5 Top Tech Stocks to Buy for 2021 with Long-Term Potential
Zacks Investment Research | Dec 29, 2020 04:39AM ET
- (0:45) - Market Update
- (3:20) - Zendesk (NYSE:ZEN)
- (6:30) - CrowdStrike
- (9:25) - Shopify (NYSE:SHOP)
- (14:10) - The Trade Desk (NASDAQ:TTD)
- (17:30) - Nvidia
On today’s episode of Full Court Finance at Zacks we dive into five stocks within the broader technology sector, from semiconductors to cybersecurity, that investors might want to consider buying for 2021.
The Dow, the S&P 500, and the Nasdaq all closed at all-time records on Monday, as the market looks to close 2020 on a high note. Stocks did slip slightly through early afternoon trading on Tuesday. But Wall Street is still high on the newest stimulus bill in the U.S. and the Brexit deal that was struck on Christmas Eve.
Let’s also remember that officials project that roughly 100 million Americans will be vaccinated by February or March. Furthermore, the strong S&P 500 earnings outlook for 2021 and the low interest rate environment have helped cover up concerns about rising coronavirus cases.
All of this helps set up a bullish outlook for 2021. And despite the possibility of a comeback in hard-hit social distancing areas, tech still seems like a safe bet for next year and beyond.
All five of the tech stocks we looked at earn a Zacks Rank #1 (Strong Buy) or #2 (Buy) at the moment. The first stock we dive into is Zendesk ZEN . This cloud-focused CRM firm with a software portfolio geared toward sales, support, and customer engagement has seen its stock price soar and its outlook appears strong as businesses transform for a more digital world.
Meanwhile,CrowdStrike CRWD is a cybersecurity firm that utilizes machine learning and AI to protect endpoints and cloud workloads. And the stock has pulled back by roughly 10% after it hit new highs last week, which could set up a better buying opportunity.
Shopify AMZN . The stock has already fallen around 10% since reaching records last week and it’s ready to thrive in a digital commerce age that’s just getting started.
Moving on, The Trade Desk NFLX age. TTD is now up 210% in 2020, but like some of its peers on this list, it is down over 10% off last week’s heights.
Get The News You Want
The episode then closes with Nvidia NVDA . The GPU giant has been on a tear in 2020 and a recent cool down might set up a better buying opportunity for NVDA as we head into 2021.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Zacks Investment Research
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.