- The NASDAQ index has gained 2.5% last week and risen nearly 25% since the start of 2023, resulting in a rally of $4 trillion for tech stocks. An example of this surge is seen in Nvidia, whose shares increased by over 165% year-to-date.
- Other tech companies are also expected to benefit from the growing demand for tech products and services. Monday.com and an unnamed cloud computing company have earned a ‘Perfect 10’ rating on TipRanks Smart Score, indicating potential for future outperformance based on a set of 8 factors.
- Monday.com is a software company offering cloud-based products to enterprise customers, holding its IPO in June 2021 and recently announcing a partnership with Microsoft, expected to expand the customer base. The unnamed cloud computing company is expected to continue growing as more businesses shift to the cloud. Both companies offer strong growth potential and innovation in their respective markets.
According to financial analytics firm TipRanks’ “Perfect 10” list, two top-rated tech stocks are primed to help investors ride the current tech rebound. These stocks have both achieved a perfect 10 rating from TipRanks’ Top Analyst Consensus, indicating that they have been consistently recommended by analysts for strong upside potential.
The first stock on the list is Shopify, a leading e-commerce platform provider for small and medium-sized businesses. Shopify has been experiencing surging demand amid the COVID-19 pandemic, as consumers increasingly turn to online shopping. The company’s revenue surged by 71% year-over-year in the second quarter of 2020, and analysts forecast continued growth as more businesses move their operations online.
The second stock on the “Perfect 10” list is DocuSign, a provider of electronic signature technology and digital transaction management services. DocuSign has been benefiting from the shift toward remote work and the need for secure and efficient digital document management. The company recently reported a 39% increase in revenue year-over-year for the second quarter of 2020, and analysts expect this trend to continue as more businesses embrace digital transformation.
As the tech sector experiences a rebound following the market turmoil earlier this year, investors may want to consider these top-rated stocks as potential winners. Analysts have given both Shopify and DocuSign a strong vote of confidence, indicating that they have the potential to deliver impressive returns as the tech sector continues to grow and evolve.