Scoop Up These 4 Tech Stocks Trading More Than 10% Below Their 52-Week Highs
StockNews
Published Sep 21, 2021 04:37PM ET
Updated Sep 21, 2021 05:30PM ET
Scoop Up These 4 Tech Stocks Trading More Than 10% Below Their 52-Week Highs
The tech industry is progressing rapidly on continuing digital transformation in almost every sector. Therefore, quality tech stocks, QUALCOMM (QCOM), Teradata Corporation (NYSE:TDC), Box, Inc. (BOX), and Yelp Inc. (NYSE:YELP), which are trading significantly below their 52-week price highs, could be prominent bets now. These stocks are rated ‘Buy’ or ‘Strong Buy’ in our proprietary rating system. Let’s discuss these names.Digital transformation across almost every industry, together with the wide adoption of hybrid work structures, is driving the tech industry’s growth. The Technology Select Sector SPDR Fund (XLK) ETF has gained 36.4% over the past year, outperforming the broader SPDR S&P 500 ETF Trust’s (SPY) 31.3% returns.
Companies are investing heavily in software and analytics solutions to make their operations efficient. Analysts expect the U.S. tech market to expand by 7.4% in 2021 and by a further 6.7% in 2022. In addition, software spending is expected to accelerate significantly—10% in 2021 and just over 11% in 2022.
Given this backdrop, fundamentally sound tech stocks QUALCOMM Incorporated (NASDAQ:QCOM), Teradata Corporation (TDC), Box, Inc. (BOX), and Yelp Inc. (YELP), which are currently trading significantly below their 52-week price highs, could soar higher in the near term. These stocks are rated ‘Buy’ or ‘Strong Buy’ in our proprietary POWR Ratings system.
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