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The coronavirus outbreak has, surprisingly, opened up newer avenues of growth for tech companies. The coronavirus-led global lockdown is fueling demand for PCs, notebooks and peripheral accessories, as more and more workers and students work and learn from home.
Here, we have zeroed in on five Nasdaq-traded tech stocks that are well poised to benefit from this space’s solid growth prospects.
Our Picks:
Dropbox (DBX) , which currently sports a Zacks Rank #1, is poised to benefit from shift in demand trend owing to the coronavirus outbreak. The company, which has a Growth Score of A, offers platform that enables users to store and share files, photos, videos, songs and spreadsheets.
Due to the global lockdown situation, workers now need to work from home which is stoking demand for cloud storage. Moreover, the company is benefiting from evolving workspace demands for seamless enterprise communication tools. Further, integration with leading applications like Zoom Video, Slack and Atlassian will likely expand the Dropbox paying-user base over the long run.
The company’s earnings are expected to soar 42% year over year to 71 cents per share in 2020.
Dropbox, Inc. Price
Synaptics (SYNA) is well poised to capitalize on its market-leading position for both touchpads and secure fingerprint sensors amid upbeat trends in PC shipments. New design wins across all OEM leaders, including Dell, HP and Lenovo, deserve a special mention.
Further, incremental adoption of this Zacks #1 Ranked company’s edge SoCs, integrated with AI and embedded neural networks capabilities for smart video and audio devices, is anticipated to favor its performance in the days ahead.
The stock has a Growth Score of B. Additionally, Synaptics’ earnings are likely to jump 41% year on year to $5.64 per share in fiscal 2020.
Synaptics Incorporated Price
NVIDIA (NVDA) is a global leader in providing high-performance graphic processing unit or GPU for PCs, notebooks, gaming consoles and data centers. The work-and-learn-from home necessity is driving demand for PCs and cloud-based services, which will benefit NVIDIA.
In addition, this Zacks Rank #2 company’s GPU used for medical research is likely to get a boost owing to the coronavirus outbreak. NVIDIA’s Parabricks tool will be useful for researchers who are working to combat the current crisis. Through this GPU-accelerated genome analysis toolkit, researchers can accomplish analysis process in just a few hours, which previously took many days.
The stock, which has a Growth Score of A, is likely to witness a 32% year-over-year jump in its fiscal 2021 earnings and reach $7.65 per share.
NVIDIA Corporation Price
At present, FireEye (FEYE) carries a Zacks Rank of 2 and has a Growth Score of A. As more and more organizations start to work remotely amid the coronavirus crisis, their cybersecurity needs are likely to spike.
Notably, the rising number of work-from-home employees is aggravating security lapses, triggering risks of hacking and phishing scams using coronavirus as content of the subject. Moreover, usage of own devices and equipment that are not properly configured or can be infected with malware during teleworking further raises possible security breaches for enterprises.
FireEye’s earnings are likely to quadruple in 2020 to 20 cents per share compared with the 5 cents in 2019.
FireEye, Inc. Price
Akamai (AKAM) is anticipated to benefit from robust growth of cloud-security solutions. Moreover, strong performance of its cloud-security business and growth in Media & Carrier Division is a positive. Solid demand for Kona Site Defender, Prolexic Solutions, new Bot Manager Premier, and Nominum Services are also expected to drive the top line in the upcoming days. The traction gained by Enterprise Application Access and Enterprise Threat Protector is noteworthy.
Furthermore, increasing adoption of mobile data/apps on growing mobile-data traffic bodes well. Strong traffic growth in video downloads, driven by coronavirus-induced stay-home wave, is a tailwind, for this Zacks #2 Ranked company.
The stock, which has a Growth Score of B, is likely to witness an 8.9% year-over-year increase in ongoing-year earnings and reach $4.89 per share.
Akamai Technologies, Inc. Price
The coronavirus outbreak has, surprisingly, opened up newer avenues of growth for tech companies. The coronavirus-led global lockdown is fueling demand for PCs, notebooks and peripheral accessories, as more and more workers and students work and learn from home.
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