Don’t sleep looking at 7 tech stocks that make millionaires -Premier Medical

tech stocks It continues to be the top performer in the stock market. FAANG stock has been in the spotlight for a decade, but other tech stocks have also made huge gains.

Nvidia (Nasdaq:NVDA) did not receive much attention in the early 2010s. It’s only recently that the stock has been in the spotlight, and no one sleeps looking at it anymore. Nvidia still maintains its high reputation, Recent Earnings Report It suggests an attractive future P/E to come.

Some investors look to stocks like Nvidia and FAANG for inspiration. However, some investors are looking for lesser-known tech stocks with the potential to generate high returns in the future. Investors seeking additional exposure to tech stocks should consider these seven stocks.

Palo Alto Networks (PANW)

Palo Alto Networks (Nasdaq:Panwoo) is a cybersecurity firm that expressed skepticism after reporting earnings on Friday evening. It is unusual for the company to announce its results on Friday night. Many investors saw this as bad news.

the company reported 26% year-over-year revenue growth Remaining performance obligations increased 30% year over year. Palo Alto Networks is targeting 18% to 19% year-over-year revenue growth in FY2024.

The unusual launch date left the company far behind in terms of profitability. But the stock has performed well over the past five years. The stock has risen 204% during this period and is up 65% year-to-date.

Cybersecurity companies are promising because there is a lucrative market for cyberhacking.cyber hacking It could cost businesses $10.5 trillion a year by 2025. Cybersecurity tools like the Palo Alto Networks line of products can help minimize these costs and help businesses maintain online security.

MercadoLibre (MELI)

Free Market (Nasdaq:Meri) is an e-commerce and fintech company based in Argentina.Many investors compare the company shopify (New York Stock Exchange:shop), but MercadoLibre has better financial reporting than Shopify.

MercadoLibre reported. 113% YoY increase in profit Sales increased by 31.5% year-on-year. Those growth rates allowed the company to secure a 70x forward P/E ratio for him.

MercadoLibre already has e-commerce and fintech in-house, but the company could emerge as an advertising giant in the future.The company’s digital advertising business Over 60% YoY Growth. This business segment is highly profitable for the company and has an attractive strategy.

MercadoLibre is known as the Shopify of South America, but there is so much more to this investment opportunity. Some investors supported the stock after noticing it had risen 233% over the past five years. The stock is up 48% since the beginning of the year.

Semrash (SEMR)

Semlash (New York Stock Exchange:SEMR) is a search engine marketing tool that helps marketers improve their SEO and SEM. SEO stands for Search Engine Optimization and describes how businesses improve their organic listings on Google. SEM stands for Search Engine Marketing and is a marketing path for businesses that want to optimize their online advertising and paid search strategies.

Businesses always want to rank on the first page for important keywords. The first page of Google’s search results is incredible digital real estate for any business.

Semrush makes it easier for businesses to reach their search engine goals. This software is a monthly subscription. Semrush has yet to fully reward long-term investors. The stock has fallen about 25% since its March 2021 IPO. But the stock is up 9% year-to-date.

Semrush’s main motivation is the company’s pursuit of profitability. Earnings have always been good, and the company recently reported: 19% revenue growth year over year. This growth was primarily due to annual recurring revenue, which he passed $300 million in the second quarter.

However, Semrush is targeting non-GAAP net income of approximately $4 million in 2023. This is his recent guidance hike to $3 million from the previous break-even range on non-GAAP net income. Management expects earnings to accelerate again in upcoming quarters, which could lead to future earnings increases. If the gains continue, Semrush’s stock could become even more valuable over time.

ServiceNow (now)

Service Now (New York Stock Exchange:now) is a cloud computing company serving more than 7,700 enterprise customers worldwide. Many ServiceNow customers enjoy their software, 99% renewal rate.

company Sales and profit exceeded plan in the second quarter. Second quarter revenue he reached $2.15 billion, up 23% year over year. Net income for the quarter exceeded $1 billion.

ServiceNow stands to benefit from the artificial intelligence boom. Management noted in its earnings report that its generative AI solution has delivered significant productivity improvements across the board.Company’s Partnership with NVIDIA Generative AI will become more accessible to enterprises.

ServiceNow is targeting 25.5% to 26% year-over-year revenue growth in the third quarter. Like many tech stocks on this list, ServiceNow has benefited many long-term investors. The stock has risen 185% over the past five years and is up 43% year-to-date.

ASML

ASML (Nasdaq:ASML) is a semiconductor company that is the world’s only manufacturer of extreme UV systems. The company’s technology produces small, efficient chips.

ASML hasn’t seen as much artificial intelligence growth as its peers. The stock is up only about 18% since the beginning of the year. But the stock has risen 216% over the past five years. ASML also has a decent reputation. The current PER is 32 times.

ASML reported 27.1% year-on-year revenue growth in the second quarter, 30% year-on-year revenue growth Sales in the second quarter were at the high end of the company’s guidance, with a gross margin of 51.3%.

semiconductor stocks As artificial intelligence chips gain momentum, they remain the center of attention. ASML lags behind the strides of its peers, but it could be an attractive long-term choice. The stock’s dividend yield is now approaching 1%.

Arista Networks (ANET)

Arista Networks (New York Stock Exchange:Aneta) provides cloud networking for large enterprises and data centers. Data centers are a key component of the artificial intelligence boom. As demand for AI chips and tools grows, Arista Networks will benefit.

The company Second quarter. Revenue increased 38.7% year-over-year, and GAAP net income increased from $299.1 million to $491.9 million. This represents a 64.5% improvement over the previous year.

Arista Network’s customer portfolio comprises a cumulative total of 75 million cloud networking ports. Combining this backbone with the company’s efforts, management projected third-quarter earnings of $1.45 billion to $1.5 billion for him. The midpoint of $1.475 million represents a 25% year-over-year revenue increase.

Super Microcomputer (SMCI)

super microcomputer (Nasdaq:SMCI) is a leading provider of high-performance server and storage solutions for artificial intelligence tools. The company has been around for over 20 years, but his recent AI boom has significantly improved the company’s long-term prospects.

Investors are watching. The stock is up 213% year-to-date and has surged 1,180% over the past five years. Investors looking for returns like Nvidia Good partnership with Nvidia.

Unlike most tech companies with big profits, SMCI has a P/E of 23. The company increased its net profit in the third quarter. $141 million to $194 million, representing a year-on-year growth rate of 37.6%. The company also achieved 37% revenue growth year over year.

Those numbers are already impressive, but Nvidia’s explosive revenue and profit growth numbers should excite many investors. Nvidia’s stunning earnings report highlights the rapid growth of artificial intelligence. Super microcomputers are expected to report staggering numbers in the coming quarters.

At the date of this publication, Mark Guberti held long positions in ASML and SMCI. The opinions expressed in this article are those of the author and investorplace.com Publication guidelines.