The S&P 500 has now rallied 45% since its March lows.
And one sector has clearly excelled throughout this whole pandemic: technology.
That’s why I'm bringing you three of the best tech stocks that both consumers and businesses have been using more since the start of the pandemic. And more importantly, they’ll likely continue using them once we’re back to normal.
Not only have they fundamentally been some of the top performing stocks throughout the recent market correction… Technical indicators show current momentum should take each pick to new all-time highs…
Tech Stock to Buy No. 3: DocuSign Inc. (NASDAQ: DOCU)
Docusign developed some of the first electronic signature technology that helps organizations connect and automate how they prepare, sign, act on, and manage agreements.
All you need is an Internet connection and an email address…
Instead of mailing a paper document back and forth (which would take days or weeks), DocuSign subscribers can send it to their customers via email to sign electronically in a matter of minutes. And it's all stored safely on the cloud.
Companies that have been reluctant to switch from the “old-fashioned” way were forced to use DocuSign during the lockdown to get business done.
And now investors are betting that the new companies who signed up over the past couple months won’t be switching back after realizing all the time and money they’re saving using DocuSign.
After dropping 23% from $90 to $69 per share during the depths of the pandemic, shares of DOCU started rebounding.
Since then, the stock has reported year-over-year Q2 revenue increases of 39% and shares have rocketed 103% higher to $140, outperforming the S&P 500 by 58%.
Since DOCU recently broke thorough its 50-day moving average with no signs of slowing down in sight, I expect the stock to continue its positive momentum and breach $200 per share by the end of 2020. This represents an additional 43% return from current levels.
Tech Stock to Buy No. 2: Square Inc. (NYSE: SQ)
Since its inception in 2009, Square has made commerce easy with their in-store credit card readers. And it makes the economy more inclusive for everyone with its in-house payments and investing platform, the Cash App – introduced in 2015.
Cash App is the fastest growing digital wallet in the U.S. In just two years, from 2017 to 2019, monthly active users more than tripled from 7 million to 24 million. And it also acts a commission free brokerage platform for trading full or fractional shares of stocks and Bitcoin.
If you can’t afford to buy one share of Amazon.com Inc. (NASDAQ: AMZN) for approximately $2,600 or one Bitcoin for $9,700, then you can use the Cash App to buy as little as $1 worth at a time – completely for free.
In fiscal 2019, Cash App revenues jumped 157% year-over-year to $1.1 billion.
After falling 55% with the market during the recent coronavirus correction, SQ stock has significantly outperformed. Its run from $38 in mid-March to $90 today represents a gain of 137%, bringing it higher than its pre-COVID-19 levels.
The fundamentals with Square are strong as analysts are expecting Cash App users to top 40 million by the end of the 2020.
Combine that with the recent technical momentum, and it’s reasonable to assign a $150 price target to the stock. That represents potential gains of 67%.
Tech Stock to Buy No. 1: Shopify Inc. (NYSE: SHOP)
If you’re ordering something online and it’s not coming from Amazon, odds are it’s coming from Shopify (and you don’t even know it).
That’s because, even though you won’t see its name on the packaging, Shopify has 31% market share in the U.S. for websites using ecommerce technologies.
One of the best ways to think of Shopify is as a cheaper, smaller version of Amazon. With a market cap of only $80 billion (compared to Amazon’s $1.3 trillion), Shopify clearly has a lot of room to grow.
Even if Shopify just grew to half the size of Amazon, that’d represent a 712.5% return.
With SHOP stock already rising 131% from its coronavirus bottom of $320 in mid-March to $740 today, I expect technical buying momentum will continue fueling this company for the remainder of the year. My price target for SHOP is $1,500 per share – representing a 103% gain from its current price.
BONUS: Google Just Poured $4 BILLION Into This…
The world’s most successful tech industry giants are all clamoring to get their hands on a new piece of technology.
It’s fresh out of a highly secretive lab in Boston, Massachusetts, and it’s poised to make early investors billions.
It’s NOT cannabis. It’s NOT bitcoin, or some other blockchain-related technology. It’s NOT 5G.
And as a matter of fact, it could be bigger than all of those. Because if history is any indicator, you could be looking down the barrel of 5,000% profits… or even more.
Companies all over the world are funneling as much money as they can into what Bill Gates calls, “the holy grail” of modern technology.
Take a look at some of the top contenders and their spending history:
But Google takes the cake by a landslide. They’ve poured more than $3.9 BILLION into this mind-blowing new tech that’s taking the world by storm.
Click here to see this brand new tech in action, and find out how it could make you 10… 20… even 50 times your money.
