It was another interesting month throughout the global stock markets, with strong earnings results and relaxed trade tensions between the U.S. and China doing little to break range-bound indexes higher amid other potential macroeconomic growth headwinds. Still, many names in the technology space flexed their muscles and attempted to remind investors of the sector’s dominance.
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. Micron Technology, Inc. (MU - Free Report)
Micron is a leading provider of semiconductor memory solutions. It manufactures and markets DRAM, NAND flash memory, and many other key memory modules. Continuously rising demand for memory technology has helped Micron emerge as one of Wall Street’s most popular companies, and the stock has moved more than 20% higher in the past month alone.
Micron’s recent momentum comes in the wake of a great investor day. At the event, management announced a new partnership with Intel (INTC), raised its quarterly revenue guidance, and announced a $10 billion share repurchase program. MU is now sporting a Zacks Rank #1 (Strong Buy) and trades at just 5.4x forward 12-month earnings.
3. Nanometrics Incorporated (NANO - Free Report)
Nanometrics provides advanced, high-performance process control metrology and inspection systems used primarily in the fabrication of semiconductors. This Zacks Rank #1 (Strong Buy) stock soared at the beginning of May after posting stronger-than-expected earnings and revenue results for its latest quarter.
The firm reported adjusted earnings of $0.67 per share, cruising past the Zacks Consensus Estimate of $0.44. Quarterly revenue was $82 million, beating our consensus estimate by about $10 million. Shares have climbed more than 50% since the report.
3. Appfolio, Inc. (APPF - Free Report)
AppFolio offers cloud-based software solutions for the property management and legal industries. The company’s AppFolio Property Manager is a leading solution for property management, while its MyCase application is ideal for practitioners and small law firms. The stock is currently a Zacks Rank #2 (Buy) and gained about 18% this past month.
AppFolio’s momentum carried over from its solid earnings announcement at the end of April. It is also worth noting that current estimates are calling for APPF to see earnings growth of 66% and net sales growth of 27% this year. The firm is also improving its cash position, generating quadruple-digit cash flow growth and operating with a net margin of nearly 9%.
Want more market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>