The 3 Best Tech Stocks to Buy in Q2 2024


  • These tech stocks can rally higher in the second quarter.
  • Synopsys (SNPS): Recent Nvidia (NVDA) news, a solid business mode, and an upcoming acquisition can push shares higher.
  • CrowdStrike (CRWD): The cybersecurity firm continues to deliver impressive growth rates.
  • Oracle (ORCL): Cloud computing can accelerate revenue growth.
best tech stocks to buy - The 3 Best Tech Stocks to Buy in Q2 2024

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The tech sector has been a solid industry for outperforming the market. The S&P 500 and the Nasdaq 100 both have most of their assets allocated toward the information technology sector. Six of the Magnificent Seven stocks are in the tech sector.

Non-tech companies like Tesla (NASDAQ:TSLA) have been branded as tech companies to make them more attractive to investors. Almost every bank is categorized as a fintech company. Long-term returns and index allocations indicate why there’s so much demand for tech stocks. Investors may want to consider these top tech stocks for outsized returns.

Synopsys (SNPS)

Person holding mobile phone with logo of American technology company Synopsys Inc. (SNPS) on screen in front of web page. Focus on phone display. Unmodified photo.
Source: T. Schneider /

Synopsys (NASDAQ:SNPS) is a semiconductor stock that hasn’t enjoyed the AI boom that its peers enjoyed. Despite missing out on the hyper-rally, shares are still up by a solid 55% over the past year. The stock has also gained 15% year-to-date, with a shout-out from Nvidia (NASDAQ:NVDA) getting investors excited.

A partnership with Nvidia could lead to more gains, but Synopsys doesn’t need a partnership with Nvidia to reward investors since it’s up by 402% over the past five years. It’s got momentum on its side and produces valuable silicon chips that power self-driving cars, machine-learning devices and other resources. However, the partnership is definitely going to help.

Synopsys reported solid earnings in the first quarter of fiscal 2024. Revenue increased by 21% year-over-year (YoY) while net income jumped by 65% YoY. The upcoming acquisition of Ansys (NASDAQ:ANSS) will give the corporation additional market share and further strengthen its revenue and net income growth. Many AI stocks are well-known, but investors are starting to catch on with this stock.

CrowdStrike (CRWD)

Mobile phone with website of American software company CrowdStrike Holdings (CRWD) Inc. on screen in front of website. Focus on top-center of phone display. Unmodified photo.
Source: T. Schneider /

CrowdStrike (NASDAQ:CRWD) is a high-growth cybersecurity corporation expanding its profit margins. The firm exceeded $3 billion in annual recurring revenue and grew its top line by 33% YoY in the fourth quarter of fiscal 2024. Net income grew over 200% YoY.

These growth rates are solid for any company, but the context makes them even better. Many cybersecurity firms have lost ground and are reporting significant growth deceleration. CrowdStrike is one of the few firms that continued to grow at a high rate while offering guidance that suggests more of the same. The trend can help CrowdStrike gobble up market share while its competitors try to protect their current positions in the industry.

The stock has had an incredible run. Shares are up by 420% over the past five years and 150% over the past year. CrowdStrike stock has even gained 31% year-to-date. The stock’s only flaw is its high valuation, which currently stands at an 84-forward P/E ratio. Expanding profit margins can make the valuation more reasonable, but it’s only suitable for long-term investors who will hold onto shares for several years.

Oracle (ORCL)

ORCL stock: a 3-dimensional Oracle sign in an outdoor setting
Source: JHVEPhoto /

Oracle (NYSE:ORCL) is an enticing dividend growth stock that offers exposure to cloud computing and various software products. The company only raises its dividend once every two years but initiates substantial hikes each time. Oracle raised its quarterly dividend from $0.32 per share to $0.40 per share in March 2023, a 25% increase.

Oracle stock currently has a 1.27% dividend yield. Shares are up by 43% over the past year and 135% over the past five years. The stock still trades at a reasonable 33 P/E ratio.

Third quarter fiscal 2024 earnings indicate the company is growing while expanding profit margins. Oracle’s revenue increased by 7% YoY, and cloud revenue increased by 25% YoY. Cloud revenue makes up more than one-third of the company’s total revenue, so investors should expect revenue to accelerate as cloud computing makes up a larger slice of the pie. Net income increased by 27% YoY.

On this date of publication, Marc Guberti held a long position in SNPS. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Marc Guberti is a finance freelance writer at who hosts the Breakthrough Success Podcast. He has contributed to several publications, including the U.S. News & World Report, Benzinga, and Joy Wallet.

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