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3 Buy-Ranked Tech Stocks That Soared This Month

Ryan McQueeney
Updated
Tech stocks continue to set the tone so far in 2018. Check out three tech stocks that soared this month to buy now!

It has been an interesting start to the year for the technology sector, as the first wave of market-moving earnings reports has helped show what kind of effect the recent U.S. tax reform will have on several major industries. In the coming days, several tech behemoths will report, and current consensus estimates are showing that it will be another impressive quarter of growth for many favorites.

Considering the current state of the world, tech’s leadership makes sense. Cloud computing and the Internet of Things have already revolutionized our everyday life, and now we are on the cusp of artificial intelligence and autonomous vehicle revolutions that could redefine what it means to be human.

In response to these changing times, investors have poured money into the tech sector in search of the next explosive stock. Even with December’s volatility, we witnessed plenty of noteworthy tech companies start to pick up momentum, including several that are sporting strong Zacks Ranks and other key metrics.

Check out three tech stocks that soared this month to buy now:

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1.       Aspen Technology, Inc. (AZPN)

Aspen Technology is a recognized expert and leading provider of award-winning process optimization software and services. The stock is currently a Zacks Rank #1 (Strong Buy) and has soared about 20% over the last four weeks. Aspen’s momentum was helped by its strong earnings report.

Last week, the company reported adjusted profits of $0.59 per share, crushing our consensus estimate by nine cents and expanding nearly 13% year-over-year. Meanwhile, revenues of $125 million were up 4.2% and ahead of our consensus estimate of $122 million. On top of this, Aspen’s outlook for the remainder of its current fiscal year and its next fiscal year was strong.

 

2.       Netgear, Inc. (NTGR)

Netgear is a global networking company that delivers innovative products to consumers, businesses and service providers. NTGR is currently sporting a Zacks Rank #2 (Buy), and the stock has moved nearly 19% higher over the last four weeks. Much of this movement can be pegged on the company’s recent innovations.

Within the past month, Netgear has announced the Nighthawk Pro, a high-power router geared towards gamers, and the Orbi Outdoor Satellite, a router that promises to deliver internet connection outside the home. Netgear is expected to report earnings next week. The firm has surpassed earnings estimates in ten-consecutive quarters.

 

3.       Seagate Technology PLC (STX)

Seagate Technology offers a portfolio of hard disc drives, solid state drives and solid state hybrid drives. Shares of Seagate have gained more than 30% within the past four weeks, and the stock is currently sporting a Zacks Rank #1 (Strong Buy). Seagate was surging ahead of Monday’s earnings report, which displayed strong results across the board.

Seagate posted earnings of $1.48 per share, beating our consensus estimate by eight cents and growing about 7.2% year-over-year. Total revenues came in at $2.91 billion, surpassing our consensus estimate and expanding marginally. Still, even with its latest share price explosion, Seagate is trading at just 12x forward earnings.

 

Want more analysis from this author? Make sure to follow @Ryan_McQueeneyon Twitter!

Don’t Even Think About Buying Bitcoin Until You Read This

The most popular cryptocurrency skyrocketed last year, giving some investors the chance to bank 20X returns or even more. Those gains, however, came with serious volatility and risk. Bitcoin sank 25% or more 3 times in 2017.

Zacks’ has just released a new Special Report to help readers capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.

See 4 crypto-related stocks now >>


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NETGEAR, Inc. (NTGR) : Free Stock Analysis Report
 
Seagate Technology PLC (STX) : Free Stock Analysis Report
 
Aspen Technology, Inc. (AZPN) : Free Stock Analysis Report
 
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