13 Best American Tech Stocks To Buy According to Analysts

Published on February 5, 2024 at 3:05 pm by Fatima Farooq in Hedge Funds, News

In this article, we will be taking a look at the 13 best American tech stocks to buy according to analysts. To skip our detailed analysis of the US tech industry, you can go directly to see the 5 Best American Tech Stocks To Buy According to Analysts.

US Tech Stocks Continue to Attract Investors

For most of 2023, the tech sector seemed to have established itself as a safe haven for many investors with its prolonged rallies, helped by the rising interest in artificial intelligence (AI) and the growing profitability of several large tech companies. It seems as though these positive trends are continuing in 2024, with many investors remaining faithful to their tech holdings and expecting higher profitability from their investments as the year progresses. With such strong optimism driving up the tech stocks, many are beginning to wonder whether this obsession with tech stocks ever come to an end and whether other names in the market will ever gain investor attention again.

On February 1, Mizuho Americas’ Farzin Azarm joined CNBC’s “Street Signs Asia” to discuss current trends in the US tech sector and this investor obsession with tech stocks. Here are some of his comments:

“Everybody is in the US tech names, everybody, and nobody’s selling these names because why would they? Every day you come in, NVIDIA’s making a new all time high, look at what Meta is doing after hours look at what Amazon is doing after hours. It’s been a safe haven and people are saying ‘why should I abandon these names that have given me a return every day? Why should I move away from something like this and invest in something that risky, that hasn’t given me any kind of a return?'”

The Impact of the Tech Rally on China

According to Azarm, this continued preference for US tech stocks is resulting in other stocks, notably those originating in China, being ignored. He believes that a “crack” in the US tech and AI trade is the only thing that will rotate money back into Chinese stocks at the end of the day. He added that because investors have already committed huge amounts to expensive American stocks, they do not have the appetite to invest further in more expensive companies. As such, he believes that when the US tech rally slows down, cheaper valuation Chinese companies may begin to attract investor attention. On this front, here’s what Azarm had to say:

“People are looking for underperformance, people are looking for… cheaper valuation companies. The US names are trading at 30-35 times now, some of these names. They’re priced to perfection. They’re not going down, it’s amazing to me, but once it does, and it’s gonna come, I think that money may go to China.”

In light of the above, it is unsurprising that major names such as Alphabet Inc. (NASDAQ:GOOGL), Microsoft Corporation (NASDAQ:MSFT), and Amazon.com, Inc. (NASDAQ:AMZN) continue to be considered some of the best American tech stocks to buy according to analysts and investors alike. These companies are some of the best long-term tech stocks to invest in and have been dubbed the best tech stocks to buy for several years, all due to their stellar performance. But they have been joined by many other notable names, which our list below will highlight.

Our Methodology

We have selected the best American tech stocks to buy according to analysts by using a stock screener to identify American tech stocks and then shortlisting the top stocks based on their upside potential according to Wall Street analysts. The stocks are ranked from the lowest to the highest upside potential as of February 5. We have also mentioned the number of hedge funds holding stakes in each stock. Some leading companies, such as NVIDIA Corporation (NASDAQ:NVDA), had to be excluded from our list because of their low upside potential.

Best American Tech Stocks To Buy According to Analysts

13. Intel Corporation (NASDAQ:INTC)

Number of Hedge Fund Holders: 70

Upside Potential According to Analysts: 8.53%

Average Price Target: $46.42

Intel Corporation (NASDAQ:INTC) is a semiconductor company based in Santa Clara, California. It develops, manufactures, markets, and sells computing and related products and services.

A Buy rating was maintained on shares of Intel Corporation (NASDAQ:INTC) on January 26 by Vijay Rakesh at Mizuho, alongside a price target of $55.

In the third quarter of 2023, 70 hedge funds were long Intel Corporation (NASDAQ:INTC), with a total stake value of $2.1 billion.

Upslope Capital Management mentioned Intel Corporation (NASDAQ:INTC) in its fourth-quarter 2023 investor letter:

“Intel Corporation (NASDAQ:INTC) – New Long: This is not a traditional long for Upslope in any sense. Intel is outside of the box in terms of typical sector and market cap focus, and the position is really a portfolio hedge (and structured as such). The thesis is very simple: Intel is uniquely positioned to benefit in two important scenarios, both of which require “protection” for Upslope’s portfolio: a continued melt-up in technology stocks and/or rising tensions over Taiwan. Combined with expectations and sentiment around Intel that were incredibly low, this nudged me to add exposure via long-dated INTC call options. While still material in terms of delta-adjusted exposure, the position has been reduced repeatedly and is much more modest today.”

Like Alphabet Inc. (NASDAQ:GOOGL), Microsoft Corporation (NASDAQ:MSFT), and Amazon.com, Inc. (NASDAQ:AMZN), Intel Corporation (NASDAQ:INTC) is one of the best American tech stocks to buy according to analysts.

12. Roper Technologies, Inc. (NYSE:ROP)

Number of Hedge Fund Holders: 42

Upside Potential According to Analysts: 8.54%

Average Price Target: $590.50

Brian Gesuale at Raymond James maintained a Strong Buy rating and a $620 price target on Roper Technologies, Inc. (NYSE:ROP) on February 2.

Roper Technologies, Inc. (NYSE:ROP) is an application software company that designs and develops software and technology-enabled products and solutions. It is based in Sarasota, Florida.

There were 42 hedge funds long Roper Technologies, Inc. (NYSE:ROP) in the third quarter of 2023, with a total stake value of $2.5 billion.

Ayrshire Capital Management was the largest shareholder in Roper Technologies, Inc. (NYSE:ROP) at the end of the third quarter, holding 12,437 shares in the company.

11. ServiceNow, Inc. (NYSE:NOW)

Number of Hedge Fund Holders: 99

Upside Potential According to Analysts: 9.09%

Average Price Target: $846.93

A total of 99 hedge funds held stakes in ServiceNow, Inc. (NYSE:NOW) at the end of the third quarter. Their total stake value of $4.9 billion.

ServiceNow, Inc. (NYSE:NOW) is a systems software company based in Santa Clara, California. It provides end-to-end intelligent workflow automation platform solutions for digital businesses.

A Buy rating and an $896 price target were maintained on ServiceNow, Inc. (NYSE:NOW) on January 26 by Tyler Radke at Citigroup.

Here’s what Polen Capital had to say about ServiceNow, Inc. (NYSE:NOW) in its fourth-quarter 2023 investor letter:

“ServiceNow, Inc. (NYSE:NOW) continues to grow revenue and earnings at above a 20% rate, as they have for many years. The company has a software automation platform that efficiently builds applications on top of and across many enterprise functions. The NOW platform can automate almost any workflow previously done through email, spreadsheets, or some other less-than-efficient method. Its addressable market is very large because of the sheer breadth and depth of the tasks that can be automated by using its software. ServiceNow’s offerings tend to save customers money and make their workflows less prone to error. The company’s growth has been among the most consistent in our Portfolio prior to, during, and after the pandemic.”

10. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 134

Upside Potential According to Analysts: 9.48%

Average Price Target: $205.75

Markel Gayner Asset Management was the most prominent shareholder in Apple Inc. (NASDAQ:AAPL) at the end of the third quarter, holding 1.2 million shares in the company.

Apple Inc. (NASDAQ:AAPL) is an information technology company that designs, manufactures, and markets smartphones, computers, and other electronic gadgets. It is based in Cupertino, California.

Martin Yang at Oppenheimer holds an Outperform rating and a $200 price target on Apple Inc. (NASDAQ:AAPL) as of February 2.

Apple Inc. (NASDAQ:AAPL) was found in the 13F holdings of 134 hedge funds in the third quarter of 2023, with a total stake value of $179.01 billion.

9. Marvell Technology, Inc. (NASDAQ:MRVL)

Number of Hedge Fund Holders: 57

Upside Potential According to Analysts: 9.61%

Average Price Target: $72.54

Marvell Technology, Inc. (NASDAQ:MRVL) is another semiconductor company in our list of the best American tech stocks to buy according to analysts. It is based in Wilmington, Delaware.

We saw 57 hedge funds long Marvell Technology, Inc. (NASDAQ:MRVL) in the third quarter, with a total stake value of $1.8 billion.

Cantor Fitzgerald’s C.J. Muse initiated coverage on Marvell Technology, Inc. (NASDAQ:MRVL) on January 23 with an Overweight rating and an $80 price target.

8. Synopsys, Inc. (NASDAQ:SNPS)

Number of Hedge Fund Holders: 57

Upside Potential According to Analysts: 11.21%

Average Price Target: $618

In total, 57 hedge funds were long Synopsys, Inc. (NASDAQ:SNPS) in the third quarter. Their total stake value was $2.6 billion.

Gary Mobley at Wells Fargo maintains an Overweight rating and a $630 price target on Synopsys, Inc. (NASDAQ:SNPS) as of December 13.

Synopsys, Inc. (NASDAQ:SNPS) is an application software company based in Sunnyvale, California. It provides electronic design automation software products used to design and test integrated circuits.

This is what Carillon Tower Advisers said about Synopsys, Inc. (NASDAQ:SNPS) in its fourth-quarter 2023 investor letter:

“Synopsys, Inc. (NASDAQ:SNPS) provides software for the development of semiconductors. Investors have appreciated the continued strength in demand from major semiconductor companies and the company’s new product announcements leveraging artificial intelligence.”

7. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 234

Upside Potential According to Analysts: 11.23%

Average Price Target: $513.63

At the end of the third quarter, ARK Investment Management was the largest shareholder in Meta Platforms, Inc. (NASDAQ:META), holding 309,363 shares in the company.

Meta Platforms, Inc. (NASDAQ:META) is a big tech company engaged in the development of connectivity products and virtual/augmented reality products and is among the best American tech stocks to buy according to analysts. It is based in Menlo Park, California.

Meta Platforms, Inc. (NASDAQ:META) was seen in the portfolios of 234 hedge funds in the third quarter. Their total stake value was $35.2 billion.

Eric Sheridan at Goldman Sachs maintains a Buy rating and a $500 price target on Meta Platforms, Inc. (NASDAQ:META) as of February 5.

First Pacific Advisors mentioned Meta Platforms, Inc. (NASDAQ:META) in its fourth-quarter 2023 investor letter:

“Meta Platforms, Inc. (NASDAQ:META) saw a welcome recovery in engagement and revenue year-to-date following a tough 2022. The company has continued to offer new solutions that allow advertisers to target customers effectively and efficiently via one of the world’s leading digital platforms. Moreover, operating profits are rising due to an organization-wide focus on improving productivity and accelerating the time to market for new products. However, overall profitability continues to be weighed down by losses in the Reality Labs segment. But, there is positive optionality that Meta will emerge from the AI arms race as one of the leading players in the industry.”

6. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 110

Upside Potential According to Analysts: 11.82%

Average Price Target: $194.16

Advanced Micro Devices, Inc. (NASDAQ:AMD) is a semiconductor company offering x86 microprocessors and graphics processing units. It is based in Santa Clara, California.

Our hedge fund data for the third quarter shows 110 hedge funds long Advanced Micro Devices, Inc. (NASDAQ:AMD), with a total stake value of $9.2 billion.

Goldman Sachs’ Toshiya Hari maintains a Buy rating and a $180 price target on Advanced Micro Devices, Inc. (NASDAQ:AMD) as of February 1.

White Falcon Capital Management mentioned Advanced Micro Devices, Inc. (NASDAQ:AMD) in its fourth-quarter 2023 investor letter:

“It is important to note that the returns depicted above actually originated in the market turmoil of 2022 and were only realized in 2023. We assess that about 75% of the returns in 2023 were derived from just 35% of the portfolio. Notably, the technology companies we acquired in 2022 – Advanced Micro Devices, Inc. (NASDAQ:AMD), Amazon, Docebo, NU, Rover – performed exceptionally well. In hindsight, the decision to allocate to technology stocks appears straightforward; but it actually demanded courage and conviction to buy and add to these stocks during the fear and uncertainty of the 2022 bear market.

The top 5 positions in the portfolio were: Precious Metals royalty basket, Nu Holdings, AMD Amazon.com and Converge Technology Services. AMD has worked out great for us but we must admit that it has gotten expensive. AI was not part of our original investment thesis and AMD is a great reminder of how one can get ‘lucky’ investing in quality businesses run by competent management teams (ditto for Amazon).”

Like Alphabet Inc. (NASDAQ:GOOGL), Microsoft Corporation (NASDAQ:MSFT), and Amazon.com, Inc. (NASDAQ:AMZN), Advanced Micro Devices, Inc. (NASDAQ:AMD) is among the best American tech stocks to buy according to analysts.

Click to continue reading and see the 5 Best American Tech Stocks To Buy According to Analysts.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on October 30, 2024 at by Inan Dogan, PhD

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

The whispers are turning into roars.

Artificial intelligence isn’t science fiction anymore.

It’s the revolution reshaping every industry on the planet.

From driverless cars to medical breakthroughs, AI is on the cusp of a global explosion, and savvy investors stand to reap the rewards.

Here’s why this is the prime moment to jump on the AI bandwagon:

Exponential Growth on the Horizon: Forget linear growth – AI is poised for a hockey stick trajectory.

Imagine every sector, from healthcare to finance, infused with superhuman intelligence.

We’re talking disease prediction, hyper-personalized marketing, and automated logistics that streamline everything.

This isn’t a maybe – it’s an inevitability.

Early investors will be the ones positioned to ride the wave of this technological tsunami.

Ground Floor Opportunity: Remember the early days of the internet?

Those who saw the potential of tech giants back then are sitting pretty today.

AI is at a similar inflection point.

We’re not talking about established players – we’re talking about nimble startups with groundbreaking ideas and the potential to become the next Google or Amazon.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

Don’t be a spectator in this technological revolution.

Dive into the AI gold rush and watch your portfolio soar alongside the brightest minds of our generation.

This isn’t just about making money – it’s about being part of the future.

So, buckle up and get ready for the ride of your investment life!

Act Now and Unlock a Potential 10,000% Return: This AI Stock is a Diamond in the Rough (But Our Help is Key!)

The AI revolution is upon us, and savvy investors stand to make a fortune.

But with so many choices, how do you find the hidden gem – the company poised for explosive growth?

That’s where our expertise comes in.

We’ve got the answer, but there’s a twist…

Imagine an AI company so groundbreaking, so far ahead of the curve, that even if its stock price quadrupled today, it would still be considered ridiculously cheap.

That’s the potential you’re looking at. This isn’t just about a decent return – we’re talking about a 10,000% gain over the next decade!

Our research team has identified a hidden gem – an AI company with cutting-edge technology, massive potential, and a current stock price that screams opportunity.

This company boasts the most advanced technology in the AI sector, putting them leagues ahead of competitors.

It’s like having a race car on a go-kart track.

They have a strong possibility of cornering entire markets, becoming the undisputed leader in their field.

Here’s the catch (it’s a good one): To uncover this sleeping giant, you’ll need our exclusive intel.

We want to make sure none of our valued readers miss out on this groundbreaking opportunity!

That’s why we’re slashing the price of our Premium Readership Newsletter by a whopping 70%.

For a ridiculously low price of just $29, you can unlock a year’s worth of in-depth investment research and exclusive insights – that’s less than a single restaurant meal!

Here’s why this is a deal you can’t afford to pass up:

• Access to our Detailed Report on this Game-Changing AI Stock: Our in-depth report dives deep into our #1 AI stock’s groundbreaking technology and massive growth potential.

• 11 New Issues of Our Premium Readership Newsletter: You will also receive 11 new issues and at least one new stock pick per month from our monthly newsletter’s portfolio over the next 12 months. These stocks are handpicked by our research director, Dr. Inan Dogan.

• One free upcoming issue of our 70+ page Quarterly Newsletter: A value of $149

• Bonus Reports: Premium access to members-only fund manager video interviews

• Ad-Free Browsing: Enjoy a year of investment research free from distracting banner and pop-up ads, allowing you to focus on uncovering the next big opportunity.

• 30-Day Money-Back Guarantee: If you’re not absolutely satisfied with our service, we’ll provide a full refund within 30 days, no questions asked.

Space is Limited! Only 1000 spots are available for this exclusive offer. Don’t let this chance slip away – subscribe to our Premium Readership Newsletter today and unlock the potential for a life-changing investment.

Here’s what to do next:

1. Head over to our website and subscribe to our Premium Readership Newsletter for just $29.

2. Enjoy a year of ad-free browsing, exclusive access to our in-depth report on the revolutionary AI company, and the upcoming issues of our Premium Readership Newsletter over the next 12 months.

3. Sit back, relax, and know that you’re backed by our ironclad 30-day money-back guarantee.

Don’t miss out on this incredible opportunity! Subscribe now and take control of your AI investment future!

Subscribe Now!

No worries about auto-renewals! Our 30-Day Money-Back Guarantee applies whether you’re joining us for the first time or renewing your subscription a year later!

A New Dawn is Coming to U.S. Stocks

Published on November 16, 2024 at by Insider Monkey Staff

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

Here to answer that for us… and give away his No. 1 free AI recommendation… is 50-year Wall Street titan, Marc Chaikin.

Marc’s been a trader, stockbroker, and analyst. He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC, Fox Business, Barron’s, and Yahoo! Finance…

But what Marc’s most known for is his award-winning stock-rating system. Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down.

That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet…

And is still used by hundreds of banks, hedge funds, and brokerages to track the billions of dollars flowing in and out of stocks each day.

He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022, 90 days in advance.

Click to continue reading…

Insider Monkey Ads

Markets

Insider Trading

Hedge Funds

Retirement

Opinion

Log In

Sign Up