15 Best Tech Stocks to Buy Now in 2024

Best Tech Stocks to Buy Now

Looking for the best tech stocks to buy now? Welcome to a guide to the best tech stocks for 2024! In this overview, we’ll explore promising companies that stand out in the fast-paced world of technology investments. These stocks are like champions in the tech world, showing strong potential for growth and success in the coming year.

We’ll delve into their innovations, market trends, and why they might be smart choices for investors seeking opportunities in the tech sector. Whether it’s breakthroughs in artificial intelligence, advancements in e-commerce, or pioneering developments in software and hardware, these stocks promise a glimpse into the future of technology.

Get ready to explore the possibilities and potential of these tech giants as we navigate the landscape of investments in the ever-evolving world of technology.

Assignment Help

Top 15 Best Tech Stocks to Buy Now in 2024

Many of the world’s most valuable companies are in the technology sector. These are some of the most dominant tech stocks you could buy in 2024.

  1. Apple Inc. (AAPL)

Based on the researches, Apple (AAPL) is currently performing well. In its last earnings report, Apple reported an EPS of $1.46, beating expectations of $1.392. However, following the earnings report, the stock price went down -0.519% . According to a reputed analyst firm, Apple’s price is currently undervalued. Apple proivedes a quarterly dividend of $0.24, which represents an annual dividend yield of 0.49%.

In terms of performance, Apple’s stock price has increased by 42.88% over the past year. Forbes also includes Apple in their list of top 10 tech stocks for 2024. However, it’s important to note that investing in stocks comes with risks and it’s important to do your own research and due diligence before making any investment decisions.

  1. Microsoft Corp. (MSFT)

Microsoft (MSFT) is currently performing well. In its last earnings report, Microsoft reported an EPS of $2.99, beating expectations of $2.654. Following the earnings report, the stock price went up 3.068%. According to analysts, Microsoft gives a quarterly dividend of $0.75, which shows an annual dividend yield of 0.80%. In terms of performance, Microsoft’s stock price has increased by 58.33% over the past year. Microsoft is also included in Forbes’ list of top 10 tech stocks for 2024. 

  1. Nvidia Corp. (NVDA)

In its last earnings report, Nvidia reported an EPS of $4.02, beating expectations of $3.367. However, following the earnings report, the stock price went down -2.459%. According to analysts, the average rating for NVDA stock is “Strong Buy” and the 12-month stock price forecast is $609.89, which is an increase of 23.16% from the latest price. In terms of performance, Nvidia’s stock price has increased by 229.60% over the past year. Nvidia is also included in FactSet’s list of high-flying tech stocks that are projected to rise double-digits in 2024.

  1. Broadcom Inc. (AVGO)

In Broadcom’s last earnings report, Broadcom reported an EPS of $11.06, beating expectations of $10.96. Following the earnings report, the stock price went down -0.15%. According to analysts, the average rating for AVGO stock is “Strong Buy” and the 12-month stock price forecast is $1,071.00, which is a decrease of -6.63% from the latest price. In terms of dividends, Broadcom pays a quarterly dividend of $4.6, which represents an annual dividend yield of 2.02%. In terms of performance, Broadcom’s stock price has increased by 99.64% over the past year.

  1. Invesco QQQ Trust (QQQ)
See also  VR Revolution: The Future of Immersive Entertainment

Year to date, the ETF has returned 46.7%, which is 17.3 percentage points better than the category, translating into a grade of A. In terms of performance, Invesco QQQ Trust’s net asset value (NAV) has returned 35.14% year-to-date, 35.01% over the past year, 9.47% over the past three years, 14.84% over the past five years, 17.39% over the past ten years, and 8.95% since inception in 1999. Invesco QQQ Trust tracks the Nasdaq-100 index, it includes groundbreaking companies that are on the top in their fields. Invesco QQQ Trust is also included in US News’ list of 5 Best Tech ETFs to Buy in 2024.

  1. Vanguard Information Technology ETF (VGT)

Vanguard Information Technology ETF (VGT) is performing well. Year to date, the ETF has returned 53.53%, and over the past year, it has returned 57.63%. The fund seeks to track the capability of a benchmark index that analysis the investment return of information technology stocks. It has a expense ratio of 0.10% and a turnover of 15%. VGT is included in US News’ list of 5 Best Tech ETFs to Buy in 2024. 

  1. Salesforce (CRM)

In recent years Salesforce (CRM) has been performing well. In the fiscal third quarter of 2024, Salesforce reported total revenue of $8.72 billion, a 10% year-over-year increase. For the fiscal year 2024, the company’s total revenue was $34.24 billion, a 10% increase from the previous year. In the same year, Salesforce’s operating margin was 17.2%, with a non-GAAP operating margin of 31.2%.

The company’s stock price has also seen significant growth, with a 93.17% increase in price over the past year as of December 19, 2023. Salesforce’s strong financial performance can be attributed to its leading position in the customer relationship management (CRM) market and its comprehensive CRM solutions. The company has also been focusing on improving its operating margins and driving profitable growth. In addition, Salesforce has been investing in artificial intelligence (AI) and data security to enhance its CRM platform.

  1. SentinelOne (S)

SentinelOne (S) has been performing well financially in recent times. Here are some key highlights:

  • In the third quarter of fiscal year 2024, SentinelOne reported a total revenue of $164.2 million, marking a 42% increase from $115.3 million in the same quarter of the previous fiscal year.
  • The company’s Annual Recurring Revenue (ARR) also saw a robust increase, rising 43% to $663.9 million as of October 31, 2023.
  • In the 4th quarter of financial year 2023, SentinelOne reported total revenue of $126.1 million, a 92% year-over-year increase compared to $65.6 million in the same quarter of the previous fiscal year.
  • SentinelOne achieved a gross margin of 79%, a record high that reflects the steady hand with which its executive team is guiding the company.

These financial performance metrics indicate that SentinelOne is experiencing growth in its business and demonstrating steady execution in its operations. 

  1. UiPath (PATH)

UiPath (UI) has been performing well financially in recent times. Financial performance metrics indicate that UiPath is experiencing growth in its business and demonstrating steady execution in its operations. Here are some key highlights:

  • In the third quarter of fiscal year 2024, UiPath reported revenue of $326 million, a 24% increase year-over-year.
  • The company’s Annual Recurring Revenue (ARR) reached $1.378 billion, a 24% increase year-over-year.
  • UiPath achieved a net new ARR of $70 million and a dollar-based net retention rate of 121%.
  • In the second quarter of fiscal year 2024, UiPath reported revenue of $287 million, a 19% increase year-over-year.
  • The company’s ARR in the second quarter reached $1.308 billion, a 25% increase year-over-year.
  1. Electronic Arts (EA)
See also  21+ Top Cathie Wood Stocks To Buy And Hold Forever [2023]

Electronic Arts (EA) has been performing well financially in recent times. Here are some key highlights:

  • In fiscal year 2023, EA reported GAAP net revenue of approximately $7.4 billion.
  • In the second quarter of fiscal year 2023, EA reported net revenue of $1.914 billion, a slight increase from the $1.904 billion posted in the same quarter of the previous fiscal year.
  • The company’s net income for the second quarter rose 33% year-over-year to $399 million.
  • Net bookings for the second quarter increased 4% year-over-year to $1.82 billion.
  • The Madden NFL franchise contributed to Q2 net bookings growth of 6%.
  1. Meta Platforms (META)

Here are some key highlights of the financial performance of the Meta company:

  • In the third quarter of fiscal year 2023, revenue reached $34.15 billion, a 23% year-over-year increase.
  • Profit for the quarter was $11.6 billion, more than double the $4.4 billion from a year earlier.
  • The company’s earnings per share (EPS) for the trailing twelve months (TTM) is $11.328, with a price-to-earnings (P/E) ratio of 29.56.
  • Total earnings for the nine months ended September 30, 2023, was $94.791 billion, a 23% year-over-year increase.
  • Total outflows for the nine months ended September 30, 2023, were $64.424 billion, a 10% year-over-year increase.
  • Research and development outflows for the nine months ended September 30, 2023, were $9.241 billion, a 25% year-over-year increase.
  • Total Holdings for the nine months ended September 30, 2023, were $216.27 billion, a 10% year-over-year increase.
  1. Tencent Holdings (TCEHY)

Tencent Holdings (TCEHY) has shown a mixed financial performance. In the second quarter of 2023, the company reported a 11% year-on-year rise in revenue, reaching 149.21 billion Chinese yuan, which is approximately $20.46 billion. However, the profit share given to equity holders of the company was 26.17 billion Chinese yuan, falling short of the 33.42 billion yuan expected, despite a 41% year-on-year rise. The company’s advertising unit experienced a 34% year-on-year jump in revenue, driven by robust demand for advertising on its short-video platform.

Additionally, revenue from its financial technology and cloud computing segments increased by 15% year-on-year to 48.6 billion yuan. However, the weaker-than-expected revenue growth was attributed to the turbulent Chinese economy. The company’s earnings per share (EPS) TTM is $2.889, with a price-to-earnings (P/E) ratio of 13.83 and a dividend yield of 0.67%. The company is scheduled to report its next earnings on March 19, 2024. 

  1. Amazon (AMZN)

Amazon (AMZN) has been performing well financially. In the third quarter of 2023, Amazon reported net sales of $143.1 billion, a 13% increase compared to the same period last year. Here are some other key highlights:

  • The organisation’s net income for the third quarter was $9.9 billion, topping analysts’ expectations.
  • Amazon’s EPS TTM is $1.915, with a P/E ratio of 78.31.
  • The company’s revenue growth was driven by its online sales and advertising business.
  • Amazon’s cloud computing unit, Amazon Web Services (AWS), continues to be a profitable segment of the company.
  • The company’s cash incomes from operations has been used to make capital investments and expand its business.
  • Amazon is also investing in new business opportunities, such as its publishing platform for authors and publishers.
  1. Splunk (SPLK)
See also  99+ Best Stocks to Buy for 2023 With Different Categories

Based on the researches, Splunk (SPLK) has been performing well financially. Here are some key highlights:

  • In the first quarter of 2024, Splunk reported a total Annual Recurring Revenue (ARR) of $3.725 billion, up 16% year-over-year.
  • Total revenues for the quarter were $752 million, with Cloud revenue growing 30% to $419 million.
  • In the fiscal second quarter of 2024, Splunk reported a total ARR of $3.858 billion, up 16% year-over-year.
  • Total revenues for the quarter were $911 million, with Cloud revenue growing 29% to $445 million.
  • In the fiscal third quarter of 2024, Splunk reported a total ARR of $4.0 billion, up 15% year-over-year.
  • Total revenues for the quarter were $1.067 billion, with Cloud revenue growing 26% to $469 million.
  1. CrowdStrike (CRWD)

CrowdStrike (CRWD) has demonstrated strong financial performance in recent quarters. Here are some key highlights from the provided sources:

  • In the fourth quarter of 2023, CrowdStrike reported total revenue of $637.4 million, a 48% increase year-over-year. The ending Annual Recurring Revenue (ARR) grew 48% year-over-year to reach $2.56 billion, with a record net new ARR of $222 million.
  • In the third quarter of fiscal year 2024, the company reported total revenue of $786.0 million, a 35% increase year-over-year. The ending ARR surpassed $3 billion, growing 35% year-over-year to reach $3.15 billion, with a record net new ARR of $223 million.
  • In the second quarter of fiscal year 2024, CrowdStrike achieved GAAP profitability for the second sequential quarter. The ending ARR grew 37% year-over-year to have $2.93 billion, adding a value of $196 million in net new ARR.
  • In the first quarter of fiscal year 2024, the company achieved high revenue, GAAP & non-GAAP earnings, cash inflow from operations, and free cash flow. The ending ARR grew 42% year-over-year to reach $2.73 billion, increasing $174 million in net new ARR.

Conclusion

As we have wrapped up best tech stocks to buy now in 2024 from Apple’s consistent performance to Salesforce’s strong focus on customer relationship management, each company showcased notable financial achievements. Microsoft soared with a substantial EPS beat, while Broadcom slightly dipped post-earnings. Amidst fluctuations, these companies have showcased resilience and growth, presenting diverse investment opportunities. So on the basis of this analysis you can opt for any of these stocks.

However, it’s essential to note that investing in stocks comes with risks, and it’s important to conduct thorough research and due precautions before making any investment decisions. For the most current and accurate information on the company’s financial performance, it is recommended to refer to financial news websites, stock market analysis platforms, and the company’s investor relations website.

FAQs 

Q1. What are the top 10 stocks to buy right now?

Below are the Top 10 Stocks To Buy Right Now: 

1. Cadence Design Systems (CADM) 
2. Coca-Cola (KO)
3. Delta Air Lines (DAL)
4. Technology stocks like NVIDIA (NVDA) and CrowdStrike (CRWD)
5. Amazon (AMZN)
6. Alphabet Inc. (GOOGL)
7. Discover Financial Services (DFS)
8. Walt Disney Co. (DIS)
9. Yum China Holdings (YUMC)
10. Roche Holding (RHHBY)

Q2. Is Apple a good stock for 2024?

Apple has shown tremendous growth in recent times, and it is likely to continue for a long period, so it is advisable to invest in Apple this year.