The market of tech stocks can refer to a variety of different companies. These can include digital services, apps, e-commerce, hardware, and more. Tech stocks have generally been an interesting sector to watch because technology is always advancing. Look at how computers have advanced in the last 20 years. This means that there are new tech stocks arriving in the market often.
The pandemic has caused some tech stocks to rise that otherwise would not. The rise of digital tech stocks has been extremely heightened in 2020. Since many people are stuck at home, we are all using digital services much more. This includes things like Amazon (AMZN Stock Report), Netflix (NFLX Stock Report), and Spotify (SPOT Stock Report). Financial services operated digitally are on an uphill climb in addition to this.
All types of tech stocks have the potential to surge up in the market. So keeping up with news in the sector can be very beneficial for investors. Tech stocks can be rather volatile or see growth over time. With so many new tech stocks appearing everyday things can get confusing. So let’s take a look at two top tech stocks to buy in August.Top Tech Stocks To Buy [Or Sell] In August: Adobe
The first tech stock to watch is Adobe Inc. (ADBE Stock Report) due to its recent rise in the market. Adobe is a tech company with a focus on creating and selling computer software. Adobe sells many software programs that you may have heard of. These include Adobe Flash, Photoshop, Illustrator, PDF, and more. The California based company brought in $3.13 billion in the second quarter of 2020. This was an increase of 14% year over year.
Those reports were released on June 11th and caused ADBE stock to go higher. Before the pandemic ADBE stock was at $372 a share. Then March came around and ADBE stock price fell. But since then, ADBE stock price has been trending upwards. As of August 21st, ADBE stock is at $471 a share on average. From August 17th to the 21st ADBE stock price is up 4.2%. It seems that there is no stop in sight for this tech stock. $452 to $471 in 5 days shows very good growth for ADBE stock.
More positive quarter results and sales increases can cause ADBE stock prices to continue going up. Adobe is a great example of a tech stock able to rise in 2020. Since all of Adobe’s products are digital this could have been predicted. Adobe is sitting at its all-time high in the market at the moment. It will be interesting to see how this tech stock progresses in the second half of 2020. That is why ADBE stock is a potential tech stock to buy.Top Tech Stocks To Buy [Or Sell] In August: Bandwidth Inc.
The next tech stock we will have a look at is Bandwidth Inc. (BAND Stock Report). Bandwidth Inc. is a tech company with a focus on cloud software. It is a communications platform-as-a-service (CPaaS) provider for people in the US. Bandwidth allows companies to create, scale, and operate text and voice communications. This can be through any type of connected device. It also does data resale, VoIP services as well.
In the second quarter of 2020, Bandwidth’s revenue was $76.8 million. This revenue report is up 35% year over year. The report which was released on July 30th, 2020 caused BAND stock to surge.
The CEO of Bandwidth, David Morken, has high hopes for the future, “As a result of our commitment to our mission, customers and each other, we achieved our best revenue growth performance ever. We are raising our full-year guidance to reflect that performance, as well as our expectations for the back-half of the year. We believe Bandwidth is well-positioned as the industry standard for enterprise-grade cloud communications platforms, and that we’ll continue to attract and serve large customers operating at scale.“
BAND stock was at $76 a share on average at the start of 2020. As of August 21st, BAND stock price has reached $154 a share on average. This increase in BAND stock was caused by constant growth and positive reports. It is clear that these two tech stocks related to digital services have been on the rise. Both ADBE stock and BAND stock have reached recent record highs. That is why they are 2 potential top tech stocks to buy in before September 2020.