Throughout the pandemic, tech stocks have been the go-to stocks for investors in the stock market. This is because of the high returns that these stocks can bring. Rally after rally, tech stocks have shown no signs of stopping. The question is, will this momentum be carried over into 2021? Retrospectively, top tech stocks have had a great run. The same could not be said for other industries that were decimated by the coronavirus pandemic this year.
Despite their high valuations, these stocks still have very strong future growth potential. This is simply because the tech we have today intertwined so intricately with our daily lives. We use tech for all sorts of things after all. You have Spotify (SPOT Stock Report) for your daily tunes and podcasts. You have Amazon (AMZN Stock Report) for all your shopping and streaming needs. It becomes clear when I say technology truly has influenced every aspect of our lives. Amazon for instance has grown by over 90% since the stock market crash in March.
With so many tech companies in the stock market today, it can be quite a grueling task to distinguish which stocks are worth betting on today. I believe that the strength of these tech companies is in their capacity to innovate. They will continue to find new ways to change how we work, interact, and play. With that in mind, here are the top tech stocks to watch right now.
- Making A List Of Top Cloud Stocks To Watch Now? 1 Up By Over 350% YTD
- 3 Top Tech Stocks To Watch This Week; 2 Up By 100%+ Since March
Accenture (ACN Stock Report) is a multinational company that provides professional services in the technology, data analytics, security, and IT field. The company at the very essence delivers a promise of technology and human ingenuity to its customers. Boasting an impressive 505,000 employees worldwide and having over 7,400 patents and patents pending worldwide, Accenture is truly an impressive tech company.
Hot off its first-quarter fiscal that was posted yesterday, the company continues to deliver excellent financial results. Accenture posted total revenue of $11.8 billion in this quarter. Of the total, $2.33 billion came from its Communications, Media, and Technology segment. Impressively, the company also reported earnings per share of $2.32, an 11% increase compared to a year earlier. Accenture has also seen impressive double-digit growth in its Cloud and Security segments.
On announcing its first-quarter results yesterday, the company’s share prices were up by over 5%. In September, the company also announced its Accenture Cloud First with $3 billion in investments to help clients across all industries to rapidly become ‘cloud-first’ businesses and accelerate their digital transformation. At a time where businesses need to shift online in order to survive, Accenture gladly fills this gap. The company has also recently announced a joint venture with Generali Group. Both companies will develop solutions that accelerate the digitization of Generali Group’s business processes. With so much exciting development surrounding Accenture, will ACN stock be on your watchlist?Best Tech Stocks To Buy [Or Sell] Before 2021: Netflix Inc.
Netflix (NFLX Stock Report) needs no introduction as it has essentially turned into a household name. With the masses being stuck at home, the one thing we could all rely on was Netflix and its wide repertoire of TV shows, documentaries, and films. The company is both a content platform and also a production company. NFLX shares are up by over 70% since the March lows.
In the company’s latest quarter posted in October, Netflix reported revenue of $6.43 billion, which is a 22.7% increase year-over-year. It also posted a net income of $790 million and diluted earnings per share of $1.74. The company reported over 195 million global streaming paid memberships to its platform at the end of September. Netflix expects this figure to increase to 200 million by the end of 2020. The company has also increased its subscription price by $1 to $13.99 in October. With the pandemic keeping people at home as coronavirus cases spike again, Netflix’s revenue would be sustained for the next few months. Even with a vaccine being rolled out, it will take a while for things to get back to normal.
Netflix continues to hold up even with fierce competition from competitors like Disney+ (DIS Stock Report) and HBO Max. Despite Disney announcing that it will double its content investment, it will not match Netflix anytime soon on content spending. Because Netflix has a first-mover advantage in the streaming market, its success has been rapid both in the U.S. and internationally. All things considered, will you have NFLX stock on your portfolio?Best Tech Stocks To Buy [Or Sell] Before 2021: Crowdstrike Holdings Inc.
CrowdStrike (CRWD Stock Report) is a cybersecurity technology company that is based in California. The company provides endpoint security, threat intelligence, and cyber-attack response services. The company has been involved in investigations of high-profile cyber attacks like the 2014 Sony Pictures (SNE Stock Report) hack. CrowdStrike shares have been up by over 400% since the March lows. In fact, the stock closed Friday’s trading session up another 9.99% at $203.75 a share.
The company delivered a record third quarter with results that exceeded expectations earlier this month. CrowdStrike posted total revenue of $232.5 million, which is an 86% increase compared to a year earlier. Subscription revenue alone was $213.5 million. In this quarter, CrowdStrike also added 1,186 net new subscription customers.
In recent news, the email systems were breached at the U.S. Treasury and Commerce Departments. CrowdStrike’s Falcon platform could have stopped attacks like this as it focuses on devices from laptops to data centers. The company’s platform integrates cloud computing with machine learning, which allows for stopping even the most sophisticated attacks. This makes CrowdStrike stand out from its competitors. Falcon also has platform modules that can cater to customer needs, hence giving it a wide reach in customers. For these reasons, should you have CRWD stock on your list right now?