Scoop Up These 4 Tech Stocks Trading More Than 10% Below Their 52-Week Highs By StockNews
The tech industry is progressing rapidly on continuing digital transformation in almost every sector. Therefore, quality tech stocks, QUALCOMM (QCOM), Teradata Corporation (NYSE:), Box, Inc. (BOX), and Yelp Inc. (NYSE:), which are trading significantly below their 52-week price highs, could be prominent bets now. These stocks are rated ‘Buy’ or ‘Strong Buy’ in our proprietary rating system. Let’s discuss these names.Digital transformation across almost every industry, together with the wide adoption of hybrid work structures, is driving the tech industry’s growth. The Technology Select Sector SPDR Fund (XLK) ETF has gained 36.4% over the past year, outperforming the broader SPDR S&P 500 ETF Trust’s (SPY) 31.3% returns.
Software and analytics are being heavily invested by companies to improve the efficiency of their business operations. Analysts predict that the U.S. technology market will grow by 7.4% and 6.7% respectively in 2021-2022. In addition, software spending is expected to accelerate significantly—10% in 2021 and just over 11% in 2022.
These fundamentally sound stocks, QUALCOMM Incorporated, Teradata Corporation, TDC, Box, Inc., (BOX), Yelp Inc., (YELP), are trading at a significant discount to their 52-week highs. However, they could see a rise in value over time. These stocks are rated ‘Buy’ or ‘Strong Buy’ in our proprietary POWR Ratings system.
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