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3 Technology Stocks to Buy That Are Still Attractively Priced

stocks to buy - 3 Technology Stocks to Buy That Are Still Attractively Priced

Source: Shutterstock

Are you finding it hard to buy into the market these days? Then maybe you’re not looking at the market as one made up of stocks and one still capable of offering reasonable prices to today’s investors. With that in mind, let’s look at three stocks to buy that are currently at the intersection of where growth meets value on the price chart.

Who would have thought that in just over two months following a historic, record-breaking bear market bottom, the market would be at record highs? But that’s exactly what happened in the tech-heavy Nasdaq Composite. By June 8 and from its March 23 low, the index had rallied nearly 50% to new history-making levels.

The determined price action was led by industry Goliath’s Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) and new on-the-rise tech outfits like Zoom Video (NASDAQ:ZM) and DocuSign (NASDAQ:DOCU) benefiting from today’s new socially distanced normal. The bullish price action didn’t stop there either.

Exactly one month later since breaking to fresh ground, more records have been shattered. In fact, the Nasdaq is up another 1% Wednesday and up another 5% for the period. Could there possibly be any stocks to buy that are still attractively priced? Here are three stocks to buy now:

  • Micron (NASDAQ:MU)
  • Slack (NYSE:WORK)
  • NetApp (NASDAQ:NTAP)

Despite those flashy marquee gains, the performance hasn’t been level by any means. Of course, the case for Wall Street leaving certain stocks behind can be made given the novel coronavirus. Sorry, Carnival (NYSE:CCL). But in large-cap tech names as well? Amazingly, the answer is yes. And in select situations the lack of attention is now offering investors stocks to buy at reasonable prices off and on the price chart.

Tech Stocks to Buy: (MU)

Micron (MU) stock monthly price chart
Source: Charts by TradingView

Micron is the first of the key tech stocks to buy now. The memory chip specialist easily topped Street forecasts last week when it released its third-quarter results. The report marked a return for sales growth following five consecutive quarters of shrinking revenues. Also a positive, management was cautiously upbeat about continued sales growth despite limited visibility.

Investors cheerfully took notice and sent shares up nearly 5% on the session. But the festivities proved short-lived and Micron is right back where it started. And the pullback looks more attractive given the larger technical picture. Right now investors can buy into this tech giant within a large continuation triangular pattern as shares trade near their 50% retracement level tied to the era.

My recommendation on this stock to buy is to hedge Micron shares with a collar and be ready to adjust this defined and reduced risk strategy both offensively and defensively over time.

Slack (WORK)

Slack (WORK) stock weekly price chart
Source: Charts by TradingView

Slack’s cloud-based communications platform boosts productivity for businesses in the booming trend of remote work. This has helped place WORK stock among the best stocks to buy now, since Slack’s platform means lots of double-digit growth. That growth is already being captured and looks good for the foreseeable future.

Earnings last month disappointed investors enough to warrant profit-taking after shares more than doubled off an all-time-low manufactured during the worst of the coronavirus-driven bear market. Technically though, the corrective pullback looks well-positioned to buy into.

WORK stock is currently trading inside a handle consolidation that’s formed within a larger cup base. With Wednesday’s solid-looking gains inside the smaller price structure, I’d stand ready to purchase Slack’s stock on any additional price momentum that allows for a bullish stochastics crossover to signal.

NetApp (NTAP)

NetApp (NTAP) monthly stock price chart
Source: Charts by TradingView

NetApp is the last of today’s tech stocks to buy. This one isn’t officially a large-cap at $9.5 billion. But shares were once a very big deal during the era, when the stock traded right up there with the best of them. And just beneath the $10 billion threshold, that inclusion could be nearby once more.

Technology changes of course, and some stocks never fully recover or worse yet, even go under. Still, I’m willing to go with InvestorPlace’s Mark Hake on NetApp. His schooled eye points at solid business value vis-à-vis growth-at-a-reasonable-price (GARP) analysis. He estimates upside potential for the cloud-based data storage outfit as being upwards of 60% from current prices.

Technically speaking, if readers thought Micron has been challenged, shares of NTAP have proven even more bearishly defiant. But amid NetApp’s bullish transgressions over nearly 20 years, shares have still remained in a larger uptrend. The provided monthly chart’s illustrated arrow is proof of that.

Within NTAP stock’s longer-term supportive pattern, a pivot low was established in March. Of course, that’s far from unique given the broad-based fallout from the coronavirus. But what’s interesting in NetApp’s situation is the bottom formed off the 62% retracement level off its 2001 – 2018 uptrend cycle. The price action also coincides with the uptrend’s initial first wave higher.

Along with an oversold, bullish crossover signal there are plenty of reasons to like the intersection of where growth meets value with NTAP stock. But it’s important to remember that you shouldn’t forget to hedge your enthusiasm for shares, which others are still failing to keep in mind.

The information offered is based upon Christopher Tyler’s observations and strictly intended for educational purposes only; the use of which is the responsibility of the individual. For additional market insights and related musings, follow Chris on Twitter @Options_CAT and StockTwits. 

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