Five Best Tech Stocks to Buy This October

Purchasing a tech stock requires a lot of consideration from the buyer. Since the world is embracing better phase of technology every day, investors need to consider investing more in tech companies to gain more profit in the future.

Everyone needs to do their research carefully before buying tech stocks. 2020 has been a great year for Silicon Valley companies as they have become the center of Wall Street rebound after the market downturn.

Many investors are attracted to buying tech stock since the future of the stock market greatly depends on it. The FAANG stock is one of the best tech stocks to consider. These consist of the five most successful tech companies – Facebook, Apple, Amazon, Netflix, and Alphabets (Google).

However, other outstanding tech stocks outside the popular FAANG can also help investors actualize their financial goals. As a tech stock investor, your target should always be buying a stock that will yield profit within a short time.

The performance of tech stocks varies from month to month, and investors are left with several options. September was quite profitable for tech stock investors, hopefully, the same would be applicable for October. Below are the five best tech stocks to buy in October;

Adobe

Adobe gives its users access to software with creative tools. Artists, publishers, marketers, and other industrial creators use the adobe software to actualize their proposals. Most creative graphics were made possible by the Adobe software. The software engineered by this company consists of Photoshop, Adobe Premium, Illustrator, and InDesign.

The platform enables its users to access these creative tools via personal subscription or using the Adobe Creative Cloud. The cloud allows users to gain access to all package bundles. The subscription runs at $52.99 per month.

Investors should consider adobe tech stock as it has risen 14 percent of the year over year revenue growth and a gross margin of 86 percent during the last quarter. The high profit could be regarded as a compelling deal for the users and a high margin business for Adobe. The recurring revenue model and earnings per share (EPS) will continue to grow as economies of scale afforded its access-light.

DocuSign

DocuSign stands out as a cloud-based, e-signature solution for businesses and individuals seeking to ratify contracts. The company is an advanced method of producing and signing contracts.

Gutenberg’s invention of the printing press in the 1400s has its modernized systematic approach in the DocuSign. The DocuSign grants users access to the mortgage application, lease agreement, and other legal documents to be produced and signed remotely.

In recent years, the demand for Docusign increased and it is expected that DocuSign’s profits would grow consistently.

Microsoft

Microsoft does not belong to the FAANG group. However, the company has been a vehicle through which numerous investors enjoy profitable investment. This is due to its consistent stock growth.

When you compare the Microsoft profits with other tech giants, you will observe that Microsoft is far better with a forward gain of 27 and a price-earnings ratio of 35. The profit attached to Microsoft stock buying has shown that the tech company has a reasonable comparative advantage over other companies.

PayPal Holdings

You cannot mention the best stock to buy for October without adding PayPal Holdings in your list. PayPal is one of the top tech stocks worth buying this October. As an investor, you should consider buying stocks from a company that has adaptability, growing relevance, and an established user base. PayPal possess all these attributes.

The company has grown to become a great success in recent years. It has had increased transactions in 2020 due to the virus. Deals were concluded remotely by millions of people using PayPal, and this strategy has contributed massively to the growth of the company.

PayPal increased to 29% before the second quarter of the year garnering $222 billion. The recent record has shown that 21.3 million new active accounts joined the list of users. This addition has pushed the total number of active PayPal account to 346 million customers.

Spotify Technology

Spotify is a giant music streaming platform that has enabled many investors to actualize their goals. Recently, it signed up some of the top pod-casters in the industry. Spotify stock is a good deal to buy this October. It has increasingly taken market share from Alphabets, YouTube, and other tech giants. Its video capabilities is another area to watch.

2020 has been a great year as millions of new active users joined the platform to improve their mental health during the lock-down. You can check up other top performers with our recommended broker where you can copy experienced traders and make the same profit as they.

 

AvatarAvatar

Author: Jofor Humani

Peddling words has been a passion beneath the surface. I speak less than I write...naturally. Aside speaking and writing, I walk too...good for your heart they say. I sometimes do not feel like writing. Then I enjoy quiet times which I use to think and stay with family.

Leave a Reply