Jul 12, 2021 (StockMarket.com via COMTEX) -- 4 Trending Tech Stocks To Watch Today
Whether you believe the return to normalcy is close at hand or far off, tech remains as relevant as ever. As such, it would then make sense that investors are also watching tech stocks closely in the stock market now. Indeed, all this is thanks to the tech industry's focus on constant innovation and growth. Given the disruptive nature of tech, there would be no shortage of exciting developments in the industry for investors now.
On the telecommunications front, things appear to be heating up in the 5G space. Just last week, Verizon ( NYSE: VZ ) CEO Hans Vestberg reported an uptick in overall 5G traffic on its networks. This would indicate that more consumers have adopted the next-gen wireless tech throughout the pandemic. With the current upgrade cycle in consumer tech being accelerated, companies would be incentivized to bring their best work forward. Elsewhere, tech giants such as Microsoft ( NASDAQ: MSFT ) have been on a roll as well. From the release of its latest operating system update to its cloud division fueling third-quarter results, this seems to be the case. To maintain this momentum, Microsoft is reportedly giving out $1,500 bonuses to its employees who have persevered throughout the pandemic.
Overall, tech stocks appear to be catching up to the broader stock market after experiencing several major sell-offs. We can see this as the tech-laden Nasdaq composite is already up by over 15% year-to-date. In comparison, the S&P 500 is looking at gains of 18% over the same period. Having read all this, you might be keen on tech stocks yourself. In that case, here are four to watch in the stock market today .
Best Tech Stocks To Buy [Or Sell] This Week
Facebook Inc. ( NASDAQ: FB )
Square Inc. ( NYSE: SQ )
Apple Inc. ( NASDAQ: AAPL )
BlackBerry Ltd. ( NYSE: BB )
Facebook is a multinational tech company that is based in California. The company focuses on its social media application that is used by billions to connect with friends and family, find communities, and grow businesses. Impressively, more than 200 million businesses use the company's app to do business. It has over 80 offices in cities worldwide and 17 data centers globally. FB stock currently trades at $353.05 as of 1:52 p.m. ET. Recently, the company was given a price target increase from $385 to $410 by Argus.
Argus analyst Joseph Bonner maintains his buy rating on the company shares. The analyst notes that Facebook has continued strength in e-commerce advertising. This would ultimately drive the company's stellar financial results in the months to come. He also cited the company's recent partial victory over the U.S. Federal Trade Commission (FTC). A federal court dismissed the FTC's antitrust complaint against Facebook in late June. In the filing, the court states that the FTC did not prove that Facebook maintains a monopoly. Could the worst be over for Facebook from a regulatory perspective? Given this piece of news, will you consider FB stock a top tech stock to consider buying?
Square is a tech company that provides a cohesive commerce ecosystem. Its platform helps sellers start, run, and grow their businesses by combining sophisticated software with affordable hardware. This, in essence, would allow sellers to turn mobile and computing devices into powerful payment and point-of-sale solutions. SQ stock currently trades at $243.42 as of 1:52 p.m. ET. Last week, the company reported that it will be building a hardware wallet and service to make bitcoin custody more mainstream.
In May, the company announced its first-quarter financial results. Firstly, it achieved a gross profit of $964 million, a 79% increase year-over-year. Its Seller ecosystem generated $468 million, up by 32% year-over-year while its Cash App generated a gross profit of $495 million, up by 171% compared to a year earlier. The company also says that its customers have found increased value and convenience with the Cash Card and it has more than 10 million monthly active Cash Card users. It also continues to enhance its ecosystem of products by building on its omnichannel capabilities by launching Square Messages. It is a new feature that helps sellers interact with their buyers more effectively through text messages or email. With so many exciting developments surrounding Square, is SQ stock worth buying right now?