Looking For The Best Tech Stocks To Buy Now? 4 To Consider

Are These Top Tech Stocks Worth Investing In Right Now?

It has been an eventful week for tech investors, in a way. Unfortunately, tech stocks continue to suffer losses this week amidst investor fears over spiking bond yields. But, as the saying goes, in the middle of difficulty lies opportunity. Could this be the case with the top tech stocks now? Well, Wedbush Securities analyst Daniel Ives appears to think so. The veteran tech analyst suggests that it is a good time to join the “buy on the dip” movement. Ives highlights tech giants such as Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), and other “disruptive tech names” in his research note.

Now, following suit would mean going against the overall flow of this week’s trades. While most are rotating towards post-pandemic and more defensive stocks, tech stocks could provide a unique opportunity for eagle-eyed investors. Generally, tech stocks are some of the biggest winners from 2020. This is because they catered to the needs of the general population amidst the pandemic. Whether it was streaming stocks or work-from-home stocks, investors saw massive returns from the sector. The gains from 2020 could, in turn, incentivize tech companies to continue innovating in hopes of retaining consumer attention on their offerings. On that note, here are four tech players that are trending as of late. 

4 Top Tech Stocks To Buy [Or Sell] Now Okta Inc.

Starting us off is information tech (IT) service management company, Okta. To summarize, the company specializes in identity and access management (IAM) solutions. Through its services, organizations can manage and secure their user authentication systems across digital ecosystems. In theory, this would bode well for OKTA stock given the rise in corporate spending on such services. However, OKTA stock has fallen by over 9% since it announced its recent acquisition. Could this be a good time to invest in it?

best cybersecurity stocks to buy (OKTA stock)

Well, for one thing, Okta signed a definitive agreement to acquire rival IAM company, Auth0 for $6.5 billion. Sure, such a large figure would turn some heads but Auth0’s IAM portfolio could benefit Okta more than expected. To elaborate, Okta provides single-sign-on access for employees across several enterprise cloud services. Conversely, Auth0 is a developer tool that gives coders the means to create IAM tools easily. Simply put, the combination of the two makes for a comprehensive IAM portfolio covering virtually all angles in that regard.

Now, how can this benefit investors? Well, Gartner (NYSE: IT) estimates that the IAM market could grow to over $13.5 billion this year. Seeing as Okta and Auth0 are among Gartner’s top picks in the industry, we could be looking at a powerful IAM alliance here. Given all of this, would you consider OKTA stock a buy?

Read More

Micron Technology Inc.

Another tech company making waves now would be Micron. The Idaho-based company produces computer memory and data storage products. Specifically, its flagship products include dynamic random-access memory, flash memory, and USB flash drives. To consumers, its offerings are marketed under the brand names Crucial and Ballistix. As most people had to transition towards working-from-home, demand for digital memory storage hardware would be on the rise. Given its latest product release, it would not surprise me to see investors keeping a close eye on MU stock now.

top tech stocks to watch (MU stock)

On Tuesday, Micron expanded its portable solid-state drive (SSD) portfolio to offer consumers more variety in terms of external storage hardware. In detail, it released two new products, a 4-terabyte portable SSD and a 500-gigabyte portable SSD. With more options on the higher and lower end of its SSD product line, Micron’s offerings would cater to a larger market.

Aside from more variety, consumers are also getting SSDs that read data 5.6 times faster than traditional hard drives, according to Micron. Time will tell if this gives Micron a competitive edge over the competition in the long run. Could this make MU stock worth investing in? Your guess is as good as mine.

[Read More] Top Stocks To Invest In Now? 4 Biotech Stocks To Watch

Shift4 Payments Inc.

Shift4 is a leading provider of integrated payment processing and tech solutions. In brief, the company delivers its services via an omnichannel ecosystem. The likes of which also include a broad array of commerce-enabling services. Not to mention, Shift4’s tech enables over 350 software providers across the e-commerce, hospitality, and gaming industries to name a few.

FOUR stock

If anything, Shift4 could be in a good position to make the most of both current and post-pandemic trends. On one hand, its e-commerce arm is a part of the booming online shopping industry. On the other hand, its clients in the tourism sector would continue to gain momentum moving forward. With this in mind, it makes sense that FOUR stock has more than doubled since its June 2020 IPO. In fact, it jumped by over 9% during intraday trading yesterday on account of its latest acquisition plans.

In detail, Shift4 acquired VenueNext, next-generation mobile commerce and point-of-sale solutions provider for venues. This acquisition is an extremely strategic play by Shift4, to say the least. Why? Well, VenueNext widely expands Shift4’s reach towards several large and growing markets. Namely, these include stadiums, arenas, theme parks, and airports to name a few. Understandably, as pandemic conditions improve this year, these addressable markets would see a surge in consumer traffic. Does this mark the beginning of exciting times for FOUR stock? I’ll let you decide.

[Read More] Best Epicenter Stocks To Buy Ahead Of Improving Pandemic Conditions? 4 To Watch

Magnachip Semiconductor Corporation

Following that, we have South Korean semiconductor manufacturing company Magnachip. The company designs and manufactures analog and mixed-signal semiconductor platform solutions. Notably, its key end markets include the communications, Internet of Things, consumer, industrial, and automotive industries. For investors looking to make bank on the pent-up semiconductor demands, MX stock could be an attractive play now. Seeing as it hit a new 7-year high during yesterday’s trading session, this could be the case.

top tech stocks (MX stock)

In terms of news, the company’s latest major announcement was regarding production. On February 18, Magnachip revealed that it has commenced full-scale mass production of its high frame rate (HFR) display drivers. Said chips will be employed in top-of-the-line 5G smartphones with Quad HD displays. This bodes well for the company from an operational standpoint as 5G phone sales are estimated to grow this year. But, the bigger piece of news comes from rumors suggesting that the company is up for sale.

Regarding this, Needham analyst Rajvindra Gill covered the news saying that the company could be worth $41 to $46 should a deal take place. In light of all this, will you be adding MX stock to your portfolio?

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.