As the festive season rolls in, finding the best tech stocks to buy is exciting, lighting up various sectors with innovative energy.
These industry giants are showing impressive resilience and growth across diverse fields, from groundbreaking pharmaceuticals and cloud services to AI-powered customer interactions, cutting-edge semiconductor technology, and the expanding world of streaming platforms.
New product launches, including the respiratory syncytial virus vaccine named ABRYSVO, have contributed substantially to Pfizer’s revenue.
Additionally, ABRYSVO has now been approved for preventing RSV in older adults and infants through maternal immunization. It has positioned Pfizer as the sole provider with this capability. The estimated market size for RSV vaccination in the US alone comprises around 80 million eligible adults and 1.5 million eligible pregnant women. This indicates a substantial growth opportunity for ABRYSVO.
Moreover, Pfizer’s acquisition of Nurtec and Oxbryta in 2022 has added significant value to its portfolio. Nurtec, targeting the migraine market, has the potential to capture a considerable share.
Lastly, oral Calcitonin gene-related peptides are potentially becoming the first-line therapy for migraines. Pfizer’s strategic focus on primary care and its estimation of capturing up to 40% of the overall migraine market showcase a strong growth trajectory making it one of the tech stocks to buy now.
JFrog’s (NASDAQ:FROG) earnings witnessed a notable 46% year-over-year growth in cloud revenue in Q3 2023. This robust expansion signifies a growing demand for cloud services, underscored by accelerated cloud usage and collaborations with major public clouds.
The company has forecasted a mid-40s growth rate for fiscal 2023 in the cloud sector. This reinforces the company’s focus on this segment and aligns with broader industry trends favoring cloud-based solutions.
JFrog excels at attracting enterprise customers. There is a significant rise in customers, with annual recurring revenue surpassing $100K and $1 million, showcasing the company’s ability to acquire and retain high-value clientele. 848 customers have an ARR exceeding $100K and a notable 67% year-over-year increase.
Similarly, it has reached 30 customers, surpassing $1 million in ARR. JFrog’s software supply chain platform gained trust from larger entities, showing its value and making it among the best tech stocks to buy for growth.
Johnson & Johnson (JNJ)
The Innovative Medicine segment was pivotal in Johnson & Johnson’s (NYSE:JNJ) growth and for putting it on this list of tech stocks to buy.
For instance, in Q3 2023, the segment witnessed sales of $13.9 billion, a 5.1% increase globally.
Despite a decline of 2.3% outside the US, the segment experienced strong growth in the US of 10.9%. Key brands like DARZALEX, ERLEADA, STELARA, and TREMFYA contributed significantly to its growth. This showcases the company’s ability to maintain market share and drive sales in various therapeutic areas.
Launching new products such as CARVYKTI, SPRAVATO, TECVAYLI, and TALVEY showed promising early success, providing avenues for future growth in the oncology sector. This progress is clear despite the loss of exclusivity for ZYTIGA and REMICADE, coupled with competitive pressures affecting IMBRUVICA sales.
Finally, MedTech sales surged by 10%, with robust growth in the US of 11.6% and 8.3% outside the US. Therefore, this growth is resilient against international sanctions in Russia and volume-based procurement challenges in China affecting MedTech platforms related to the spine, trauma, end cutters, energy, and electrophysiology.
To begin with, Salesforce (NYSE:CRM) exhibited a robust growth trajectory in its Remaining Performance Obligations (RPO). RPO has closed Q3 fiscal 2024 with a significant 21% year-over-year increase, surpassing initial projections.
Salesforce’s strength lies in its financial metrics, diversified product portfolio, and market expansion strategies. Bundling various clouds—Tableau, Slack, MuleSoft, and Data Cloud, among others—into comprehensive offerings resulted in an impressive 80% growth in deals surpassing $1 million.
The introduction of the Data Cloud was pivotal. It is acquiring 1K new customers and witnessing substantial growth in related deals and customer adoption.
The introduction of the Einstein GPT Copilots garnered rapid traction despite being a recent addition. Notably, 17% of Fortune 100 companies are already onboard, handling a trillion transactions weekly.
Finally, Salesforce’s leadership in AI CRM and innovation remains undeniable. Notably, Salesforce’s architecture prioritizes trust in AI, ensuring customer data protection from potential threats posed by large language models, securing customer privacy, and fostering trust. This truly is one of the best tech stocks to buy right now.
Extreme Networks (EXTR)
Extreme Networks (NASDAQ:EXTR) strongly emphasized cloud adoption, with a remarkable 30% year-over-year growth in ARR to $141 million and a substantial 38% increase in software-as-a-service (SaaS) deferred revenue.
These metrics represent the company’s successful shift towards cloud-based services, a strategic move in an industry witnessing increasing reliance on cloud technology.
The sustained growth in cloud-related revenue streams reflects the company’s ability to meet evolving customer demands and solidifies its position in the tech sector.
Extreme Networks executed various market initiatives in line with its growth strategy, such as expanding into the Asia-Pacific region, obtaining certifications in regulated industries, and establishing partnerships with seven new managed service providers.
Finally, these initiatives illustrate the company’s proactive approach to market expansion, catering to specific industry segments and enhancing its market reach nd making it among the more intriguing tech stocks to buy.
ON Semiconductor (ON)
A significant contributor to ON Semiconductor’s (NASDAQ:ON) growth is its strategic focus on silicon carbide technology. The company’s investments in SiC have yielded substantial results, aiming for over 25% market share in the SiC market by the end of 2023.
This projection comes with an expected revenue surge of over $800 million in 2023, a fourfold increase from the previous year. The company anticipates doubling its SiC business growth in 2024, outpacing market growth projections.
Fundamentally, this strategic approach positions ON Semiconductor as a dominant player in the SiC market, reflecting its forward-thinking strategy and potential for substantial revenue expansion.
Furthermore, ON Semiconductor’s technological advancements and market penetration efforts in SiC manufacturing underscore its strong position in the industry. The company has achieved operational milestones by attaining record SiC output across its factories.
Additionally, expanding its Bucheon facility to produce over 1 million 200-millimeter SiC wafers annually signals a commitment to meet burgeoning market demand. With an extensive customer base of over 500, it is securing long-term supply agreements with leading automotive players.
Overall, ON Semiconductor continues to strengthen its foothold in critical automotive and energy infrastructure industries, leveraging its SiC technology expertise.
One of Paramount’s (NASDAQ:PARA) fundamental strengths lies in its burgeoning streaming business, notably Paramount Plus, which exceeded 63 million subscribers during Q3 2023. This streaming service is one of the best tech stocks to buy in the space.
The D2C segment witnessed substantial growth with a 38% surge in revenue, bolstered by successful price increments. Paramount’s strategic integration with Showtime showcased enhanced acquisition, engagement, and average revenue per user growth.
Fundamentally, this achievement signifies Paramount’s ability to monetize its content effectively. This points towards an optimistic projection of improved profitability with reduced D2C losses expected in 2023 and a subsequent return to earnings growth in 2024.
Paramount’s global expansion initiatives and partnerships have also driven its streaming business. The company’s international focus and distribution models optimize content monetization in diverse markets. Partnerships with major entities like Delta and Walmart contributed significantly to subscriber growth and engagement.
Finally, Pluto TV’s extensive global reach and highest total viewing hours in Q3 exemplify an economically efficient approach to tapping into international streaming consumption.
As of this writing, Yiannis Zourmpanos held long positions in PFE, and PARA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.