12 Best Internet of Things Stocks To Buy According to Analysts

2. Itron, Inc. (NASDAQ:ITRI)

Analyst Upside Potential: 34.02%

Itron, Inc. (NASDAQ:ITRI) is a technology company that specializes in managing energy and water resources for utilities and cities. It not only makes hardware like meters to measure how much electricity, gas, or water people use but also offers advanced software and services that help utilities make better decisions by analyzing the data they collect from these networks. The company also works on projects to make cities more efficient using technologies like the Internet of Things (IoT), which helps manage infrastructure intelligently.

During the fiscal third quarter of 2024, the company reported strong execution across its segments, with revenue growth driven by increased demand for energy and water management solutions. Itron, Inc. (NASDAQ:ITRI) delivered a revenue of $615 million, up 10% year-over-year. Notably, the backlog remained strong at $4 billion towards the end of the third quarter, with bookings at $487 million.

ClearBridge Small Cap Value Strategy in its first quarter investor letter said the company’s 2024 guidance exceeds market estimates, indicating optimism about future growth and financial health. Moreover, historically speaking, supply chain challenges have affected a company’s performance. However, it appears that these issues have been largely resolved, allowing the company to focus on improving its operations. It is one of the best Internet of Things stocks to buy according to analysts.

ClearBridge Small Cap Value Strategy stated the following regarding Itron, Inc. (NASDAQ:ITRI) in its first quarter 2024 investor letter:

“For the Strategy in the quarter, stock selection in the IT sector was the largest contributor to relative performance. Network solutions company Itron, Inc. (NASDAQ:ITRI) was also rewarded for strong quarterly results and issuing 2024 guidance above market estimates. The company appears to have largely shrugged off the supply chain issues that have weighed on past performance and looks to continue to improve its margins by closing two weaker-margin factories this year and announcing several new partnerships to support growth in both its software and network segments.”