From MIME to DOCN: Top tech stocks to explore amid market correction

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 From MIME to DOCN: Top tech stocks to explore amid market correction
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Highlights

  • Mimecast Limited (NASDAQ: MIME) revenue rose 17% YoY in Q3, FY21.

  • Ciena Corporation (NYSE: CIEN) expects revenue to be between US$840 and US$850 million in Q1, FY22.

  • Concentrix Corporation (NASDAQ: CNXC) revenue surged over 12% YoY in Q4, FY21.

The global stock market has witnessed a sharp decline this year due to various economic uncertainties. In addition, the increasing tension over the Russia-Ukraine crisis has compelled investors to continue shedding riskier assets in a bearish market, fearing losses.

Here we explore the top five tech stocks under US$500 that gave positive returns despite the market upheavals.

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Mimecast Limited (NASDAQ: MIME) 

Mimecast is an IT security company that primarily focuses on providing cloud security and risk management solutions for email and corporate information. It is based in London.

The shares of the company traded at US$79.385 at 12:24 pm ET on February 23, up 0.06% from their closing price of February 22. Its stock value increased by 83.66% over the past 12 months.

The firm has a market cap of US$5.31 billion, a P/E ratio of 113.43, and a forward one-year P/E ratio of 105.79. Its EPS is US$0.70.

The 52-week highest and lowest stock prices were US$85.48 and US$38.84, respectively. Its trading volume was 1,164,679 on February 22.

On a GAAP basis, the company's revenue was US$151.59 million in Q3, FY21, up 17% YoY, while its net income came in at US$13.81 million, or US$$0.20 per diluted share.

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Top tech stocks to watch in February that gave a positive return

Source: Pixabay

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Ciena Corporation (NYSE: CIEN)

Ciena is a telecommunication network equipment services and software firm based in Hanover, Maryland. It has four operating segments are: Networking, Platform software and solutions, Automation services, and global services.

The stock of the company traded at US$68.38 at 12:29 pm ET on February 23, down by 0.67% from its previous closing price. The CIEN stock rose 26.96% over the past 12 months.

The market cap of the company is US$10.41 billion, the P/E ratio is 21.34, and the forward one-year P/E ratio is 26.48. Its EPS is US$3.19.

The stock saw the highest price of US$78.28 and the lowest price of US$47.52 in the last 52 weeks. Its share volume on February 22 was 2,493,650.

The company's revenue surged 25.7% YoY to US$1.04 billion for the quarter that ended on October 30, 2021 (Q4). Its net income was US$103.49 million, or US$0.66 per diluted share.

For Q1, FY22, the company expects its revenue to be between US$840 and US$850 million, compared to its prior expectation of US$870 to US$910 million.

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Concentrix Corporation (NASDAQ: CNXC)

Concentrix is a business service firm that specializes in customer engagement and business performance services. It is based in Fremont, California, and offers tech-infused customer experience (CX) services.

The shares of the company traded at US$195.90 at 12:35 pm ET on February 23, up 0.72% from their closing price of February 22. Its stock value soared 72.95% over the past 12 months.

The firm has a market cap of US$10.25 billion, a P/E ratio of 25.49, and a forward one-year P/E ratio of 16.72. Its EPS is US$7.69.

The 52-week highest and lowest stock prices were US$208.48 and US$105.42, respectively. Its trading volume was 171,806 on February 22.

The company's revenue rose 12.7% YoY to US$1.46 billion in Q4, FY21, while its net income came in at US$124.1 million, or US$2.35 per diluted share. For fiscal 2021, the company's revenue jumped 18.4% YoY to US$5.58 billion.

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Nuance Communications, Inc. (NASDAQ: NUAN)

Nuan is a computer software technology firm that provides conversational artificial intelligence and ambient clinical intelligence services to its clients. It is based in Burlington, Massachusetts.

The stock of the company traded at US$55.26 at 12:40 pm ET on February 23, up 0.27% from its previous closing price. The NUAN stock jumped 22.68% over the past 12 months.

The market cap of the company is US$17.64 billion, and the forward one-year P/E ratio is -1377.75. Its EPS is US$-0.32.

The stock saw the highest price of US$55.55 and the lowest price of US$39.90 in the last 52 weeks. Its share volume on February 22 was 6,748,033.

The company reported revenue of US$321.43 million in Q1, FY22, while its net loss came in at US$57.55 million, or US$0.18 per diluted share.

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Top tech stocks to watch amid market correction

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DigitalOcean Holdings, Inc. (NYSE: DOCN)

DigitalOcean is a cloud computing technology firm based in New York. It offers cloud infrastructure services for deploying and scaling applications that run simultaneously on multiple systems.

The shares of the company traded at US$49.92 at 12:44 pm ET on February 23, down 3.14% from their closing price of February 22. Its stock value ticked up 21.27% over the past 12 months.

The firm has a market cap of US$5.32 billion and a forward one-year P/E ratio of -468.55.

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The 52-week highest and lowest stock prices were US$133.40 and US$35.35, respectively. Its trading volume was 1,581,798 on February 22.

The company will report its fourth-quarter fiscal 2021 results on February 24, before the opening bell.

Meanwhile, in the third quarter of fiscal 2021, the company's revenue surged 37% YoY to US$111.4 million. Its net loss attributable to common stockholders was US$1.85 million, or US$0.02 per diluted share.

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Bottomline

With the market in the correction phase, various investors are shifting their focus on low-priced stocks for safety. The tech-savvy Nasdaq Composite Index plummeted 15.48% YTD while declining 16.66% from its all-time high of 16057.44 on November 19, 2021. 

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