Whether you’re a beginner or a veteran trader, diversifying your profile is something that is probably on your to-do list. And if you haven’t considered going for tech stocks yet, hearing about current high-performing stocks might change your mind. TechdayHQ reports an annualized return of nearly 13% for the technology sector. It’s also the stock type of choice for most millennials and Gen Z’s, which makes it quite a reliable investment in the future. If you’re wondering what to look into, here are the 5 tech stocks expected to soar in 2023.
1. Microsoft (MSFT)
Microsoft is acknowledged for producing Office 365 and Azure, which are both staples in many professional settings. Moreover, it showed consistent recovery after the pandemic – as expected of one of the world’s largest software companies. Microsoft is likely to make a reversal after its 11-month low, thanks to its efforts in leading the launch of exciting new developments in technology such as OpenAI’s ChatGPT chatbot.
Key Points for Microsoft
- Current Price: 253.70 USD
- Q4 Earning: 9.4 billion USD
- Latest stock increase/decrease: 0.18% decrease
- Projections for 2023: 302 USD
2. Nvidia (NVDA)
Nvidia has made its name in the tech and gaming industry by designing and selling high-end graphics and video processing chips for desktop computers, laptops, supercomputers, and other workstations. It has maintained an impressive performance in the stock market for the past 15 years, with a year-to-date gain of 63.5% in March of 2023. Similar to Microsoft, Nvidia has also made investments in generative AI.
Key Points for Nvidia
- Current Price: 241.81 USD
- Q4 Earning: 6.05 billion USD
- Latest stock increase/decrease: 3.83% increase
- Projections for 2023: 300 USD
3. MongoDB (MDB)
MongoDB is a developer data platform service provider with over 39,100 customers in more than 100 countries. The company also offers various tools like Atlas, as well as MongoDB University courses where you can learn how to create a database in MongoDB. Wall Street analysts all granted MongoDB a buy rating, despite ups and downs in the past year. Its share price could reach $279.63 by next year, exhibiting an upside of 27.17%.
Key Points for MongoDB
- Current Price: 228.70 USD
- Q4 Earning: 333.62 million USD
- Latest stock increase/decrease: 2.26% increase
- Projections for 2023: 240 USD
4. Accenture PLC (ACN)
As a global professional services company for information technology (IT) services and consulting, Accenture has a strong foothold in the stock market. The company boasts a loyal client base and an impressive track record of growth. Moreover, Yahoo Finance highlights Accenture as one of the best AI stocks to invest in for 2023. Overall, it’s a resilient and consistent option if you’re looking for a progressive company to invest in.
Key Points for Accenture
- Current Price: 263.66 USD
- Q4 Earning: 7.09 billion
- Latest stock increase/decrease: 0.21% decrease
- Projections for 2023: 313.63 USD
5. Cisco Systems Inc. (CSCO)
Lastly, Cisco Systems Inc. pays the highest dividends among the entries on our list. As a digital communications technology corporation, its demand was driven by its recent WiFi 6 upgrade cycle and global 5G deployments. Cisco was also featured on Stock News as one of the best Dow stocks of today. With plans to introduce new IoT applications and infrastructure platforms, Cisco will further enjoy greater network control.
Key Points for Cisco Systems Inc,
- Current Price: 49.11 USD
- Q4 Earning: 13.1 billion
- Latest stock increase/decrease: 0.41% increase
- Projections for 2023: 48.79 USD