Are These The Best Tech Stocks To Watch Right Now?
The tech industry is heating up right now, more than usual, in fact. This is because the top tech stocks are reporting their latest earnings. If anything, the sheer scale of some of these companies speaks to the resilience of the sector amidst a pandemic. At today's opening bell, Google's parent company, Alphabet (NASDAQ: GOOGL) saw its shares surge past the $2000 mark. This comes after the tech goliath smashed Wall Street estimates in its fourth-quarter fiscal posted yesterday. Other major tech players making waves now would be Amazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL). Both companies reported record quarterly revenues above the $100 billion mark. With such impressive figures, it would not surprise me if investors continued looking towards the tech industry for greater returns.
Looking at the bigger picture, the best tech stocks will likely continue to perform. With so many companies falling under the umbrella term of 'tech', the possibilities seem endless. Whether it is work-from-home solutions, entertainment, or even digital enterprise management, tech is present. Because of this, investors continue to look for the top tech stocks to buy in the stock market today. If you are among these investors, here are four tech stocks in focus right now.
Do You Have These Top Tech Stocks On Your Watchlist?
- Talend SA (NASDAQ: TLND)
- Palo Alto Networks Inc. (NYSE: PANW)
- Pinterest Inc. (NYSE: PINS)
- Workday Inc. (NASDAQ: WDAY)
Starting us off is leading data integration solutions provider, Talend. Through its Data Fabric platform, clients get access to a comprehensive set of data management services. The company's cloud migration services continue to be a key service that organizations rely on to digitize their operations. In fact, Wall Street analyst Chad Bennett seems to think so as well. He gave TLND stock a buy rating with a price target of $55 a share yesterday. At the same time, it surged by over 10% and closed at a new 52-week high.
To elaborate, Bennett also said that Talend is a leading player in data integration. This is important because companies who underwent rapid digital acceleration need to manage their fragmented data sources across data stores. As it stands, the analyst estimates that Talend is looking at a market opportunity of $23 billion this year. Should it make the most of its current position, TLND stock could be looking at big gains down the line.
In terms of recent business highlights, the company was also selected by French apparel retailer, Tape a l'oeil (Tape), to bolster its services. Talend will be helping Tape by providing real-time customer intelligence solutions which will be crucial in optimizing user experiences. Tape CIO Guillaume Porquier said, "Information must flow from product design to sales, otherwise we can't do our job. Talend is our strategic partner in this process." As the company continues to demonstrate its expertise in the field, will you be adding TLND stock to your watchlist?
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Palo Alto Networks Inc.
Cybersecurity company Palo Alto is another top tech stock in focus right now. As expected, the company's advanced cloud-based firewall offerings are likely in demand now. Ever since the SolarWinds (NYSE: SWI) hack last December, cybersecurity has been a concern for many. Accordingly, PANW stock is looking at gains of over 15% since the news broke on December 17. It hit a new all-time high during intraday trading yesterday on account of encouraging analyst coverage.
Credit Suisse analyst Brad Zelnick raised his price target for PANW stock from $385 to $425. Additionally, he also gave the stock an Outperform rating. Zelnick mentions that Palo Alto's edge security services could be a driving factor of its growth moving forward. Simply put, Palo Alto helps clients look for vulnerabilities in their online infrastructures. With this, the company essentially caters to key aspects of cybersecurity from protection to prevention.
Despite its impressive offerings, the company continues to innovate as well. Last Thursday, Palo Alto revealed that it expanded its Internet of Things (IoT) security solutions towards the healthcare industry. As the company shows no signs of slowing down, could PANW stock continue to reach new heights this year? Your guess is as good as mine.
Pinterest is an image-sharing and social media company. In brief, its platform allows users to search for and save information on easy-to-access digital 'pinboards'. As the general public remains stuck at home, they continue to Pinterest to keep busy. Back in October, the company reported having 442 million global monthly active users on its platform.
Likewise, PINS stock seems to be in focus now as it has skyrocketed by over 570% since the March selloffs. The stock gained by 4.35% yesterday nearing its all-time high seen earlier last month. Not to mention, Pinterest will be reporting its fourth-quarter fiscal tomorrow, after the closing bell.
In its third-quarter fiscal, the company reported solid figures. It posted total revenue of $442.62 million for the quarter. This reflects a 58% jump compared to the same quarter a year ago. CFO Todd Morgenfeld said, "The strong momentum our business experienced in July continued throughout the rest of the third quarter. We're extremely pleased with the broad-based strength of our business, driven by recovering advertiser demand as well as positive returns from our investments in advertiser products and international expansion." As advertisement trends continue to recover towards pre-pandemic levels, PINS stock could present an interesting opportunity for investors. Would you agree?
Last but not least, we will be looking at an on-demand financial and human capital solutions provider, Workday. The company's enterprise cloud applications have been adopted by organizations around the globe. Notably, this includes more than 45% of the Fortune 500. This would explain the company's solid financial position as reported in its recent quarter fiscal. In it, Workday posted total revenue of $1.11 billion and ended the quarter with $1.07 billion in cash on hand. More importantly, WDAY stock is up by over 13% this week as of 10:19 a.m. ET on account of its board promotion announcement on Monday.
On February 1, Workday announced that it would be promoting Doug Robinson to the position of Executive VP of Global Sales. According to Workday, Robinson played a pivotal role in building the company's impressive client list as head of sales in North America. With an increased work scope, investors could be eager to see if Robinson can continue to deliver moving forward.
That's not all, the company also acquired employee success expert, Peakon ApS (Peakon), last week. Peakon's proprietary platform converts employee feedback into actionable insights. In theory, this would synergize well with Workday's human resources offerings. With all this in mind, will you be watching WDAY stock?
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