8 Best Long Term Tech Stocks To Invest In Now

5. STMicroelectronics N.V. (NYSE:STM)

Average Analyst Price Target Upside: 39.93%

Number of Hedge Fund Holders: 16

STMicroelectronics N.V. (NYSE:STM) is a prominent global semiconductor manufacturer that designs, develops, and markets a diverse range of semiconductor integrated circuits and discrete devices.

It is among our best long term tech stocks to invest in now. The stock has a consensus Buy rating from 26 analysts and the average price target of $41.25 represents an upside of 39.93% from the present levels, as of September 26.

Its products are utilized in a wide range of applications, including automotive, telecommunications, industrial automation, and consumer electronics. With a customer base exceeding 200,000 and a network of thousands of partners, the company is dedicated to creating solutions that address the evolving challenges and opportunities within the microelectronics landscape.

STMicroelectronics’ (NYSE:STM) product portfolio is extensive as it includes key components such as microcontrollers, advanced analog integrated circuits, sensors, and power management devices.

The diversification allows it to serve various sectors, including automotive, industrial, personal electronics, communications, and computing. A significant focus on sustainability is evident in the company’s commitment to becoming carbon neutral in scope 1 and 2 emissions by 2027, with partial efforts targeting scope 3 emissions.

Recently, on September 24, the company unveiled its fourth generation of STPOWER silicon carbide (SiC) MOSFET technology. The latest development sets new standards in power efficiency, density, and strength, which cater specifically to the demands of both the automotive and industrial sectors.

The technology is especially well-suited for traction inverters, which are essential components in electric vehicle (EV) powertrains. The company plans to introduce further advancements in SiC technology through 2027, which is a sign of its dedication to innovation in the semiconductor field.

STMicroelectronics (NYSE:STM) has taken significant steps to improve shareholder value. In the second quarter, the company distributed $73 million in cash dividends and executed an $88 million share buyback as part of a broader initiative that concluded a $1.040 billion repurchase program initiated in July 2021.

In June, the company announced an even more ambitious new share buyback plan with two programs totaling up to $1.1 billion to be implemented over the next three years. Such actions signal a strong commitment to returning capital to shareholders while maintaining a focus on growth.

STMicroelectronics (NYSE:STM) was part of 16 hedge funds’ portfolios that are tracked by Insider Monkey in the second quarter with a total stake value of $231.780 million. D E Shaw is the biggest shareholder in the company and has a position worth $96.072 million as of Q2.