As investors weigh their alternatives in the middle of the current market downturn, tech companies may be worth considering. Overall, this sector of the stock market is still a growing business today. This is evident in everything from cloud computing to cybersecurity to consumer technology. After all, the essence of technology is that it is always developing.
Clients across sectors and consumer segments are constantly looking forward to the next big upgrade cycle. Some would argue that tech companies are currently trading at good levels as possible Federal Reserve policies weigh on investors. In general, there is no shortage of fascinating events in the world of technology stocks. A key shareholder in GlobalFoundries believes the semiconductor industry as a whole will benefit greatly. According to Khaldoon Al Mubarak, CEO of Mubadala (a shareholder), the industry’s market worth might double over the next decade.
Apple (AAPL), on the other hand, continues to flourish in the stock market with its “FAANG stocks” counterparts. Specifically, the shares are nearing record highs as Wall Street continues to acclaim them as top tech stocks. Given this, is there still a broader base of successful stocks in the market to choose from? Is it worthwhile to invest in another one of these tech stocks right now? The experts are saying yes, so I’ll stray away from AAPL for now and look at some other names.
Let’s have a look at a few tech stocks that the analysts and experts are calling smart choices for our growing portfolios:
Mastercard Inc (MA)
Mastercard (MA) is a financial services company that connects and supports a digital economy that benefits everyone. It employs protected data and networks, as well as collaborations, to enable individuals and financial institutions to fulfill their full potential. The platform of the firm is used in over 210 countries and territories. The firm was created in 1966 and is based in Purchase, New York.
MA doesn’t report again until next year, but most notably, has beaten Wall Street’s projections on EPS (Earnings-per-share) and revenue for the past four consecutive fiscal quarters. Last year, they beat EPS projections by 8.43% and revenue projections by 0.72%. Their year-over-year numbers all indicate growth, and the forecasts for both EPS and sales are positive, both on an annual basis and quarterly basis. MA, as of the most recently available data, pays a cash dividend of 44 cents per share. The median 12-month price target for MA from analysts providing 12-month predictions is 430.00, with a high of 494.00 and a low of 360.00. The consensus reflects a 26.30% gain over the most recent price. The consensus among experts is also to buy stock in MA.
Luminar Technologies (LAZR)
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Luminar Technologies (LAZR) is a tech company that is transforming automotive safety and autonomy. It does this through its lidar and associated software that meets the industry’s stringent safety and performance requirements. The company has rapidly gained over 50 industry partners, including a majority of top global automotive OEMs (Original Equipment Manufacturers). For instance, it signed the industry’s first production deal for autonomous consumer vehicles with Volvo Cars last year.
LAZR’s financials have been hit or miss for the year as a whole, but have made a comeback as the year comes to a close. Although LAZR doesn’t currently pay a dividend, its year-over-year numbers are in the green, and the forecasts are all positive for EPS and Revenue. For LAZR’s current quarter, they show $11.8 million in sales. Investors are likely reacting to Luminar’s CEO, board of directors, and management announcing a plan to buy $250 million worth of LAZR shares. The consensus price target for LAZR from analysts who provide 12-month predictions is 28.00, with a high of 38.00 and a low of 17.00. The median reflects a rise of 85.43% over the previous price, and LAZR’s buy rating is high.
AT&T Inc. (T)
AT&T Inc. (T) is a Delaware-registered American multinational conglomerate holding corporation with its headquarters in Downtown Dallas, TX. It is the largest telecommunications corporation in the world and the top supplier of mobile phone services in the United States. Indeed, T is a global leader in media, entertainment, and communications, as well as mobile and the internet. It also provides approximately 3 million corporate clients with high-speed, highly secure connections and smart solutions. Its WarnerMedia division is a significant entertainment corporation that produces and distributes premium content under the HBO Max and Warner Bros. consumer brands.
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T’s financials are as solid as they come. As of today, it currently pays a whopping dividend yield of 9.33%, which has grown substantially over the months and recent years. What’s also grown is analysts’ optimistic forecasts for the business. T’s year-over-year numbers all indicate forward growth, as does their EPS and revenue projections (both annual and quarterly). For the present quarter, T has an EPS of 76 cents per share and revenue of $40.5 billion. It’s also notable that they’ve bested experts’ predictions for three straight fiscal quarters. T has a median price target of 31.00 among analysts that provide 12-month price estimates, with a high of 37.00 and a low of 19.00. The estimate is up 39.08% from the previous price. The consensus among the experts is to buy and hold stock in T.
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