Top 10 tech stocks to explore in August amid market upheaval

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Top 10 tech stocks to explore in August amid market upheaval

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 Top 10 tech stocks to explore in August amid market upheaval
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Highlights:

  • GoDaddy Inc. (NYSE: GDDY) posted a revenue of US$1.0 billion in its first quarter of fiscal 2022.
  • iRobot Corporation (Nasdaq: IRBT) has a market cap of US$1.26 billion.
  • Switch Inc. (NYSE: SWCH) stock surged over 20 per cent in 2022. 

This year hasn’t been good for tech stocks and saw its biggest rout in recent years, including some of the largest global US companies. There were massive selloffs in the market, and investor sentiments have been marred by the decade-high inflation and an impending recession triggered by the Fed Reserve’s stringent monetary policies. Picking tech stocks to put their money in has become uphill for investors.

Amid all these developments, Kalkine Media® explores ten tech stocks and tracks their performances so far:

  1. GoDaddy Inc. (NYSE:GDDY)

GoDaddy offers website domain registration and a range of aftermarket services, including website hosting, design, security, and business productivity tools.

GoDaddy has a market cap of US$ 12 billion and registered US$ 1 billion in revenue in its first quarter of fiscal 2022 compared to US$ 0.9 billion in the first quarter of 2021. GoDaddy clocked US$ 68.6 million as net income in Q1 FY22 versus US$ 10.8 million in the same quarter of the previous year.

GDDY stock fell over 12 per cent year-to-date. As per Refinitiv, GoDaddy scrips had a Relative Strength Index (RSI) of 57.45 as of August 2, 2022.

  1. ON Semiconductor Corporation (NASDAQ:ON)

The American semiconductor supplier company, ON Semiconductor Corporation, was formerly known as ON Semiconductor until August 5, 2021.

ON reported its second quarter FY2022 earnings results on August 1, 2022, showing revenue of US$ 2,085 million, up by 25 per cent year-over-year (YoY). It also reported a record 49.7 per cent GAAP and non-GAAP gross margin in the reported quarter.

The semiconductor company posted a net income of US$ 456.6 million in the second quarter of fiscal 2022 compared to US$ 274.4 million in the year-ago period.

ON stock has surged over 45 per cent since the last year. As of August 2, 2022, ON had a Relative Strength Index (RSI) value of 65.45 as per Refinitiv.

Top 10 tech stocks to explore in August amid market upheavalSource: ©Kalkine Media®; © Canva Creative Studio via Canva.com

  1. iRobot Corporation (NASDAQ:IRBT)

Consumer robot company iRobot Corporation has a market valuation of US$ 1.26 billion. Based in Bedford, Massachusetts, iRobot builds and designs consumer robots.

In the second quarter of fiscal 2022, iRobot said its revenue in Q2 FY22 was US$ 291.96 million.

IRBT stock fell 32 per cent lower this year. It has an earnings-per-share (EPS) of US$ 0.33. As of August 2, 2022, IRBT had a Relative Strength Index of 62.72, as per Refinitiv.

  1. TD SYNNEX Corporation (NYSE:SNX)

Fremont, California-based SYNNEX Corporation, provides IT services to businesses. The US$ 9.72 billion market cap company SYNNEX bought back shares worth US$ 29 million in the second quarter of fiscal 2022.

Recently, SYNNEX paid a quarterly cash dividend of US$ 0.3 per unit on July 29 to its shareholders of record as of July 15.

SYNNEX Corporation, in its second quarter FY22 earnings, reported revenue of US$ 15,279 million compared to US$ 5,857 million in the previous year’s corresponding quarter. The company registered an operating income of US$ 252.7 million in Q2 FY22 versus US$ 147.9 million in the year-ago quarter.

SNX stock slid 15 per cent lower in one year. Its Relative Strength Index, according to Refinitiv, was 64.52 as of August 3, 2022, pointing to its stable market trend.

  1. Switch Inc. (NYSE:SWCH)

Las Vegas, Nevada-based Switch Inc. has a market cap of US$ 5.11 billion and is involved in developing and operating higher-scale data center facilities.  

Switch reported total assets of US$ 2.99 billion in the quarter ended March 31, 2022, while it was US$ 2.91 billion in the previous quarter ended December 31, 2021.

Switch, likely to report its Q2 FY 22 earnings results on August 8, 2022, posted Q1 FY22 revenue of US$ 164.60 million. It was US$ 130.86 million in the year-ago quarter.

SWCH stock jumped over 20 per cent in 2022. It surged 0.63 per cent since the last month. Its Relative Strength Index (RSI) of 64.14 as of August 3, 2022, in Refinitiv, points towards a stable market condition.

  1. Netflix, Inc. (NASDAQ:NFLX)

Video streaming major Netflix has a market cap of US$ 98.42 billion. In the second quarter earnings report for fiscal 2022, published on July 19, 2022, Netflix said it lost close to one million subscribers.

Netflix registered revenue of US$ 7.97 billion in the second quarter of fiscal 2022, compared to US$ 7.34 billion. NFLX stock’s diluted earnings per share in Q2 FY22 was US$ 3.2 relative to US$ 2.97 in the same quarter in the previous year. NFLX stock has plunged 56 per cent year over year. Its 61.88 Relative Strength Index as of August 3, 2022, on Refinitiv, points toward a stable stock market.

  1. Skyworks Solutions, Inc. (NASDAQ:SWKS)

Skyworks Solutions, headquartered in Irvine, California, mostly caters to big smartphone manufacturers. The US$ 17.4 billion market cap company, Skyworks, has a price-to-earnings (P/E) ratio of 13.3.

The current dividend of Skyworks, which is paid quarterly, is US$ 0.56. SWKS stock fell lower by 42 per cent in one year. It plunged 32 per cent year-to-date.

In its Q2 FY22 results, Skyworks reported net revenue of US$ 1335.6 million compared to US$ 1171.8 million in Q2 FY21.

  1. Cisco Systems, Inc. (NASDAQ:CSCO)

Cisco is the world’s largest hardware and software supplier and a market leader in the networking sector. The San Jose, California-based company Cisco Systems has a market cap of US$186.01 billion.

CSCO stock fell 20 per cent year over year. The stock plunged 28 per cent so far in 2022.

In its third-quarter earnings report, Cisco posted a revenue of US$ 12.8 billion and a product order growth of eight per cent YoY. Cisco clocked a net income of US$ 3 billion in its second quarter of fiscal 2022, compared to US$ 2.86 billion in the corresponding period of the previous year.

  1. Salesforce, Inc. (NYSE:CRM)

The enterprise cloud computing solutions provider, Salesforce, has a market cap of US$ 182.87 billion. CRM stock fell by over 28 per cent in 2022.

In its Q1 FY23 earnings results, announced on May 31, 2022, Salesforce reported a revenue of US$ 7.41 billion, up 24 per cent YoY.

Salesforce had a Q1 FY23 operating cash flow of US$ 3.68 billion, up 14 per cent YoY. The CRM scrips’ Relative Strength Index was 57.26 as of August 3, 2022, as per Refinitiv data.

Top 10 tech stocks to explore in August amid market upheavalSource: ©Kalkine Media®; © Canva via Canva.com

  1. Snowflake Inc. (NYSE:SNOW)

Headquartered in Bozeman, Montana, Snowflake is a cloud computing data warehousing company with a market cap of US$ 48.78 billion. Snowflake will likely report its Q2 FY22 earnings results on August 24, 2022.

SNOW stock saw a 53 per cent fall this year. It slumped 46 per cent year over year.

Snowflake reported a revenue of US$ 422.371 million in the first quarter of fiscal 2023 compared to US$ 228.914 million in the corresponding period in the previous year.

Bottom line:

Tech-heavy Nasdaq composite tumbled close to 20 per cent in 2022 as mega-cap US tech companies saw huge losses in the preceding months. Investors looking for long-term growth have to put in extra efforts to pick a stock that can weather the tremors the market is experiencing at the moment. 

This year hasn’t been good for tech stocks and saw its biggest rout in recent years, including some of the largest global US companies. There were massive selloffs in the market, and investor sentiments have been marred by the decade-high inflation and an impending recession triggered by the Fed Reserve’s stringent monetary policies. Picking tech stocks to put their money in has become uphill for investors.

Amid all these developments, Kalkine Media® explores ten tech stocks and tracks their performances so far:

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