Tech stocks are back in focus once again after a somewhat rough start to the week. For those who are unaware, investors were quick to sell their top tech stocks earlier on Tuesday. Why might you ask? Well, it could have likely been due to investor fears over growing interest rates in the U.S. This was then followed by a rebound in the very same stocks the next day. Now, the key takeaway from this week’s events would be that the tech industry remains resilient. Besides, as the broader market struggled throughout the earlier phases of the pandemic, the tech-heavy Nasdaq Composite quickly recovered.
This trend continues even till now as the latter still outpaces the earlier in terms of year-to-date gains. Indeed, the tech industry is one of constant growth. Take chip giant Nvidia (NASDAQ: NVDA) for example. The company continues to make headlines as it reported a 61% year-over-year bump in sales for the quarter, totaling $5 billion. Elsewhere, Apple (NASDAQ: AAPL) is reportedly looking towards developing 6G tech already. Whatever way you cut it, there are still plenty of opportunities for eagle-eyed investors to turn a profit. In line with that, here are four top tech stocks to watch in the market this week.Top Tech Stocks To Watch
- Airbnb Inc. (NASDAQ: ABNB)
- Tandem Diabetes Care Inc. (NASDAQ: TNDM)
- Nutanix Inc. (NASDAQ: NTNX)
- T-Mobile US Inc. (NASDAQ: TMUS)
First up we have vacation rental company, Airbnb. For the uninitiated, the company maintains and hosts a marketplace accessible by consumers via its website or smartphone application. The aforementioned marketplace allows users to book homestays or experiences from hosts. Arguably, its home rental business does provide a more affordable experience compared to conventional hotels. But, Airbnb did see revenue drop as the pandemic hit the travel industry hard. Despite this, ABNB stock continues to see major growth with gains of over 30% year-to-date. Given that the company has been hard at work improving its services, I’m not surprised to see investors looking towards long-term gains here.
For starters, a recent report by the company suggests that things could be looking up for its core business. Last week, Airbnb revealed that its hosts worldwide have earned over $1 billion throughout the pandemic. As travelers look for safe places to escape amidst the pandemic, rental homes in their own towns would be a viable option. For hosts, Airbnb provides an extra source of income amidst these chaotic times as well.Source: TD Ameritrade TOS
Furthermore, Airbnb has also been hard at work refining its platforms search capabilities by adding a new Flexible Search feature. Basically, this would allow users to search for homes in a more open-ended way. All in all, Airbnb remains relevant and continues to innovate even amidst these times. Investors appear to believe that ABNB stock could see a massive rebound once the pandemic ends. How about you?
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Tandem is a San Diego-based manufacturer of medical devices. In brief, the company develops medical tech for the treatment of diabetes via insulin infusion therapy. Specifically, Tandem’s flagship product is the t:slim X2 insulin pump. It is capable of remote software updates and features integrated continuous glucose monitoring (CGM) features. For one thing, the CGM business has boomed amidst the pandemic as it reduces the number of trips to the doctor for diabetic patients. As you’d expect, this could translate to high demand for Tandem’s offerings. Similarly, I could imagine investors would be looking at TNDM stock now as Tandem reported stellar results after yesterday’s closing bell.
Diving right into it, the company posted a year-over-year jump of 55% in total sales for its fourth quarter. On top of that, Tandem saw a 67% surge in global insulin pump shipments in the same period. CEO John Sheridan cites the launch of the company’s Control-IQ system on its pumps as a key driver for this growth.Source: TD Ameritrade TOS
In summary, the system automatically adjusts insulin in response to predicted glucose levels via in-built algorithms. As the company continues to build its diabetes care portfolio, more patients could turn to its products in a post-pandemic market. After all, Tandem’s insulin pumps would make day-to-day health management much easier for its target audience. To this end, will you be adding TNDM stock to your watchlist?Nutanix Inc.
Another tech company making waves now would be Nutanix. The global cloud service company sells “hyper-converged” infrastructure software, cloud services, and software-defined storage. Essentially, organizations around the world employ Nutanix’s software to manage applications. This can be done at any location and scale within private, hybrid, or multi-cloud environments. As part of the high-demand cloud industry, it comes as no surprise that NTNX stock is up by over 130% since the March 2020 lows. Moving forward, it could be looking at further gains as the company reported solid figures in its second-quarter fiscal yesterday.
In it, Nutanix posted record annual contract value (ACV) billings adding up to $159.2 million for the quarter. In particular, the company saw its new ACV for emerging products more than double compared to the same quarter last year. CFO Duston Williams said that Nutanix continues to make progress on its transition towards a subscription-based service.Source: TD Ameritrade TOS
Additionally, Williams also talked about the company’s disciplined approach to managing operating expenses which were lower than expected this quarter. In terms of business highlights, the company also added additional ransomware protection features to its platform earlier this week. With Nutanix seemingly firing on all cylinders, could NTNX stock be worth watching right now? You tell me.T-Mobile US Inc.
Last but not least, we have the U.S. leading wireless network operator T-Mobile. As the company behind the biggest 5G network in the U.S., T-Mobile is definitely a name to know in this age. On one hand, it has and continues to provide consumers with smartphone plans required to stay in touch with their loved ones. On the other hand, it is a key player in the speedy 5G industry which is expected to flourish in 2021. All this coupled with the growing market adoption of 5G smartphones does put TMUS stock in the spotlight.
Accordingly, T-Mobile continues to expand its lead in the consumer 5G market this week. Yesterday, the company expanded its existing Magenta Unlimited 55 family plan which is targeted towards consumers over 55 years old. The expansion adds features of its Magenta MAX package announced earlier this week. Now, seniors over the age of 55 will have access to unlimited 5G data and a free Netflix (NASDAQ: NFLX) subscription.Source: TD Ameritrade TOS
To sweeten the deal, the plan also comes with two free smartphones with 24 monthly payments for just $70 per month. Not to mention, T-Mobile has made this plan available to seniors across all 50 states in the U.S. This does give it an edge over its competitors who only have senior plans in Florida. Given T-Mobile’s aggressive expansions, will you be watching TMUS stock?