Top Tech Stocks To Watch As Nasdaq Keeps Hitting New Highs

Top Tech Stocks To Watch As Nasdaq Keeps Hitting New Highs

The MarketWatch News Department was not involved in the creation of this content.

Sep 02, 2020 (StockMarket.com via COMTEX) —
Top Tech Stocks To Watch Before September 2020

Tech stocks have been the best sources for upside during the coronavirus pandemic. Sure, the stay-at-home orders have been lifted across the country, but some habits picked up during the pandemic could be here to stay. The disruption of COVID-19 has been devastating for some businesses amid the uneven reopening of the economy. While it has brought some businesses down to their knees, it has been a shot in the arm for others. Many experts believe the sheltered in place environment has significantly sped up the digitization of the global economy.

This week, the majority of the attention is all on top cloud stocks in the market. This comes as they have been reporting their earnings. Many of the top cloud stocks to buy are flying higher after Salesforce.com (CRM Stock Report) and Anaplan’s (PLAN Stock Report) strong earnings reports. These enterprise software stocks that have benefited from either problem created by the pandemic or the accelerated long-term shift to a digital global economy. Of course, the demand for certain services would likely ease. But it for sure wouldn’t evaporate. That said, the rallies powered by cloud stocks will likely extend into the future. As such, do you have these tech stocks on your watchlist?

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Top Tech Stocks To Watch In September 2020: Fastly

First, up the list, Fastly (FSLY Stock Report) has been on a four days winning streak. The company reached its all-time high of $120 per share beginning of this month. That’s after climbing more than 700% year-to-date. While much of the consolidation could be due to the potential ban of TikTok operations in the U.S., some of its gain we see this week is simply due to their acquisition of Signal Sciences.

The acquisition will help Fastly expand its security in the edge-computing market. Investors were of course happy with the news. That can be reflected by Thursday morning’s surge in their stock prices, flirting near $100 per share. With the recent gains in FSLY stock, it appears that investors are expecting the company to continue growing at a rapid pace.

“Together with Signal Sciences, we will give developers modern security tools designed for the way they work. This new solution will integrate with our [email protected] platform, accelerating the adoption of edge computing, while simultaneously solving for modern security challenges.”- Fastly CEO Joshua Bixby

Top Tech Stocks To Watch In September 2020: Microsoft

Another popular tech stock among investors is the second-largest company in the U.S. by market cap, Microsoft (MSFT Stock Report). This is a company that is still reaping significant profits from its legacy software products. The ability to turn from a one-off purchase to a subscription-based model of Microsoft Office services also provides a strong recurring revenue. On top of that, Microsoft also sees huge growth in its innovative cloud offerings, more commonly known as Microsoft Azure.

Besides its margins and the recurring nature of its revenue, Microsoft is possibly one of the most creditworthy companies in the world. It is one of the only two AAA-rated public companies, according to credit rating agency Standard & Poors.

That suggests Microsoft has essentially no issues with its ability to pay its debt. In dollar terms, Microsoft pays out the most dividends every year in comparison to other American public companies.

[Read More]Are These The Top Coronavirus Stocks To Trade Before September 2020?

Top Tech Stocks To Watch In September 2020: Workday

Workday (WDAY Stock Report) is another top cloud stocks to watch. That’s after it posted better than expected results for its latest quarter. Following the positive results, J.P. Morgan analyst Mark Murphy increased his price target to $200 from $190 (7.7% upside potential) and maintained a Buy rating. Murphy also said that the acceleration in digital transformation due to the pandemic is a “positive tailwind” in the medium to long-term.

For those who have missed Salesforce.com’s blockbuster earnings and the big jump in CRM stock are turning to WDAY stock for a round of rally. Since both Salesforce.com and Workday are in the same industry and selling similar software to enterprises, there’s no question why WDAY stock is popping on Thursday.

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The MarketWatch News Department was not involved in the creation of this content.

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