Tech Stocks Roundup: Square, Shopify and Marvell Shares Rise

Check out the latest news and performance numbers from the top technology stocks, including Peloton, PayPal, Okta and more.
Author:
Publish date:

Micron Technology  (MU) - Get Report rose this past week after the largest U.S. maker of memory chips reported fiscal-second-quarter revenue and adjusted earnings that exceeded Wall Street estimates. The company's adjusted earnings more than doubled to 98 cents a share from 45 cents a share in the year-earlier period.

The success came after the world’s biggest chipmaker, Taiwan Semiconductor Manufacturing  (TSM) - Get Report, said it plans to spend $100 billion over the next three years to expand its chip fabrication capacity.

Palantir Technologies  (PLTR) - Get Report shares gained on Monday after the security and data analytics provider said it had been selected by the National Nuclear Security Administration to provide its security platform and related services in an $89.9 million, five-year deal.

For more in-depth coverage of the technology sector including trading recommendations and investment strategies, follow the experts on Real Money.

Here is a list of the technology stocks to watch and their performance by percentage change over the past five days through the close of trading on Tuesday, April 6:

Microsoft | +5.46% 

The Nasdaq rose 1.67% on Monday after tech giants Facebook  (FB) - Get Report, Alphabet  and Microsoft   (MSFT) - Get Report all closed at record highs.

Cramer said investors are flocking to FAANG, along with Microsoft, because these high-fliers have lagged the overall markets recently. Microsoft is among the companies that has rallied the most.

TheStreet Quant Ratings rates Microsoft as a Buy with a rating score of A.

Peloton Interactive | +10.41%

Peloton  (PTON) - Get Report announced this past week that it has officially closed the acquisition of Precor, one of the largest global commercial fitness equipment providers and one that also has a significant U.S. manufacturing presence. "Peloton plans to produce connected fitness products in the United States before the end of the calendar year 2021," according to the company.

Cramer said that Peloton  (PTON) - Get Report could be good at a lower level. "We have all learned that there's going to be more pandemics. And a good natural defense against a pandemic is how strong you are and whether you're in shape," Cramer said.

TheStreet Quant Ratings rates Peloton as a Sell with a rating score of D+.

Shopify | +11.78%

Shares of Shopify  (SHOP) - Get Report jumped this past week after Stifel initiated a buy of the e-commerce platform for entrepreneurs with a $1,200 price target, citing its broad growth strategy.

The firm notes that the pandemic has accelerated the secular shift toward e-commerce and away from legacy software platforms. Shopify's total addressable market for small businesses is estimated at $153 billion.

TheStreet Quant Ratings rates Shopify as a Hold with a rating score of C.

PayPal | +7.34% 

PayPal  (PYPL) - Get Report announced this past week that it will allow bitcoin to be used as payment at 29 million merchants across its entire payments platform.

"It may be the single biggest effort to date to normalize cryptocurrency purchases and transactions," said TheStreet's Corey Goldman.

TheStreet Quant Ratings rates PayPal as a Buy with a rating score of B+.

Square | +14.30% 

Square  (SQ) - Get Report shares rose this past week after the financial services company was upgraded at Keefe, Bruyette & Woods to outperform from market perform.

Earlier this month, TheStreet.com founder Jim Cramer explained why he’s bullish on Square and arch-rival PayPal.

TheStreet Quant Ratings rates Square as a Hold with a rating score of C.

Marvell Tech | +9.59% 

Marvell Tech  (MRVL) - Get Report was named a best-performing stock this past week.

Cramer said Marvell Tech is still the ultimate 5G wireless play and gave the stock a buy rating this past week. Marvell's plan to acquire Inphi  (IPHI) - Get Report was approved by China’s State Administration for Market Regulation and would help Marvell establish itself as a formidable data infrastructure powerhouse.

TheStreet Quant Ratings rates Trade Desk as a Hold with a rating score of C.

Okta | +6.22%

Okta  (OKTA) - Get Report announced Kendall Collins as Chief Marketing Officer (CMO) this past week. Kendall will join Okta's leadership team and lead global brand marketing, demand generation, solutions marketing, market strategy, operations and sales development. Kendall succeeds current CMO, Ryan Carlson, who is now working on an emerging project inside of Okta. 

Bob Lang wrote on Real Money that Okta and Twilio  (TWLO) - Get Report are two technology stocks you should consider shorting.

TheStreet Quant Ratings rates Okta as a Sell with a rating score of D+.

Salesforce and Microsoft are holdings in Jim Cramer’s Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells these stocks? Learn more now