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Technology stocks are rebounding after a sector-wide selloff Wednesday, suggesting that tech’s strong rally still has some life left in it. The tech sector has dominated Wall Street for the majority of 2017, and as we look at the year’s highest-flying stocks, most of the recognizable names are dominant and innovative technology brands.
Considering the current state of the world, tech’s leadership makes sense. Cloud computing and the Internet of Things have already revolutionized our everyday life, and now we are on the cusp of artificial intelligence and autonomous vehicle revolutions that could redefine what it means to be human.
In response to these changing times, investors have poured money into the tech sector in search of the next explosive stock. In November alone, we witnessed plenty of noteworthy tech companies start to pick up momentum, including several that are sporting strong Zacks Ranks and other key metrics.
Check out three tech stocks that soared this month to buy now:
1. Avid Technology, Inc.
Avid Technology develops, sells, and supports a wide range of software and systems for creating and manipulating digital media content. Shares of Avid gained more than 55% in the month of November, and the stock is currently holding a Zacks Rank #2 (Buy). Even with this rapid price expansion, Avid still has a P/E ratio of 13.77 and a P/S of 0.64, meaning that its earnings and revenue should be able to support further share price growth. The company is also generating cash flow growth of nearly 140% right now, so it is clear that management is improving its financial position.
Marvell Technology is a leading designer of mixed-signal and digital-signal processing circuits, and its “EZ-Connect” IoT platform is used by a variety of global customers in a number of industries. Marvell shares have popped over 25% within the past month. The stock should continue to be a strong growth pick, with full-year earnings projected to surge 81% and an additional 11% in 2018. What’s more, management has met or surpassed earnings estimates in six consecutive quarters, so the stock could be one that soars again on the back of another surprise report. MRVL is currently a Zacks Rank #2 (Buy).
3. Splunk, Inc.
Splunk provides a software platform, which collects and indexes data and enables users to access and analyze that data in real time. Shares of Splunk have soared nearly 20% in the month of November, primarily because of the company’s strong earnings report. Earnings of 17 cents per share beat our consensus estimate of 14 cents, and revenues of $329 million crushed expectations of $310 million. Because of these solid results, Splunk has seen an influx of positive estimate revisions, helping it earn a Zacks Rank #2 (Buy).
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
3 Buy-Ranked Tech Stocks That Soared This Month
Technology stocks are rebounding after a sector-wide selloff Wednesday, suggesting that tech’s strong rally still has some life left in it. The tech sector has dominated Wall Street for the majority of 2017, and as we look at the year’s highest-flying stocks, most of the recognizable names are dominant and innovative technology brands.
Considering the current state of the world, tech’s leadership makes sense. Cloud computing and the Internet of Things have already revolutionized our everyday life, and now we are on the cusp of artificial intelligence and autonomous vehicle revolutions that could redefine what it means to be human.
In response to these changing times, investors have poured money into the tech sector in search of the next explosive stock. In November alone, we witnessed plenty of noteworthy tech companies start to pick up momentum, including several that are sporting strong Zacks Ranks and other key metrics.
Check out three tech stocks that soared this month to buy now:
1. Avid Technology, Inc.
Avid Technology develops, sells, and supports a wide range of software and systems for creating and manipulating digital media content. Shares of Avid gained more than 55% in the month of November, and the stock is currently holding a Zacks Rank #2 (Buy). Even with this rapid price expansion, Avid still has a P/E ratio of 13.77 and a P/S of 0.64, meaning that its earnings and revenue should be able to support further share price growth. The company is also generating cash flow growth of nearly 140% right now, so it is clear that management is improving its financial position.
2. Marvell Technology Group Ltd. (MRVL - Free Report)
Marvell Technology is a leading designer of mixed-signal and digital-signal processing circuits, and its “EZ-Connect” IoT platform is used by a variety of global customers in a number of industries. Marvell shares have popped over 25% within the past month. The stock should continue to be a strong growth pick, with full-year earnings projected to surge 81% and an additional 11% in 2018. What’s more, management has met or surpassed earnings estimates in six consecutive quarters, so the stock could be one that soars again on the back of another surprise report. MRVL is currently a Zacks Rank #2 (Buy).
3. Splunk, Inc.
Splunk provides a software platform, which collects and indexes data and enables users to access and analyze that data in real time. Shares of Splunk have soared nearly 20% in the month of November, primarily because of the company’s strong earnings report. Earnings of 17 cents per share beat our consensus estimate of 14 cents, and revenues of $329 million crushed expectations of $310 million. Because of these solid results, Splunk has seen an influx of positive estimate revisions, helping it earn a Zacks Rank #2 (Buy).
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>