Top 3 tech stocks you should have in your portfolio

BlogAugust 10, 2021

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Many of the top tech stocks rebounded after a steady stream of earnings reports this quarter. Analysts also agree that tech stocks are doing well. Prominent are 3 technology stocks that are being evaluated by analysts with great potential that investors need to consider.

Top 3 tech stocks you should have in your portfolio

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In this article, we will introduce investors to the top 3 tech stocks to have in their portfolio. It’s Apple Inc. (AAPL), Qualcomm Inc. (QCOM) and Cadence Design Systems, Inc. (CDNS). All three stocks are analyst favorites, have strong growth momentum, and are highly rated.

1.APPLE ( AAPL)

Top 3 tech stocks you should have in your portfolio

 

Apple just saw its stock skyrocket to a record ahead of its latest earnings announcement. The tech giant is seeing tremendous growth across its entire product line. While the iPhone is the biggest driver of the company’s success, the services and wearables businesses are where the profits are.

In the June quarter, APPLIC’s services revenue grew 32.9% year-on-year to $17.5 billion. This includes the App Store, AppleCare, iCloud, Apple Pay, Apple Music, Apple TV+, and Apple Arcade. Apple’s Wearables, Home, and Accessories division saw sales jump 36% year-over-year to $8.8 billion. This segment includes the Apple Watch, AirPods wireless headphones, Beats headphones, and the Apple HomePod Mini wireless speaker.

Shares of AAPL are expected to rise ahead of the iPhone 13 introduction next month. When JP Morgan raised its price target for Apple stock to $175. In terms of numbers, Apple had $61.7 billion in cash at the end of its most recent quarter, compared with $16 billion in short-term debt. AAPL also has a return on equity ratio of 135%, indicating good management performance.

2.QUALCOMM (QCOM)

Top 3 tech stocks you should have in your portfolio

QCOM is a company that develops and licenses wireless technology, and is also a chip maker for smartphones. The company’s key patents revolve around CDMA and OFDMA technologies, which are standards in wireless communications that are the backbone of all 3G and 4G networks. QCOM is also a leader in 5G network technology, and almost all wireless device manufacturers have its IP licenses.

Currently, its 5G chip is being used on the iPhone 12 generation and Android devices. QCOM is expected to provide the world’s first 5G personal computer chip. Markets for Internet of Things, self-driving cars and augmented reality applications. This is a great opportunity for the company. QCOM and Tencent (TCEHY) have also collaborated on mobile gaming devices. This is also a huge success for this chip maker.

Canaccord Genuity and Baird set QCOM’s price target of $200, which means the stock has 36.2% upside potential.

3.CADENCE DESIGN SYSTEMS, INC. (CDNS)

Top 3 tech stocks you should have in your portfolio

Cadence Design Systems, Inc. (CDNS) is an American multinational computing software company. Enterprise computing software services used in high-tech manufacturing. The company’s CAD/CAE platform is responsible for creating silicon chips, motherboards and other electronic components used in the Internet of Things, artificial intelligence, 5G communications, aerospace, automotive , healthcare and other industrial applications.

The company had a solid second quarter benefiting from the strength of signal & digital solutions. CDNS is also benefiting from higher investments in emerging trends such as the Internet of Things and autonomous vehicle systems.

Keybanc and Wells Fargo both have strong buy ratings and $165+ price targets for CDNS stock

Above are 3 technology stocks that are predicted to be attractive profitable investments for investors. In addition, you need to constantly update information related to businesses, combine fundamental analysis and technical analysis to make the best decisions. Good luck!

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