Here are 3 Trending Tech Stocks to Look at in 2021

February 02, 2021 09:47 AM PST | By Team Kalkine Media
 Here are 3 Trending Tech Stocks to Look at in 2021

Source:Things, Shutterstock

Summary

  • Tech stocks are on the move considering the sudden shift towards digital businesses observed over the last year.
  • Three stocks that could make a mark in the coming year are: Veeva systems, iRobot and Qualcomm Inc.
  • Tech companies are experiencing increased demand for their products and services giving them profitable quarters during 2020-year end.

The U.S. has dominated the technology industry with some of the world’s tech leaders originating from the country. Tech leaders like Apple, Amazon, Facebook, and Google have created global hubbub and continue to create ripples throughout the stock market.

The year 2021 could be big for tech stocks given how much digital businesses have benefited over the more traditional brick-and-mortar businesses in the last year. The pandemic has necessitated the need to be digitally equipped, with ever-evolving strategies available at companies’ disposal.

Here are 3 tech-based stocks on the move in 2021:

1.     Veeva Systems

Veeva systems is one of the leading providers of cloud-based solutions for the life sciences industry. With companies continuously researching over the virus, the life sciences industry is investing heavily in R&D.

Image source: Pixels

Veeva Systems offers a mix of the medical and technology domains, both of which could gain immensely in the coming periods. Veeva provides tools enabling biotech companies and pharmaceutical firms to conduct their research. (SOURCE:

The company remained resilient throughout the pandemic and generated revenues worth US$ 377.5 million during the three months ending 31st October 2020. This was a 34% y-o-y increase from previous year’s October quarter revenue of US$ 280.9 million. The operating income during the third quarter was US$ 101.3 million and the net income was US$ 97 million.

The company’s growing digital presence led to its expanding leadership in core CRM, wherein it saw 19 new CRM customers in the quarter. Veeva has partnered with a leading biopharma firm to develop the firm’s commercial online launch.(SOURCE:

Veeva systems is currently trading at US$ 282.91 per share, which is roughly a 112% increase over its March share price low. However, the company’s share prices have remained volatile throughout the previous year.

2.     iRobot

iRobot has been engaged in the designing and manufacturing of robots to make daily work earlier. The company has been a leader in consumer robots and is the manufacturer of the globally appreciated Roomba Robot vacuum.

iRobot’s products Roomba and Braava include propriety technologies as well as advanced concepts in cleaning, navigation and mapping. The company also has a video collaboration platform enabling workers to connect remotely. Additionally, the company also has ventured into healthcare through its RP-VITA telemedicine robot that connects patients with doctors. These product categories are expected to land the company with better global outreach and expand its customer base.

Image source: Pixels

iRobot recently reported on its financials during the third quarter of FY20. The revenue incurred during the three months ending 31st October 2020 amounted to US$413 million, an increase of 43% over the same quarter last year. The operating profit during the period was US$93 million and EPS worth US$2.58. The company’s premium robots are at the heart of this growth. The quarterly revenue from which grew by 86% and represented 60% of the quarter’s revenue.

The US territory recorded a revenue growth of 75% along with revenue generation in other territories as well. The online related business is expected to see a revenue growth of 70%. Y-o-y representing 60% of total revenue.

iRobot is expected to expand its manufacturing capabilities by further investments in infrastructure. The current gains have stemmed majorly from decreased travel costs, however in the future this reduction in costs might not continue for long as traditional working conditions resume.

3.     Qualcomm Inc.

Qualcomm is a semiconductor manufacturer and telecommunications equipment provider. The company is involved in the development of digital wireless communications products and services, AI technology and 5G technology.

Image source: Pixels

Qualcomm Technologies is a subsidiary of Qualcomm Incorporated and it conducts the company’s engineering, research and development functions and is engaged in other products and services like Qualcomm’s semiconductor business.

Qualcomm saw a profitable September quarter owing to the company’s development in the 5G technology. The company benefitted from its licensing and product business, as stated by CEO Steve Mollenkopf.

The revenue for the fourth quarter of the fiscal year was US$ 8,346 million, this was a 73% increase over the same quarter last year. Net income during the quarter was US$ 2,960 million and the earnings before taxes were US$ 3,306 million.

The company entered into a long-term patent license agreement which includes cross-license rights to certain Huawei’s patents. This happened after the US Ninth Circuit Court of Appeals validated Qualcomm’s patent licensing.

Qualcomm is also slated to provide General Motors with a range of chips for the company’s next generation vehicles making it an interesting stock to watch out for in the coming months.


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