3 Top Tech Stocks to Buy Today

This past decade has truly been an incredible time for investors in top tech stocks. Indeed, up until this year, technology companies have outperformed. Much of this has to do with a historically low level of interest rates coupled with relatively strong economic growth.

The tech-heavy Nasdaq has needed positive for the past 11 years. However, this impressive streak may be coming to an end, with the Nasdaq now having dipped into a bear market.

With the bears eating the bulls’ lunch, it can be discouraging to look at tech stocks. Nobody likes to lose money, and the thought of potential permanent loss of capital is something investors ought to avoid at all costs. That said, there are some top tech stocks I think are worth considering in this environment.

Let’s dive into three top options investors may want to look at right now.

Top Tech Stocks to Buy: Snowflake (SNOW)

Snowflake (NYSE:SNOW) is a cloud-based data warehousing company which has really outperformed since its IPO. Still higher than its initial IPO price of $120 per share, Snowflake has been under incredible pressure of late. Currently, SNOW stock is now approaching its IPO price, trading under $160 per share recently.

As a high-growth cloud player, Snowflake remains among the top hyper-growth stocks in the market. Over the long-term, I think this company has the ability to grow into its valuation. However, high valuation companies like Snowflake are getting hit the hardest right now, particularly from higher interest rates.

With that said, the company’s previous results have been nothing but solid. Snowflake has been consistently doubling its product revenues in recent years. Further, for the full year 2022, Snowflake has announced it expects growth between 94% and 96% – growth rates that are near-impossible to find in this market.

Thus, as valuations come down, hyper-growth stocks such as Snowflake may be worth considering. This is a company I think could be getting to a level where it’s starting to make some serious sense for long-term investors.

ASML Holding (ASML)

ASML Holdings (NASDAQ:ASML) is another hyper-growth stock that’s been hammered in recent months. That said, compared to other fast-growing peers, ASML stock held up quite well.

There’s reason for this. ASML is one of the top semiconductor stocks many investors may not have heard of. That’s because this company doesn’t sell chips. Rather, ASML sells the very expensive machinery required to produce the world’s most advanced and smallest semiconductors. With more regional supply coming into focus for countries regarding chips (considering their economic importance), ASML could be due for excellent long-term growth.

In fact, this company has an effective monopoly on lithography and EUV machines. This space is one I think is very intriguing from a long-term perspective. And the fact that ASML has essentially no competitors makes for an even more lucrative investment thesis.

The company’s recent results have been impressive, and its forecasts for growth are just as notable. The company predicts sales amounting to $5.52 billion for the second quarter of the current financial year. The company has reiterated guidance for 20% revenue growth, while indicating production capacity may be improving.

From a long-term perspective, this is a stock I think every growth investor may want to consider in this beaten-down environment.

MongoDB (MDB)

MongoDB (NASDAQ:MDB) is one of those few tech stocks that have remained stable amid market volatility in 2021. It delivered a rather impressive quarterly report in early December 2021, beating analyst expectations across the board.

This company provides a general-purposed database platform to a global clientele. For enterprise clients looking to run database operations in the cloud or in hybrid environments, MondoDB is an intriguing option.

Much of this company’s allure comes from MongoDB’s database-as-a-service cloud solution. For those bullish on growth in the cloud, MongoDB is an excellent option to consider. Furthermore, this company’s valuation relative to its peers appears to be attractive.

Given the aforementioned valuation compression we’re seeing in the market, this is a good thing for investors. I think MongoDB provides impressive upside in this regard. During the company’s most recent quarter, MongoDB posted revenue growth of 38%, certainly suggesting this company’s growth potential has not been limited by the current environment.

Each of these top tech stocks certainly provides upside over the long-term. That said, this near-term environment is unpredictable. Accordingly, investors may want to ease into such positions over time.

— Chris MacDonald

Could This Stock Be the Best EV Play of 2022? [sponsor]
You're not going to want to buy a single EV stock before you watch this... Louis Navellier - the analyst who found Microsoft at 38 cents - just named a top EV company to watch in 2022. And it's not Tesla. Click here to watch.

Source: Investor Place