The Top 3 Tech Stocks to Buy in 2022

This year, there has been a significant sell-off in tech companies, with the Nasdaq Composite index, which is heavily weighted in the sector, falling 30.7 percent thus far. The correction has been influenced by a number of factors, including the Fed's aggressive policy tightening to lower prices, supply chain bottlenecks, a tight labour market, and global upheaval.

Organizations are making investments to stay current with trends in this rapidly evolving environment, though, as a result of the rapid advancement of technology. In the long run, it is anticipated that the business would create significant revenues due to the rising demand for tech products and solutions as well as ongoing innovations.

By 2026, the global market for information technology is anticipated to reach $13.81 trillion, expanding at a CAGR of 10.3 percent. The internet of things (IoT), artificial intelligence, cloud computing, augmented reality, and virtual reality are predicted to be the major development drivers for the sector.

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The excellent tech equities Apple Inc. (AAPL), Salesforce Inc. (CRM), and Palo Alto Networks Inc. should thus be purchased by investors at a discount (PANW).

iTunes Inc. (AAPL)

In addition to developing, producing, and marketing smartphones, tablets, wearables, and accessories, AAPL also offers a number of associated services. iPhone, Mac, AirPods Max, iPad, Wearables, Home, and Accessories are some of the products it offers.

On July 6, 2022, APPL provided specifics of its plans to broaden its market-leading commitment to safeguard users against specifically targeted mercenary spyware. A revolutionary security feature developed by the corporation called "Lockdown Mode" provides protection for tiny users who are the focus of targeted attacks on their online safety. It also disclosed information on a $10 million grant it received to support studies revealing these dangers.

These 3 Stocks Will Double This Year

AAPL's net sales for the second quarter ending March 26, 2022, climbed 9% year over year to $97.28 billion. Operating income increased by 9% from the prior year to $29.98 billion. The company's net income grew 5.8% compared to the prior year to $25.01 billion, and its EPS was $1.52, up 8.6% from the previous figure.

For the fiscal fourth quarter (ending in September 2022), the consensus revenue forecast of $90.40 billion reflects an 8.4% increase over the corresponding period in 2017. The continuing quarter's consensus EPS forecast of $1.32 marks a 6.3 percent rise from the same time last year.

The company has a strong track record of beating profit expectations; in each of the previous four quarters, it has done so.

The stock's closing price during the most recent trading session was $147.04, down 17.2 percent year to date. Its current price is 19.6% below the $182.94 52-week high it reached on January 4, 2022.

The POWR Ratings for AAPL reflect the company's solid fundamentals. The POWR Ratings are determined by taking into account 118 different variables, each of which is given the ideal amount of weight.

Sentiment and Quality both receive a B on this piece. It is placed 16th out of 45 stocks in the Technology - Hardware sector. To view the other AAPL ratings for Growth, Value, Momentum, and Stability, click here.

Inc. Salesforce (CRM)

CRM provides a framework for customer relationship management that connects businesses and customers on a global scale. With the aid of its Customer 360 platform, businesses can sell, service, market, and do business from any location by connecting customer data from various systems, applications, and devices.

MuleSoft, a single solution for every team with simple automation and integration across any system or workflow, was unveiled by CRM on June 29, 2022. Numerous corporate teams are anticipated to request this service in order to spur growth and improve operational effectiveness, productivity, and agility.

CRM's overall revenues for the first quarter of its fiscal year that concluded on April 30, 2022, grew 24.2 percent year over year to $7.41 billion. Its non-GAAP income from operations increased 8.5 percent from the same quarter last year to $1.31 billion, while its gross profit increased 21.7 percent from the same period last year to $5.37 billion.

Cash and cash equivalents held by the corporation as of January 31, 2022, were $5.46 billion, up 25.5 percent to $6.86 billion today.

CRM's EPS and revenue are anticipated to rise 1.2 percent and 17.8 percent year over year to $1.28 and $8.09 billion, respectively, for the quarter ending October 31, 2022. In each of the previous four quarters, the stock has outperformed consensus EPS forecasts.

The stock, which closed the most recent trading session at $175.50, has lost 35.6 percent over the last nine months and 30.9 percent so far this year. Its price is currently 43.7 percent below the $311.75 52-week high it reached on November 9, 2021.

Solid prospects are reflected in CRM's POWR Ratings. The stock has a Sentiment grade of B in our unique assessment system. Out of 156 stocks, it is rated #48 in the Software - Application sector. Click here to view the CRM ratings for Growth, Value, Momentum, Stability, and Quality.

Inc. Palo Alto Networks (PANW)

PANW offers cybersecurity products and services. With comprehensive visibility and context across all locations, it provides a security platform that continuously enables businesses, service providers, and governmental organisations to safeguard all users, apps, data, networks, and devices.

PANW released its Out-of-Band Web Application and API Security to Prisma Cloud on June 23, 2022. With the aid of this innovative tool, businesses can secure online applications while maintaining maximum flexibility in the fast changing digital environment.

Oracle Corporation (ORCL) selected Palo Alto Networks VM-Series Next-Generation Firewall (NGFW) as the technology to enable the Oracle Cloud Infrastructure (OCI) Network Firewall, according to a PANW announcement made on May 24, 2022. This indicates the company's robust positioning in the cybersecurity market and the high demand for its products.

In the third quarter of its fiscal year that concluded on April 30, 2022, PANW's overall revenue climbed by 29.1% year over year to $1.39 billion. Its non-GAAP net income climbed year over year by 38.4% to reach $193.10 million, while its non-GAAP EPS rose by 29.7% to $1.79.

Analysts forecast a 26.6 percent year-over-year growth in PANW's sales to $1.54 billion for the current quarter ending July 31, 2022. The Street anticipates that in the same period, its EPS will climb 42.4 percent year over year to $2.28. In each of the last four quarters, it has topped consensus EPS forecasts.

The stock has lost 13.8 percent over the last three months, ending the most recent trading day at $524.22. Its current price is 18.2 percent below the $640.90 52-week high it reached on April 20, 2022.

The POWR Ratings for PANW highlight its solid fundamentals. It receives a B for quality and an A for growth. It is ranked #8 out of 29 stocks in the Software - Security sector. To view the additional PANW ratings for Value, Momentum, Stability, and Sentiment, go here.

On Monday afternoon, AAPL shares were selling for $146.31 per share, down $0.73. (-0.50 percent ). AAPL has down -17.38 percent so far this year, while the benchmark S&P 500 index has increased by -18.10 percent.