While investors search for hot stocks to buy during this four-day trading week, tech stocks continue to gain traction. For the most part, this part of the stock market today remains as relevant as ever. Namely, you can’t deny that consumers, organizations, and even governments across the globe rely heavily on tech. Even more so as the current rebound in the economy continues to feel the pressure from worsening pandemic conditions. This fall, most large companies are postponing their original plans for employees to return to the office. Just last week, tech titan Alphabet’s (NASDAQ: GOOGL) Google was the latest to do so.
What would all this mean for tech stocks? Well, for one thing, the industry is home to various pandemic-related businesses. On one hand, you have enterprise software players like Salesforce (NYSE: CRM) to consider. These are companies that have and continue to see tailwinds from the work-from-home trends. Over the weekend, Salesforce CEO Marc Benioff noted that only 15% of employees have returned to offices globally. Elsewhere, names such as Penn National Gaming (NASDAQ: PENN) continue to thrive thanks to their innovative employment of tech in the entertainment space. Aside from these two instances, there are plenty of other tech stocks for investors to consider in the stock market now. Here are four making headlines.Top Tech Stocks To Watch Right Now
- IBM Corporation (NYSE: IBM)
- Netflix Inc. (NASDAQ: NFLX)
- Alibaba Group Holding Ltd. (NYSE: BABA)
- MongoDB Inc. (NASDAQ: MDB)
First, on our list of tech stocks, we have International Business Machines (IBM). The company’s portfolio includes hybrid cloud, tech services, cybersecurity, research, and IT infrastructure. It essentially helps customers journey to cloud computing, integrating leading technology and IBM’s products to transform businesses into digital enterprises. The company’s Watson is an artificial intelligence computer system that helps streamline businesses and increase productivity. IBM stock closed at $139.58 apiece on Friday.
In July, the company announced its second-quarter financials. Diving in, revenue was $18.7 billion for the quarter. The company notes that its cloud & cognitive software segment was up by 6% while its global business services revenue was up by 12%. In fact, its total cloud revenue for the quarter was $7 billion, making up a sizable chunk of its entire revenue.
This strong quarter was due to strong client adoption of its hybrid cloud platform. It also benefited from helping clients infuse its AI-based technology offerings into their core business workflows. All things considered, will you add IBM stock to your portfolio?Source: TD Ameritrade TOS
Read MoreNetflix Inc.
Netflix is an over-the-top content platform and production company. In essence, the company is a global streaming entertainment service, offering movies and TV series commercial-free, with unlimited viewing on any internet-connected devices for an affordable, no-commitment monthly fee. Its broad catalog of movies and series can cater to the taste of millions of its users. NFLX stock has been up by over 12% in the past month alone.
On July 20, 2021, the company also reported its second-quarter financials. To begin, its revenue increased by 19% year-over-year to $7.3 billion. Operating income rose by 36% year-over-year to $1.8 billion. Notably, it ended the quarter with over 209 million paid memberships, slightly ahead of its forecast.
Netflix says that revenue growth was driven by an 11% increase in average paid streaming memberships and an 8% growth in average revenue per membership. The company continues to expand its Netflix Originals to many additional categories. It also continues to expand significantly into its non-fiction series production. Given the excitement surrounding the company, is NFLX stock worth watching right now?Source: TD Ameritrade TOS Alibaba Group Holding Ltd
Alibaba is a tech stock that specializes in e-commerce, retail, and a wide number of technology services. In fact, it owns and operates a diverse portfolio of companies around the world in numerous business sectors. Its affiliate company, Ant Group, provides digital payment services and offers digital financial services to consumers and merchants, and other businesses on its platforms. BABA stock currently trades at $170.30 as of Friday’s closing.
Last month, the company delivered a strong quarter. Firstly, the company saw its global active consumers across the Alibaba Ecosystem reach 1.18 billion, an increase of 45 million from its previous quarter. This includes over 912 million consumers in China and with over 20 years of growth, the company services span across both the consumer and industrial internet segments. Revenue for the quarter was $31.86 billion, an increase of 34% year-over-year.
The company believes that with the growth of the Chinese economy and long-term value creation of Alibaba, it will continue to strengthen its technological advantage in improving consumer experience and helping its enterprise customers to accomplish successful digital transformations. With that being said, will you consider BABA stock a top tech stock to keep an eye out for today?Source: TD Ameritrade TOS MongoDB Inc.
Another name in the tech space to consider now would be MongoDB. In brief, the New-York based company primarily develops and provides commercial software. The likes of which essentially serve as a general-purpose database platform. Through MongoDB’s offerings, developers can create and develop digital infrastructure using best-in-class tools. In the current digital age, the company would be looking at busy times ahead. More importantly, investors appear to be well aware of this. Evidently, MDB stock is currently sitting on massive gains of over 140% in the past year. This would be after gaining 28% last week.
To highlight, the company’s shares were in focus because of its latest fiscal quarter posted last week. In it, MongoDB posted total revenue of $199 million for the quarter, marking a sizable 44% year-over-year hike. According to the company, it has strong customer growth and momentum in its flagship service, MongoDB Atlas, to thank for this.
Notably, MongoDB’s Atlas revenue surged by 83% year-over-year. CEO Dev Ittycheria believes that this quarter’s performance illustrates MongoDB’s position as a “strategic technology partner and standard for customers” Supporting this would be the company’s vast array of clients ranging from enterprises to government bodies. With all that said, would MDB stock be a top watch for you this week?Source: TD Ameritrade TOS