Best Tech Stocks to Buy in June 2021

Tech stocks had a stellar run in 2020 at the peak of the pandemic but it might not be too late to invest in tech stocks that still have high growth potential backed by strong fundamentals. 

Where Can I Buy Tech Stocks in June 2021?

Which Tech Stocks to Buy in June 2021?

Here is our top 10 list of tech stocks to buy this month.

1. Apple (NASDAQ: AAPL)

Apple broke the $100 billion quarterly revenue mark as the company recorded a revenue of $111.4 billion in the first quarter of 2021, registering a 21% increase from the same quarter last year. The rise in revenue was attributed to double-digit growth in all product categories. Wedbush analyst Dan Ives expects the company to cross the $3 trillion market capitalization mark in 2022. The stock is down 2% this year, which provides an opportunity for investors to buy the stock on dips.

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2. Alphabet (NASDAQ: GOOGL)

Google’s parent company Alphabet reported upbeat results in the first quarter of 2021 as its revenue increased by 34%. YouTube ads generated revenue of $6.01 billion for the first quarter, registering a 50% year-over-year increase. The stock is up 39% this year and can be a decent buy given the stellar financial results reported by the company.

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3. Microsoft (NASDAQ: MSFT)

Microsoft, the world’s second-largest company by market capitalization, posted revenue of $37.2 billion in Q1 2021, up 12% from the same quarter last year. Net income in the first quarter increased by 30% from the year-ago quarter to $13.9 billion while earnings per share also increased by 32% to $1.82. The company registered healthy growth in all of its business segments.

The company is expected to increase its annual revenues to $166 billion in FY2021. Microsoft has $125 billion in cash, depicting the strong financial position of the company. The stock is up 16% this year, which shows that buyers are actively buying the stock and pushing the stock higher.

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4. Salesforce (NYSE: CRM)

Salesforce markets cloud-based customer relationship management programs to corporations. The company recorded revenue of $21 billion in 2020, which is projected to rise by 22% in 2021 and another 20% in 2022. In 2020, the stock was included in DJIA because of the growing significance of the company in the tech sector. CRM is a decent option for investors looking for growth companies. The stock is currently up 7% for the year.

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5. PayPal Holdings (NASDAQ: PYPL)

American online payment processing company PayPal Holdings is up 13.5% this year. The company’s profit jumped from $84 million to $1.10 billion in Q1 2021. Paypal was able to increase its user base to 392 million after it added 14.5 million new accounts. The company expects its revenues and earnings to grow by 20% and 21%, respectively for FY 2021. Dan Schulman, CEO of PayPal, considers cryptocurrency as a key growth driver in the upcoming years. Considering the positive factors, PayPal Holdings can be a good prospect for investment.

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6. Twilio (NYSE: TWLO)

American cloud communication software company Twilio gained 63% in the past 12 months. Since its IPO in 2016, Twilio stock touched a high of $443 before falling to $317 in June 2021. In FY2020, the company’s revenues grew 55%, and the company projects that the revenue of FY2021 will grow by 44%. Although the company reported a GAAP loss per share of $1.24 and a net loss of $206.5 million in the first quarter of 2021, the company has been steadily growing its customer base each quarter since 2019. The active customers increased to 235,000 from 190,000 in Q1 2021, up 23% from the same quarter last year.

Twilio’s earnings are growing steadily, making it a reasonable option for investors searching for growth stocks.

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7. Facebook (NASDAQ: FB)

Facebook stock is trading at an all-time high of $333 and has gained 24% this year. The company reported a 94% jump in net profit and a 48% rise in revenue in Q1 2021, primarily on the back of a 12% increase in ad sales with a 30% higher average price per ad. Facebook has been regularly posting outstanding results due to which its stock is hitting new highs. Because of the positive triggers, you can consider adding Facebook stock to your portfolio.

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8. Palo Alto Networks (NYSE: PANW)

Cybersecurity company Palo Alto Networks gained 51% during the past 12 months, with most of the gains achieved between Nov. 2020 and Feb. 2021. The company provides cybersecurity products that protect an organization’s IT infrastructure from threats, such as cyber-attacks, malware, phishing, data loss, and many others.

In its third-quarter 2021 results, the company recorded revenue of $1.07 million, registering a growth of 24% from the same quarter last year. The company forecasts that revenue for FY2021 and 2022 will increase by 23% and 18% respectively.

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9. Nvidia (NASDAQ: NVDA)

Nvidia manufactures GPUs, CPUs, chipsets, and many other computing products. The company posted $5.56 billion in Q1 FY2022, up 84% year over year. Revenue from gaming, data center, and professional visualization segments recorded an increase of 106%, 79%, and 21% respectively. The stock is up 33% this year and can rise further as the management expects the growth to continue in the next quarters as well.

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10. Cisco Systems (NASDAQ: CSCO)

Cisco Systems is an American company that develops and sells networking and telecommunications equipment, software, and other technological services. The stock has gained 23% so far this year as the company posted revenue growth of 7% in Q3 2021 at $12.80 billion, reversing five quarters of continuous revenue declines. In March, the company completed the acquisition of Acacia Communications for $4.5 billion and IMImobile for $730 million, which will provide leverage to the company in the coming years.

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Why Buy Tech Stocks in June 2021?

Tech stocks rallied in 2020 due to strong demand for technology-related products and services arising from the work-from-home situation. However, tech companies spend a significant amount of money on research and development to launch new innovative products, keeping the demand for technology products high. You can capitalize on the growth of tech companies by investing in technology stocks in 2021 as the stocks on our list are poised to register further strong growth, making them the best candidates for investment in the month of June.

The Bottom Line

You can consider buying tech stocks this month even if you have missed out on the extraordinary returns generated by tech stocks in 2020. The tech stocks included in our list can provide decent upside potential backed by strong fundamentals.