interest in Bitcoin mining does make for an interesting opportunity in CAN stock. Would you agree?Vocera Communications Inc.
Vocera is a recognized leader in clinical communication and workflow solutions. For some context, the company offers software applications, hands-free wearable communication tech, and other wireless devices to medical facilities worldwide. Its proprietary software platform connects various communication devices allowing for real-time data and information exchange. Therefore, you could say that the company’s offerings serve to bolster healthcare services at a crucial time. Notably, VCRA stock popped by over 26% during intraday trading on Friday. This does coincide with its latest quarter fiscal posted after market close on Thursday.
In it, the company reported total revenue of $56.6 million for the quarter, up by 14% year-over-year. Additionally, Vocera reported a mind-blowing 86% leap in earnings per share over the same period. The company cites strong execution on the sales front and rising demand for its solutions as key factors in its solid performance throughout the quarter.Source: TD Ameritrade TOS
CEO Brent Lang summarized, “This year, we faced unprecedented challenges around the world and rallied as a company to deliver the best results in our history.” As the coronavirus pandemic continues to rage on throughout the world, Vocera will likely continue to see increased demand for its offerings. With this in mind, will you be adding VCRA stock to your watchlist?
[Read More] 4 Top Mining Stocks To Watch In FebruaryHubSpot Inc.
Another top tech stock in focus now would be HubSpot. In summary, it develops and markets software products for inbound marketing, sales, and customer service. As a key player in the booming customer relationship management (CRM) industry, HubSpot would naturally be in focus now. This would be thanks to the rise in corporate spending on CRM services to refine customer experiences online. More importantly, HUBS stock is making waves right now as it closed Friday’s trading session on gains of over 16%. This comes as it reported remarkable figures in its fourth-quarter fiscal the night before.
In it, HubSpot saw a total revenue of $883 million for the fiscal year, an increase of 31% year-over-year. Furthermore, its subscription revenue gained by 32% in the same time, equaling $853 million. On top of that, HubSpot reportedly ended the quarter with a whopping $1.2 billion in cash, cash equivalents, and investments.Source: TD Ameritrade TOS
In terms of operational highlights, the company announced that it had surpassed 100,000 customers and achieved $1 billion in annual recurring revenue. Not to mention, HubSpot also acquired media company The Hustle earlier this month. It seems like the company is firing on all cylinders at the moment. Would you say it is a good time to be watching HUBS stock?