In this article, we will take a look at the 9 tech stocks recently upgraded by analysts. If you want to see more such stocks on the list, go directly to Analysts are Upgrading These 5 Tech Stocks.

It was a mixed Friday on Wall Street, with S&P 500 and Nasdaq Composite closing lower and Dow Jones Industrial Average ending up in green. The tech-heavy Nasdaq was partly brought down by Apple Inc. (NASDAQ:AAPL), which fell nearly two percent today.

Apple Inc. (NASDAQ:AAPL) shares moved down this morning after multiple news agencies reported a drop in iPhone shipments due to production delays in a Foxconn facility in China. While renewed Covid-19 restrictions in China have weighed on the global tech sector, analysts continue to improve their ratings for tech stocks. NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD) and Applied Materials, Inc. (NASDAQ:AMAT), were among the notable tech stocks that were recently upgraded by analysts.

Summit Insights upgraded NVIDIA Corporation (NASDAQ:NVDA) as the research firm thinks the stock offers a favorable risk reward. On the other hand, Baird improved its ratings for Advanced Micro Devices, Inc. (NASDAQ:AMD), citing confidence in its new line of CPUs. Check out the complete article to see the details of these upgrades.

9. SAP SE (NYSE:SAP)

Number of Hedge Fund Holders: 17

SAP SE (NYSE:SAP) is a leading software company based in Germany. It is best known for its enterprise resource planning (ERP) software that helps clients efficiently manage business operations and customer relations.

The German company recently received an upgrade from Barclays. The research firm improved its ratings for SAP SE (NYSE:SAP) from “Equal-Weight” to “Overweight” on Monday, November 21.

Barclays analyst Raimo Lenschow believes that shifting to the cloud or subscription-based models would likely benefit European software stocks, including SAP SE (NYSE:SAP).

Meanwhile, SAP SE (NYSE:SAP) continues to do well in cloud space. Its cloud revenue jumped 38 percent in the third quarter. During the Q3 earnings call last month, the company’s senior leadership expressed optimism about SAP’s future cloud growth.

8. Altair Engineering Inc. (NASDAQ:ALTR)

Number of Hedge Fund Holders: 19

Needham issued a “Buy” rating for Altair Engineering Inc. (NASDAQ:ALTR) last week. Analyst Charles Shi thinks the software company will show resilience in a recessionary macro environment, helped by its core simulation business.

Shi expects a compound annual growth rate (CAGR) of 10 percent and an EBITDA margin expansion of 20 percent for Altair Engineering Inc. (NASDAQ:ALTR). He has a price target of $60 per share for the stock, compared to its current trading price of around $47.

Like Altair Engineering Inc. (NASDAQ:ALTR), analysts also updated their recommendations for NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD) and Applied Materials, Inc. (NASDAQ:AMAT).

7. Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Number of Hedge Fund Holders: 21

Shoals Technologies Group, Inc. (NASDAQ:SHLS) is engaged in providing electrical balance of system solutions for EV charging, energy storage and solar. Its share price recently climbed to a new 52-week high following its impressive financial performance for the third quarter.

In response to solid results, Northland analyst Donovan Schafer raised his ratings for Shoals Technologies Group, Inc. (NASDAQ:SHLS) from “Market Perform” to “Outperform” last week.

Shoals Technologies Group, Inc. (NASDAQ:SHLS) reported adjusted earnings of 10 cents per share, compared to 7 cents per share in the same period of 2021. Revenue for the quarter soared 52 percent on a year-over-year basis to $90.8 million. The results easily surpassed analysts’ average estimate of 8 cents per share for earnings and $83.07 million for revenue.

While Shoals Technologies Group, Inc. (NASDAQ:SHLS) is still in its early growth stages, it is doing well by inking deals with new clients, designing new products and growing its footprint in the overseas market. Even though most stocks struggled to gain value this year, Shoals shares have jumped nearly 30 percent on a year-to-date basis.

6. Sensata Technologies Holding plc (NYSE:ST)

Number of Hedge Fund Holders: 31

Jefferies upgraded Sensata Technologies Holding plc (NYSE:ST) from “Hold” to “Buy” on Tuesday, November 22. Analyst David Kelley pointed towards the company’s heavy spending across its megatrend growth areas.

Moving forward, Kelley sees Sensata Technologies Holding plc (NYSE:ST) accelerating its margin expansion. He also lifted his price target for Sensata stock from $43 per share to $54 per share.

Last month, Sensata Technologies Holding plc (NYSE:ST) delivered mixed financial results for the third quarter. The industrial technology company reported adjusted earnings of 85 cents per share, down 2.3 percent on a year-over-year basis. Revenue came in at $1.018 billion, up from $951 million in the corresponding period of 2021. Analysts were looking for earnings of 85 cents per share on revenue of $1.01 billion.

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Disclosure: None. Analysts are Upgrading These 9 Tech Stocks is originally published on Insider Monkey.