These Tech Stocks Continue To Gain Traction Among Investors This Month
Tech stocks continue to show promise as we begin the week. As treasury yields begin to dip, this could provide a tailwind for tech stocks. Last Friday, the Fed announced that its temporary pandemic-era rule that relaxed bank capital requirements will not be extended after March 31. That offset the positive effect of stabilizing bond yields, which then spiked on the news. Tech companies like Luminar Technologies (NASDAQ: LAZR) and Kopin Corporation (NASDAQ: KOPN) have shown gains of over 10% since Friday's opening bell. Could Treasury yields stabilizing be a sign that bodes well for the tech sector?
Given the resilience that tech stocks have shown in the last year, tech companies are likely here to stay. We have gotten highly dependent on the plethora of tech products and services available after all. For instance, most of our shopping needs can be done via Amazon (NASDAQ: AMZN) or Shopify (NYSE: SHOP). Furthermore, with the third round of stimulus checks being mailed out or deposited into many American's accounts, this could further bump the tech sector. All things considered, here is a list of top tech stocks to consider buying this week.
Top Tech Stocks To Buy [Or Avoid] Right Now
- Synnex Corporation (NYSE: SNX)
- Adobe Inc. (NASDAQ: ADBE)
- PubMatic Inc. (NASDAQ: PUBM)
- ZoomInfo Technologies (NASDAQ: ZI)
Synnex is a business process services company. It provides a range of distribution, logistics, and integration services for the tech industry. Also, the company provides outsourced services that focus on customer engagement strategy. Through its Technology Solutions segment, it distributes peripherals and information technology (IT) systems. SNX stock has been up by over 5% on today's opening bell and currently trades at $109.68 as of 12:50 p.m. ET. Investors seem to be responding to two news that the company posted today.
Firstly, Synnex posted its first-quarter fiscal for 2021. In it, the company reported a revenue of $4.9 billion, which is a 21% increase year-over-year. It also posted a diluted earnings per share of $1.69, a 28% increase compared to a year ago. This strong momentum is driven by solid demand for Synnex's technology products and services. Secondly, the company announced that it has entered a definitive merger agreement with Tech Data.
The two companies will combine in a transaction valued at approximately $7.2 billion. Going forward, it will provide customers and vendors with an expansive reach across its products and services to accelerate technology adoption. Given the excitement surrounding the company, will you consider buying SNX stock?
Adobe is a tech company that offers a wide selection of software products and services. In detail, the company operates through its 3 segments: Digital Media, Digital Experience, and Publishing. ADBE stock currently trades at $457.30 as of 12:50 p.m. ET. The company will announce its first-quarter financials tomorrow, much to investors' excitement. There is certainly much to be excited about as the company was one of the biggest winners to come out of this pandemic. As more people had to stay at home for work and play, they relied on the software provided by Adobe.
Earlier this month, Adobe announced that it will be partnering with government agencies in all 50 states to power its digital modernization through Adobe Experience Cloud and Adobe Document Control. Governments will be able to revamp their online presence, making their websites and apps easier to navigate. It will also ensure content is personalized and updated in real-time.
Given how the pandemic has greatly accelerated efforts to improve government services online, Adobe is able to cater to this demand. With that in mind, will you consider Adobe as a top tech stock to buy?
PubMatic is a tech company that develops and implements online advertising software and strategies for the digital publishing and advertising industry. In brief, the company fuels the endless potential of internet content creators. It provides a specialized cloud infrastructure platform that enables real-time programmatic advertising transactions. PubMatic's purpose-built technology and infrastructure provide superior outcomes for both internet content creators and advertisers. PUBM stock has been up by over 15% on today's opening bell. It currently trades at $52.58 as of 12:51 p.m. ET.
Last month, the company reported its fourth quarter and fiscal year 2020 financial results. Its revenue for the fourth quarter was $56.2 million, which is an impressive 64% increase year-over-year. Net income for the quarter was $18.8 million and the company also ended the quarter with $101 million in cash.
"Our record performance demonstrates PubMatic's differentiated market position across the digital advertising ecosystem," said Rajeev Goel, co-founder, and CEO at PubMatic. "We are in the midst of an accelerated digital transformation, with consumers everywhere spending more time online as they shift transactions from the physical world to the Internet. PubMatic brings the global infrastructure and scale that publishers need to power data-intensive, real-time programmatic ad transactions in order to increase their revenues." With that in mind, will you consider buying PUBM stock?
ZoomInfo Technologies Inc.
ZoomInfo is a subscription-based Software-as-a-Service (SaaS) company that is based in Washington. To begin with, it is a leading go-to-market intelligence platform for sales and marketing teams. Utilizing its cloud-based platform, it provides highly accurate and comprehensive information on the organizations and professionals they target. ZI stock has been up by over 11% on today's opening bell and it currently trades at $54.26 as of 12:51 p.m. ET. How has the company been doing financially?
In its fourth-quarter and full-year 2020 financial results that were posted in February, ZoomInfo reported a revenue of $139.7 million, a 53% increase year-over-year. It also posted an operating income of $29.6 million and an adjusted operating income margin of 45%. The company has certainly not been resting on its laurels as well.
Earlier this month, it announced that it has expanded its privacy team. This further demonstrates the company's commitment to customers around data privacy, compliance, and security. Given the development surrounding the company, will you consider buying ZI stock?
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