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It has been an interesting start to the year for the technology sector, as the first wave of market-moving earnings reports were all but forgotten after inflation fears creeped back into the market and ushered in new volatility. But tech companies were still among the best performers during Q4 earnings season, and the recent U.S. tax reform has inspired strong guidance throughout the sector.
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. Even with this month’s volatility, 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:
FARO Tech is a leading source for 3D measurement technology. The company develops and markets computer-aided measurement and imaging devices and software. The stock is currently a Zacks Rank #1 (Strong Buy) and has gained more than 13% over the last four weeks. FARO’s momentum was helped by its strong earnings report.
Just last week, FARO reported adjusted quarterly earnings of 50 cents per share, crushing the Zacks Consensus Estimate of 36 cents and improving more than 100% from the prior-year period. Total revenues of $106 million also surpassed our consensus estimate and grew about 15% year over year.
2. Hewlett Packard Enterprise Company (HPE - Free Report)
The result of a spinoff from the Hewlett Packard Company, HPE handles the enterprise services, software, and financial services businesses of the former company. The stock is currently a Zacks Rank #2 (Buy). Shares of HPE have soared more than 14% over the past month, thanks in large part to better-than-expected earnings and revenues.
In its latest quarterly report, HPE posted non-GAAP earnings of $0.34 per share, beating the Zacks Consensus Estimate of $0.23. The company also saw revenue figures of $7.67 billion, beating our consensus estimate of $7.03 billion. Total revenue was up 11.2% from the prior-year quarter. Non-GAAP adjusted earnings gained 21.4%.
MKS Instruments is a global provider of instruments, subsystems, and process control solutions for advanced manufacturing processes. The stock has skyrocketed more than 24% over the past four weeks, making it one of February’s top stocks. MKSI is also currently holding a Zacks Rank #2 (Buy).
MKSI reported earnings on Feb. 1. Quarterly adjusted earnings came in at $1.71 per share, handily outpacing the Zacks Consensus Estimate of $1.64. But investors also loved the company’s guidance. MKS Instruments expects revenues of $2.2 billion this year, up from 2017’s total of 1.92 billion.
Want more analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Image: Bigstock
3 Buy-Ranked Tech Stocks That Soared This Month
It has been an interesting start to the year for the technology sector, as the first wave of market-moving earnings reports were all but forgotten after inflation fears creeped back into the market and ushered in new volatility. But tech companies were still among the best performers during Q4 earnings season, and the recent U.S. tax reform has inspired strong guidance throughout the sector.
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. Even with this month’s volatility, 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. FARO Technologies, Inc. (FARO - Free Report)
FARO Tech is a leading source for 3D measurement technology. The company develops and markets computer-aided measurement and imaging devices and software. The stock is currently a Zacks Rank #1 (Strong Buy) and has gained more than 13% over the last four weeks. FARO’s momentum was helped by its strong earnings report.
Just last week, FARO reported adjusted quarterly earnings of 50 cents per share, crushing the Zacks Consensus Estimate of 36 cents and improving more than 100% from the prior-year period. Total revenues of $106 million also surpassed our consensus estimate and grew about 15% year over year.
2. Hewlett Packard Enterprise Company (HPE - Free Report)
The result of a spinoff from the Hewlett Packard Company, HPE handles the enterprise services, software, and financial services businesses of the former company. The stock is currently a Zacks Rank #2 (Buy). Shares of HPE have soared more than 14% over the past month, thanks in large part to better-than-expected earnings and revenues.
In its latest quarterly report, HPE posted non-GAAP earnings of $0.34 per share, beating the Zacks Consensus Estimate of $0.23. The company also saw revenue figures of $7.67 billion, beating our consensus estimate of $7.03 billion. Total revenue was up 11.2% from the prior-year quarter. Non-GAAP adjusted earnings gained 21.4%.
3. MKS Instruments, Inc. (MKSI - Free Report)
MKS Instruments is a global provider of instruments, subsystems, and process control solutions for advanced manufacturing processes. The stock has skyrocketed more than 24% over the past four weeks, making it one of February’s top stocks. MKSI is also currently holding a Zacks Rank #2 (Buy).
MKSI reported earnings on Feb. 1. Quarterly adjusted earnings came in at $1.71 per share, handily outpacing the Zacks Consensus Estimate of $1.64. But investors also loved the company’s guidance. MKS Instruments expects revenues of $2.2 billion this year, up from 2017’s total of 1.92 billion.
Want more analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>