tl;dr
Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) and a host of other tech stocks are likely to help boost the broader Nasdaq to hit 20,000 this year, investment firm Wedbush Securities said on Tuesday. Analyst Dan Ives wrote in an investor note that tech stocks are expected to be up 25% in 2024, with a ...
Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) and a host of other tech stocks are likely to help boost the broader Nasdaq to hit 20,000 this year, investment firm Wedbush Securities said on Tuesday. Analyst Dan Ives wrote in an investor note that tech stocks are expected to be up 25% in 2024, with a NASDAQ 20k level as the bull case scenario, as the AI monetization cycle is playing out among enterprises in the field.
Favorite tech stocks for 2024, according to Ives, include Apple (AAPL), Microsoft (MSFT), Google (NASDAQ:GOOG) (NASDAQ:GOOGL), Palo Alto Networks (PANW), Palantir (PLTR), Zscaler (ZS), CyberArk (CYBR), Crowdstrike (CYBR), and MongoDB (MDB). Recent channel checks showed that AI monetization has started to positively impact the tech sector, with a strong year-end budget flush for cloud service providers and the overall software sector. Ives predicts a new tech bull market emerging, resulting in a tidal wave of M&A in both software and semiconductors.
More about Apple Inc
Apple Inc. is a leading multinational technology company with a focus on consumer electronics, computer software, and online services. In 2020, the company reported a staggering revenue of $274.5 billion, solidifying its position as the world's largest technology company. As of January 2021, Apple has become the most valuable company globally. Despite its dominance in the technology sector, Apple faces competition as the fourth-largest PC vendor and smartphone manufacturer. The stock performance metrics indicate a strong market sentiment, with a market capitalization of $2.99 trillion, a P/E ratio of 31.46, and a dividend yield of 0.94. However, the relative strength index (RSI) of 24.34 suggests the stock may be oversold. The current market sentiment indicates potential uncertainties, with a negative change in the stock price of -0.007 and a Bollinger Bands indicator of 0.253, highlighting potential risks in the short term.
More about Microsoft Corporation
Microsoft Corporation is a leading American multinational technology company with a market capitalization of $2.79 trillion. The stock is currently trading at $408.96, with a 52-week range of $218.31 to $408.96. The stock has shown a strong bullish trend, with a Relative Strength Index (RSI) of 29.35 indicating potential overbought conditions. The company's revenue growth rate is at 0.353, and its earnings per share (EPS) is at 0.272, showing steady financial performance. Microsoft's position as one of the Big Five companies in the U.S. information technology industry, along with Google, Apple, Amazon, and Facebook, further solidifies its market sentiment and potential for future growth. However, it is important to note that past performance is not always indicative of future results, and potential risks and uncertainties should be considered before making investment decisions.
More about Alphabet Inc Class C
Alphabet Inc. Class C is a technology company with a market capitalization of $1.76 trillion, making it one of the world's most valuable companies. The stock has a price-to-earnings ratio of 27.0 and a dividend yield of 0.46%. The stock has shown a bullish trend, with a 5.22% increase in the last quarter and a 23.34% increase in the last year. The Relative Strength Index (RSI) is at 0.225, indicating a neutral market sentiment. However, the stock is currently trading near its resistance level, suggesting a potential breakout. Investors should be cautious of potential risks and uncertainties, as past performance is not always indicative of future results.
More about Palo Alto Networks Inc
Palo Alto Networks Inc is a global provider of cybersecurity platform solutions, with its headquarters in Santa Clara, California. The company operates in the technology sector, specifically in the field of computer peripheral equipment. With a market capitalization of $92.98 billion, the stock is currently trading at $294.51 per share. Over the past year, the stock has shown a positive performance, with an increase of 8.33%. The company's price-to-earnings ratio stands at 166.6, indicating a relatively high valuation. The stock also has a beta of 1.77, suggesting higher volatility compared to the overall market. From a technical analysis perspective, the stock is currently trading above its 50-day and 200-day moving averages, indicating a bullish trend. However, the Relative Strength Index (RSI) is at 23.57, suggesting that the stock may be oversold. Overall, market sentiment towards Palo Alto Networks Inc appears positive, but investors should be mindful of the stock's high valuation and potential volatility.
More about Palantir Technologies Inc
Palantir Technologies Inc. is a technology company specializing in creating and implementing software platforms for the intelligence community in the United States, with a focus on counterterrorism investigations and operations. The company's market capitalization stands at $37.36 billion, with a stock price of $245.29. The stock has shown a minimal daily change of 0.07 and a beta of 1.001, indicating a moderate correlation with the overall market. The company has a market sentiment score of 0.0693, suggesting a slightly positive sentiment among investors. The stock has a trading volume of 2,125,286,000, with a current P/E ratio of 15.43. It's important to note that past market behavior is not always a reliable indicator of future performance, and there may be potential risks or uncertainties associated with investing in this stock.
More about Zscaler Inc
Zscaler Inc. is a global cloud security company with a market cap of $32.86 billion, headquartered in San Jose, California. The stock has performed well recently, with a 12.04% increase in value. However, the Relative Strength Index (RSI) is at -0.0954, indicating potential overbought conditions. The stock has a bullish trend with a strong resistance level at $223.81. The company's focus on cloud security services is in line with the current market sentiment towards cybersecurity, which is positive. However, there are potential risks associated with the stock's overbought conditions and the general volatility of the market. It is important to consider these factors before making any investment decisions.
More about CyberArk Software Ltd
CyberArk Software Ltd. is a technology company that develops, markets, and sells software-based security solutions and services globally. Their revenue for the last fiscal year was $914.86 million, with a net income margin of -2.37%. The stock price is currently at $218.75, with a 52-week high of $253 and a 52-week low of $197. Market sentiment appears to be slightly bearish, with a negative price change of -0.14% and a relative strength index (RSI) of 16.87. The company's performance may be facing some resistance at current levels, with potential downside risks to consider.
More about MongoDB
Stock Symbol: MongoDB
Industry: Technology, Services-Prepackaged Software
Market Cap: $29.51 billion
Stock Performance: -2.62% change, closing at $458.01
Market Sentiment: Bearish trend with a Relative Strength Index (RSI) of 22.49, below the oversold threshold of 30, indicating potential downside momentum. The stock is currently trading below its 50-day and 200-day moving averages, suggesting a negative short-term and long-term trend. The Bollinger Bands are showing a narrowing range, potentially signaling a breakout in either direction. The company's financial data and market sentiment indicate potential risks and uncertainties in the near term.
More about NVIDIA Corporation
NVIDIA Corporation is a leading technology company specializing in the design of graphics processing units (GPUs) for gaming and professional markets, as well as system on a chip units (SoCs) for mobile computing and automotive markets. With a market capitalization of $122.3 billion, the stock is currently trading at $641.23 with a price-to-earnings ratio of 65.33. The stock has shown a 12.74% increase over the past year, outperforming the market average. The company's strong financial performance and innovative products have contributed to a bullish sentiment in the market. However, it is important to note that the semiconductor industry is highly cyclical and subject to global economic trends, which may pose potential risks for future performance.
More about Amazon.com Inc
Amazon.com Inc. is a leading multinational technology company in the e-commerce, cloud computing, and digital streaming sectors, and is considered one of the most influential economic and cultural forces in the world. The company's stock performance has seen a significant increase, with a market cap of over $1.57 trillion and a current stock price of $177.14. Despite recent gains, the stock has experienced a modest increase of 1.91% and has a relatively low RSI of 53.95, suggesting potential room for further growth. However, it's important to note potential risks and uncertainties associated with market sentiment, as past performance is not always indicative of future results. Overall, Amazon's stock is displaying bullish trends, but caution is advised when considering potential investment opportunities.
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