It has not been an easy week for the stock market in general. Particularly, tech stocks endured yet another selloff yesterday which contributed to the Nasdaq’s 2.5% dip. In case you didn’t know, this is largely thanks to investors rotating towards epicenter stocks amidst rising sentiments regarding the economy reopening. Now, as we often say here at StockMarket.com, tech stocks are mostly resilient even during such times. The reason for this is that most people have come to rely on technology and the solutions it brings today. As a result, tech companies have more incentive to continue innovating and expanding, benefiting both investors and consumers alike.
For instance, Microsoft (NASDAQ: MSFT) unveiled a new platform called Microsoft Mesh yesterday at its annual Ignite conference. To summarize, Mesh is an augmented reality communication platform. Through this, users can interact with each other as if they were in the same room. Elsewhere, cloud communications giant Twilio (NYSE: TWLO) is also making strategic expansions to its portfolio. This is through a $750 million investment into a mobile communication solutions provider, Syniverse Technologies. Because of this partnership, Twilio now has a more comprehensive end-to-end communications system. Despite all this, both companies’ shares are down as of this week’s opening bell. Given all of this, could it be a prime time to invest in these tech stocks?Best Tech Stocks To Buy [Or Sell] Now
- Micro Focus International (NYSE: MFGP)
- Super League Gaming Inc. (NASDAQ: SLGG)
- Lumen Technologies Inc. (NYSE: LUMN)
- Seagate Technology (NASDAQ: STX)
Starting us off is Micro Focus. In brief, it is a British multinational software and information technology (IT) company. The firm provides software and consulting services to its customers. Micro Focus helps organizations make the most of existing IT investments to address complex and rapidly evolving digital business environments. Among its key services are cybersecurity, IT management, application modernization, and connectivity solutions. Given its position in the rapidly growing software industry, Micro Focus does seem poised to continue thriving in an increasingly digital world. In fact, MFGP stock surged by over 14% during intraday trading yesterday after announcing its latest partnership.Source: TD Ameritrade TOS
Micro Focus revealed that it will be collaborating with Amazon (NASDAQ: AMZN). In detail, it will be working together with Amazon’s cloud computing division, Amazon Web Services (AWS). The duo is working to accelerate the modernization of mainframe applications and workloads of large enterprises to the AWS Cloud. In theory, Micro Focus’ tech will help speed up cloud adoption by some of AWS’s biggest clients. With the company working for the top cloud-computing player in the world, I can see why investors would be keen to jump on MFGP stock. All things considered, will you be adding it to your portfolio as well?
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Following that, we will be looking at Super League Gaming (SLGG). The company manages a leading gaming community and content platform. Through its platform, SLGG employs its proprietary tech giving users the ability to create gameplay-driven social experiences with their friends. They can do so by engaging in live streaming broadcasts and sharing gameplay highlights across various digital channels. Aside from that, the company also hosts competitions for over a dozen of the top video game titles in the world on its platform. SLGG stock would be a go-to for investors looking to bet on the growing competitive gaming industry. In fact, SLGG stock gained by over 30% during yesterday’s trading session.Source: TD Ameritrade TOS
Although there was no big news from the company, SLGG stock saw a heavy day of trading as 11 million stocks were exchanged. Compared to its average of 1.21 million shares at the time, this would put it in investors’ radars. Notably, Maxim analyst Allen Klee did initiate coverage on the stock yesterday. Klee provided SLGG stock with a buy rating and a price target of $6. With the stock being above the $5 mark now, could it continue to see further gains? I’ll let you decide.Lumen Technologies Inc.
Lumen is a Louisiana-based telecommunications company. To begin with, the company offers communications, network, security, and cloud services to its customers via its proprietary platform. In terms of scale, the company has 450,000 route fiber miles and serves clients in over 60 countries. With demand for telecom and cloud services on the rise, Lumen would be looking at a busy year ahead. More importantly, LUMN stock has been on a tear this week since its big announcement on Monday.Source: TD Ameritrade TOS
Namely, tech giant IBM (NYSE: IBM) launched its hybrid cloud services on March 1 with the help of Lumen. To elaborate, the duo has integrated IBM’s Cloud Satellite with Lumen’s Edge Compute cloud edge platform to pull this off. Now, customers can employ hybrid cloud services in near real-time and build innovative cloud edge solutions. Moreover, they can also run data-intensive applications quickly across a wide array of environments from offices to retail spaces. IBM explained, “clients are able to securely leverage the benefits of hybrid cloud — from the core of the data center to the farthest reaches of the network with billions of connected devices transmitting data at the edge.” Partnering with such a huge name in tech could bode well for the company in the long run. In light of this, would you consider LUMN stock a buy?
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Next, we have data storage company, Seagate. For some context, the company designs, manufactures and markets data storage technology and solutions. Seagate’s flagship products are its hard disk drives (HDD). The company’s storage tech portfolio also includes storage subsystems and high-performance computing solutions. In terms of applications, Seagate’s offerings are often employed in enterprise servers and storage systems. Given the importance of proper data storage amidst the pandemic-fueled digital acceleration trend, Seagate’s offerings could be in demand. Similarly, STX stock also seems to be in demand gaining by over 4%, hitting a new all-time high yesterday.Source: TD Ameritrade TOS
Judging from its latest moves, the company appears keen on keeping up its momentum as well. On Tuesday, it was revealed that Seagate is collaborating with storage software company StorONE. Essentially, both companies are working on delivering a series of next-generation hybrid storage systems. The likes of which will ideally deliver high-performance and high-capacity storage at affordable prices. In theory, integrating Seagate’s enterprise storage platform and StorONE’s data solutions would be an ideal digital acceleration solution for organizations. According to StorONE, it would help data centers of all sizes trying to consolidate workloads and reduce the storage footprint. Could this mean long-term growth potential for STX stock? You tell me.