{"id":231094,"date":"2021-06-15T15:34:14","date_gmt":"2021-06-15T19:34:14","guid":{"rendered":"https:\/\/stockchase.com\/discover\/?p=231094"},"modified":"2021-06-15T20:53:40","modified_gmt":"2021-06-16T00:53:40","slug":"3-best-tech-stocks-to-buy","status":"publish","type":"post","link":"https:\/\/stockchase.com\/discover\/3-best-tech-stocks-to-buy\/","title":{"rendered":"3 Best Tech Stocks to Buy Now"},"content":{"rendered":"<p>After scoring big in 2020, tech stocks on both sides of the border have slumped this year. We look at the best tech stocks to buy since recently, however, fears of an inflation spike triggering a jump in interest rates have receded. The U.S. 10-year yield (as of this writing) has slipped below 1.5% and some tech stocks including <a href=\"https:\/\/stockchase.com\/META-Q\">Facebook<\/a> and <a href=\"https:\/\/stockchase.com\/ADBE-Q\">Adobe<\/a> have reached fresh record highs.<\/p>\n<p>The ebb and flow of markets continues and it&#8217;s likely that the moment Jerome Powell of the U.S. Fed signals a rate hike of any sort, tech will retreat again, but that would amount to a buying opportunity for investors with a long time horizon. Here are some of the best tech stocks to buy now.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-231179\" src=\"https:\/\/stockchase.com\/discover\/wp-content\/uploads\/2021\/06\/XLK-Q-1-760x254.png\" alt=\"XLK-Q stock chart\" width=\"860\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Discover What&#039;s Inside<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/stockchase.com\/discover\/3-best-tech-stocks-to-buy\/#SPDR_Technology_ETF_XLK-N\" >SPDR Technology ETF (XLK-N)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/stockchase.com\/discover\/3-best-tech-stocks-to-buy\/#Adobe_Systems_ADBE-Q\" >Adobe Systems (ADBE-Q)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/stockchase.com\/discover\/3-best-tech-stocks-to-buy\/#Enghouse_Systems_ENGH-T\" >Enghouse Systems (ENGH-T)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/stockchase.com\/discover\/3-best-tech-stocks-to-buy\/#Lordstown_Motors_Corp_RIDE-Q\" >Lordstown Motors Corp. (RIDE-Q)<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"SPDR_Technology_ETF_XLK-N\"><\/span><a href=\"https:\/\/stockchase.com\/XLK-N\">SPDR Technology ETF (XLK-N)<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img alt=\"XLK-N stock price chart\" decoding=\"async\" src=\"https:\/\/data.wealthica.com\/api\/securities\/XLK-N\/chart?labels=tru\" width=\"125\" align=\"right\" \/> Let&#8217;s start with this popular ETF to get a broader sense of tech&#8217;s performance so far this year. <a href=\"https:\/\/stockchase.com\/AAPL-Q\">Apple<\/a>, <a href=\"https:\/\/stockchase.com\/MSFT-Q\">Microsoft<\/a> and <a href=\"https:\/\/stockchase.com\/NVDA-Q\">Nvidia<\/a> make up 45% of <a href=\"https:\/\/stockchase.com\/XLK-N\">XLK<\/a>, so that&#8217;s a good start as far as holding some of the best tech stocks to buy. True, Apple has actually declined 2% year-to-date, but the company is increasingly generating revenue from services, boasts a fiercely loyal customer base, and will benefit from the 5G transition.<\/p>\n<p>Microsoft continues to be a slam dunk and has jumped 16% so far in 2021. The world&#8217;s number-two cloud operator will continue to thrive during the reopening. Meanwhile, Windows&#8217; subscriptions will remain a strong revenue kicker. Basically, XLK tracks the Nasdaq and performs nearly identically to it at any given time. Both have climbed nearly 10% YTD.<\/p>\n<p>To compare, the S&amp;P outperforms XLK by 3%. However, if we consider the past month, the roles are reversed, with the S&amp;P up 3.3%, but the XLK popping over 7%. XLK pays a 1.02% dividend, which isn&#8217;t bad for tech, and it charges a low 0.13% MER. XLK trades at a 32.6x PE, which falls exactly between Apple&#8217;s 29.2x and Microsoft&#8217;s 35.2x. If you want one-stop U.S. tech shopping that includes the best tech stocks to buy, XLK is the place to go.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-231175\" src=\"https:\/\/stockchase.com\/discover\/wp-content\/uploads\/2021\/06\/ADBE-Q-2-1-760x254.png\" alt=\"ADBE Q 2\" width=\"860\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Adobe_Systems_ADBE-Q\"><\/span><a href=\"https:\/\/stockchase.com\/ADBE-Q\">Adobe Systems (ADBE-Q)<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img alt=\"ADBE-Q stock price chart\" decoding=\"async\" src=\"https:\/\/data.wealthica.com\/api\/securities\/ADBE-Q\/chart?labels=tru\" width=\"125\" align=\"right\" \/> If you want to buy one of the best tech stock individually, this old name is worth considering. It makes up only 2.6% of XLK. For much of 2021, <a href=\"https:\/\/stockchase.com\/ADBE-Q\">Adobe<\/a> hasn&#8217;t done much, but it has exploded 17% in the past month, leaving the XLK, Nasdaq and many tech peers in the dust. It&#8217;s one of the best tech stocks to buy. Investors are excited over its quarterly report that&#8217;ll land on Thursday this week.<\/p>\n<p>Adobe has beaten its last four quarters, after all, so the street feels optimistic. Last March, Stockchase&#8217;s research department named this a top pick, based on a 26% yearly jump in revenues, driven by Adobe&#8217;s expanding cloud business. The street still loves this name with 17 buys and three holds at a price target of $571.67 or 5.6% upside.<\/p>\n<p>In fact, one analyst on Monday, Jeffries Group, hiked its target from $560 to $630. However, the strong run-up recently suggests that one should wait for a pullback from one of the best tech stocks to buy. Depending on your investing style, you can take some profits, but you&#8217;re safe hanging on as this climbs higher in the future.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-231176\" src=\"https:\/\/stockchase.com\/discover\/wp-content\/uploads\/2021\/06\/ENGH-T-1-760x254.png\" alt=\"ENGH-T stock chart\" width=\"860\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Enghouse_Systems_ENGH-T\"><\/span><a href=\"https:\/\/stockchase.com\/ENGH-T\">Enghouse Systems (ENGH-T)<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img alt=\"ENGH-T stock price chart\" decoding=\"async\" src=\"https:\/\/data.wealthica.com\/api\/securities\/ENGH-T\/chart?labels=tru\" width=\"125\" align=\"right\" \/> This Canadian favourite disappointed the street last week with its Q2 report: annual revenue came in at $236.4 compared to the previous year&#8217;s record-breaking $251.6 million and net income also declined from $43.2 million to $41.4 million. There were also quarterly declines. The big reason was <a href=\"https:\/\/stockchase.com\/ENGH-T\">Enghouse<\/a>&#8216;s video conferencing platform, Vidyeo, which returned to pre-Covid levels, which is hardly surprising during this reopening.<\/p>\n<p>On the plus side, Enghouse continues to generate cash and its long-term profile remains strong and steady as weakness in its transportation software business will likely be temporary. ENGH stock fell from nearly $54 last Thursday to $49.58 the next day, but returned to $52 on Monday this week, despite <a href=\"https:\/\/stockchase.com\/RY-T\">RBC<\/a> and <a href=\"https:\/\/stockchase.com\/CM-T\">CIBC<\/a> lowering their targets to $65 and $69 respectively, though they maintained their outperformance calls.<\/p>\n<p>ENGH stock remains a low-beta tech name that will perform in the long run, making it one of the best tech stocks to buy. It pays a 1.22% dividend and trades at a 30.1x PE. The street remains bullish on ENGH stock, expecting 30% upside to $67.25. To play it safe, buy a tranche now and see where this stock takes you.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-231177\" src=\"https:\/\/stockchase.com\/discover\/wp-content\/uploads\/2021\/06\/RIDE-Q-1-760x254.png\" alt=\"RIDE-Q stock chart\" width=\"860\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Lordstown_Motors_Corp_RIDE-Q\"><\/span><a href=\"https:\/\/stockchase.com\/RIDE-Q\">Lordstown Motors Corp. (RIDE-Q)<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img alt=\"RIDE-Q stock price chart\" decoding=\"async\" src=\"https:\/\/data.wealthica.com\/api\/securities\/RIDE-Q\/chart?labels=tru\" width=\"125\" align=\"right\" \/> Yes, this is an obviously sell call, but <a href=\"https:\/\/stockchase.com\/RIDE-Q\">Lordstown Motors<\/a> serves as a sobering reminder that not every EV stock is a winner, and fads come and go on Wall Street. Sure, electric vehicles are an exciting industry to invest in now. More of these cars and trucks will replace gas-guzzlers and help the planet breathe. If you want EV&#8217;s, then look at <a href=\"https:\/\/stockchase.com\/F-N\">Ford<\/a> and <a href=\"https:\/\/stockchase.com\/GM-N\">GM<\/a>, and if you can stomach volatility, give <a href=\"https:\/\/stockchase.com\/TSLA-Q\">Tesla<\/a> a look.<\/p>\n<p>But Lordstown is a disaster. Last month, it announced it had a \u201cgoing concern\u201d that it doesn&#8217;t have the cash to put out its first e-pickup truck, ironically named the Endurance. This follows allegations by a short-seller last March that Lordstown used \u201cfake orders\u201d to raise capital for Endurance. After a board investigation, the CEO and CFO <a href=\"https:\/\/www.cnn.com\/2021\/06\/14\/investing\/lordstown-motors-ceo-cfo-resign\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">resigned on Monday<\/a>. By now, you get the picture: sell this and swallow your losses. Lordstown is toxic.<\/p>\n<p>Disclosure: I own shares of Adobe.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After scoring big in 2020, tech stocks on both sides of the border have slumped this year. We look at the best tech stocks to buy since recently, however, fears of an inflation spike triggering a jump in interest rates [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":231178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cwp_meta_box_check":"No","cwp_rev_product_name":"","cwp_rev_product_image":"","wppr_links":[],"cwp_rev_price":"","wppr_options":[],"wppr_pros":[],"wppr_cons":[],"footnotes":""},"categories":[17],"tags":[],"class_list":["post-231094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lists"],"wppr_data":{"cwp_meta_box_check":"No"},"_links":{"self":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/231094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/comments?post=231094"}],"version-history":[{"count":0,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/231094\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media\/231178"}],"wp:attachment":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media?parent=231094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/categories?post=231094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/tags?post=231094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}