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Tech Jewels Not To Miss Out In October

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As far as both COVID-19 and the recession are concerned, we're not out of the woods yet. But even though there's no sign of the stock market volatility going away as we approach the final quarter of 2020, there are a few tech names you should have your eye on heading into the end of the year. These stocks are Impinj Inc (NASDAQ: PI), Microsoft Corporation (NASDAQ: MSFT), and Broadcom Inc (NASDAQ: AVGO). 

Small-Cap Innovators That Could Deliver Explosive Returns

As the world has become more digital than ever, there were many non-electronic items left outside the network. Having access to data is vital to business success, and Impinj is helping businesses overcome this barrier. It is a maker of radio-frequency identification (RFID) tags and sensors that act as a much more advanced version of the barcode system that improves the efficiency of supply chains, manufacturing, and service quality. Although its biggest market has been retail, it has great potential in healthcare, hospitality, and similar service-based industries. It achieved a 45% YoY sales growth in the first quarter before COVID-19 put an end to its sales-growth streak, causing its sales to plummet about 31% compared to the prior-year period. But as the majority of physical stores have now reopened and consumer spending is slowly rebounding, forward-looking and patient investors can see an attractive opportunity.

Tech Titan At A Discount

The tech wreck has broken the common myth that tech needs to be a high-risk endeavor. Microsoft is the crème a la crème of tech, but its stock price is now down roughly 12% from its highs of the year, creating a great buy opportunity. Microsoft Office is powering offices around the globe, while Teams is reaching record engagement during the pandemic and Azure is the top cloud platform outside of Amazon.com's (NASDAQ: AMZN) AWS. If you add in LinkedIn, Microsoft has its toes dipped in all aspects of the professional market.

Getting A Cheap Entry Ticket To 5G

Broadcom is one of the world's largest chipmakers, but it also ventured into software two years ago by acquiring Symantec's enterprise software unit and CA Technologies. October could be a game-changing month with the move in the evolution of 5G that would help the company rebound. In its last reported quarter, software revenue increased approximately 41% on a YoY basis. Although semiconductor solutions sales fell by 4%, this outlook is bound to benefit from 5G-compatible iPhones from Apple Inc (NASDAQ: AAPL) that should debut in October. Apple already accounted for about 20% of Broadcom's revenue last year, and there is significant growth potential ahead. Moreover, Broadcom has increased its dividend every year since it was introduced in FY 2011.

Outlook

The conclusion is simple. The software business is expected to prosper long after the pandemic ends. Just look at Adobe (NASDAQ: ADBE) which delivered record results during its latest quarter. Revenue had been increasing long before the COVID-19 turmoil, and the pandemic appears to have boosted its growth. For the above companies, COVID-19 has enhanced their future prospects as it speeded up the digital revolution while allowing investors to buy them at a discount.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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