Tech stocks have been on many investors’ radar again. The first two months of 2021 saw the sector rise to unprecedented highs. It was so impressive that the tech-heavy Nasdaq Composite had reached an all-time high last month. The index has since taken a breather along with the broader market. What had fuelled this epic rise in the tech sector? Many companies that thrived in this digital acceleration in the last year were tech companies. With that, tech stocks proliferated in that time span. As the pandemic forced many people to stay at home and businesses to shift online, demand for tech products and services skyrocketed.
You only need to look at top tech stocks like Marvell Technology (NASDAQ: MRVL) and Okta (NASDAQ: OKTA) to see how successful they have become. Both stocks have doubled in valuation in the last year itself. Marvell develops and produces semiconductors and related technology while Okta provides cloud software to companies. Both industries enjoyed explosive growth when more people stayed at home and businesses shifted online. Given all of this, would it still be a good time for investors to jump into tech stocks? I believe so given how many people have already adapted to the pandemic era and given how the conveniences from tech are here to stay. With that in mind, here is a list of top tech stocks to watch in the stock market today.Best Tech Stocks To Buy [Or Sell] Now
- Zoom Video Communications Inc. (NASDAQ: ZM)
- Snowflake Inc. (NYSE: SNOW)
- Sea Limited (NYSE: SE)
- Kopin Corporation (NASDAQ: KOPN)
Zoom is a communications technology company that is based in California. The company has been one of the biggest winners to come out from 2020 given the rise of video telephony and online communications. When the pandemic first hit last year, many companies flocked to Zoom’s tech service. Today, Zoom has become a household name and its services are used by millions all over the world. The company had just released its fourth quarter and fiscal year 2021 financial results yesterday. Its financial results have gotten investors excited that ZM stock jumped by over 6% at today’s opening bell. ZM stock closed Tuesday’s trading day down 9.00% at $372.79 per share.Source: TD Ameritrade TOS
In its fourth-quarter report, the company reported an impressive total revenue of $882.5 million, up by 365% year-over-year. Its full fiscal year total revenue was $2.65 billion, up by a whopping 326% in the same period. Zoom also ended the quarter with over $4 billion in cash. The huge jump in revenue comes from the company significantly scaling its business to provide critical communications and collaboration services to its customers. The company also believes that it is well-positioned for strong growth with its innovative video communications platform. Given the solid financial record, will you consider buying ZM stock?
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Snowflake is a cloud-based data-warehousing company that is based in California. Its platform enables customers to consolidate data into a single source to drive business insights and build data-driven applications. Today, thousands of customers around the world mobilize their data with Snowflake’s cloud data platform. Customers flock to Snowflake as users can securely share data inside and outside of their organizations easily. The company will be announcing its fourth-quarter financial results tomorrow. SNOW stock closed Tuesday’s trading session with a price per share of $270.60.Source: TD Ameritrade TOS
Last month, the company announced a strategic partnership with BlackRock (NYSE: BLK) to launch Aladdin Data Cloud. This new data cloud is a solution for investment managers to expand the utility of data. It will allow its clients to expand the utilization of data across their organization to unlock creativity and increase operational efficiency. The company also announced a partnership with Abacus Insights last month to enable health care organizations to seamlessly generate data insights faster and at scale. Snowflake says that it will be able to curate the troves of healthcare data to further add value to customers. Given the excitement from its partnerships, will SNOW stock be a top tech stock to consider buying this month?Sea Limited
Sea is a leading global consumer internet company that was founded in Singapore. It operates three core businesses across digital entertainment, e-commerce, as well as digital payments and financial services, known as Garena, Shopee, and SeaMoney respectively. Shopee for instance is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan. SeaMoney on the other hand is a leading digital payments and financial services provider in Southeast Asia. SE stock is up a modest 1.49% as of Tuesday’s closing bell at $250 per share. This spark came after the company announced its fourth-quarter 2020 results today.Source: TD Ameritrade TOS
In it, the company reported a total revenue of $1.6 billion, up by 101.6% year-over-year. A huge chunk of the revenue came from its digital entertainment segment at $1 billion, a 111.1% increase year-over-year. It also reported that its e-commerce segment had reached a gross merchandise value of $11.9 billion, which is an increase of 112.5%. The company also mentions that in Indonesia, where Shopee is the largest e-commerce platform, had registered over 430 million orders in the fourth quarter, an increase of over 128% year-over-year. The company has also ranked first in the shopping category by average monthly active users on Android for the fourth quarter. Given all of this, would you consider adding SE stock to your portfolio?Kopin Corporation
Kopin is a leading developer and provider of critical components for wearable headset products. With more than 30 years of experience, the company has created innovative technologies that enhance the way people see, hear, and communicate. Its game-changing technologies include heterojunction bipolar transistors (HBT) which power billions of cellphones and microdisplays that have brought vivid images to more than 30 million consumer electronics. KOPN stock increased by over 18% to reach $10.88 during Tuesday morning’s trading session, eventually closing the day up 7.72% at $9.91 a share.Source: TD Ameritrade TOS
This latest rally seems to be coming from its impressive fourth-quarter and full-year 2020 results. The company saw its revenue grow by 60% year-over-year at $13.9 million. Kopin also reported that its full-year revenue grew by 36% in that same period. These solid results seem to be coming from the company’s efforts to streamline its cost structure while also increasing its product yields and efficiencies. Kopin also saw its business grow across multiple segments and was led by its defense product revenues which increased by a whopping 112% for the quarter. Would this make KOPN stock worth buying?