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3 Cheap Tech Stocks to Buy Now By StockNews

by Mike Robinson

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© Reuters. 3 Cheap Tech Stocks to Buy Now

Increasing dependency on cloud-based services, data and analytics capabilities, and the requirement to automate business processes have been propelling the technology industry’s growth. Therefore, fundamentally sound tech stocks Ribbon Communications (NASDAQ:), Alpha and Omega Semiconductor (NASDAQ:), and PCTEL (NASDAQ:), which look cheap at their current price levels, could be solid bets now.The COVID-19 pandemic has accelerated digital transformation and the requirement of business automation significantly. The rapid adoption and use of technology to support remote living are all driving the market’s growth. The Forrester U.S. Tech Market Growth Forecast predicts that the U.S. technology budget will rise between 9% and 10% by 2021.

Investors’ confidence in the technology industry is evident from the iShares Global Tech ETF’s (IXN) 11.8% returns over the past six months versus the SPDR S&P 500 ETF Trust’s (SPY) 9.6% gains. A positive outlook is being created for technology by growing demand for wireless technology and cloud computing as well as increased spending to improve analytical capabilities.

We believe it would be wise to invest in quality stocks such as Ribbon Communications Inc., Alpha and Omega Semiconductor Limited, and PCTEL, Inc., which are undervalued given their current prices.

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