3 Tech stocks will climb higher as the reopenings reverse

The coronavirus outbreak can be seen in the United States. Tuesday warned Dr. Anthony Fauci – director of the National Institute of Allergy and Infectious Diseases – Congress that new infections could exceed 100,000 a day due to early reopenings and widespread failure to take precautions.

Texas, Florida, Arizona and California have seen their number of confirmed cases rise, prompting local officials to reverse measures to reopen businesses.

Despite the continued negative impact of the pandemic on the wider economy, the three stocks listed below are well positioned to thrive:

1. Amazon.com: Ecommerce, Cloud Power to Improve Results

Amazon.com (NASDAQ 🙂 needs no introduction. The online retailer and cloud computing giant flourished during the corona virus crisis, rising 45% in the past three months, outperforming 22% in the same period. The stock, which hit a record high of $ 2,795 on June 24, rose to $ 2,758.82 yesterday, earning the company a valuation of $ 1.37 trillion.

The Seattle, Washington-based e-tailer is arguably the bulk of the COVID-19 pandemic, benefiting from the shift to online shopping during the crisis.

The global behemoth reports the profit on July 30. Consensus calls for second quarter earnings per share of $ 1.37, while sales are expected to increase 27% compared to the same, to $ 80.6 billion, reflecting the strength in both e-commerce as cloud computing.

Amazon has been the subject of a wave of positive analyst reports that have flown to its results, with Deutsche Bank raising its price target to $ 3,333 per share, and SunTrust raising its price target to $ 3,400.

Amazon, given the positive outlook, could see further strength in its cloud computing services as it takes steps to attract lucrative users, including military and commercial space organizations. This move comes at a time when the company expects "an increase in space-related cloud computing contracts worldwide with an estimated market size of hundreds of billions of dollars," said Teresa Carlson, Amazon Web Service's Vice President of the World Wide Public Sector.

2. Fastly: Rapid-Growth Content Delivery Network

Fastly (NYSE :), which became public in May 2019, is a fast growing cloud provider for big name content delivery networks if Shopify (NYSE 🙂 counts, Spotify (NYSE 🙂 and Slack (NYSE 🙂 as customers. The services enable other companies to accelerate their websites, apps and video and streaming offers.

The San Francisco, California-based company has seen increasing demand for its cloud-based services as an increasing number of companies chose to bolster their virtual presence during the current COVID-19 pandemic.

Fastly's share has outperformed the broader market in recent months, up 361% since late March. The stock, which hit a record high of $ 88.94 on Monday, closed at $ 83.83 last night, yielding a market cap of 8 billion.

The cloud computing service provider reported improving its earnings in early May from a loss per share of 30 cents in the prior year period to a loss of 6 cents per share. Revenues, meanwhile, rose 38% from a year earlier to $ 63 million.

The outlook for the second quarter was also optimistic: Fastly forecast sales of $ 70 million to $ 72 million, representing annual sales growth. of 57%. The company also raised full-year sales guidance to between $ 280 million and $ 290 million, compared to a previous forecast for sales between $ 255 million and $ 265 million.

3. Upwork: Leading Remote Work Marketplace

Upwork (NASDAQ :), a leader in the freelancing and remote working sector, operates a platform that enables companies to connects the world with independent contractors.

Question because the company's services have skyrocketed in recent months when the record high in newly driven Americans and people around the world began looking for freelance work.

Upwork's stock has increased by 124% in the past three months, although it still falls nearly 10% year-on-year. The stock, which reached a seven-month high of $ 14.69 on June 26, ended at $ 14.44 on Tuesday, earning the online talent marketplace company a market cap of approximately $ 1.7 billion.

The Santa Clara, California-based company performed well in the first quarter as it enjoyed results, with sales up 21.5% year-over-year to $ 83.2 million. Core market revenues grew by an even greater 24%, while gross services volume – another rigorous measure – grew 15% year-over-year to $ 559.5 million.

"With the global spread of the coronavirus significantly accelerating the acceptance of remote work and increasing the value companies place on staff flexibility, Upwork solutions are more relevant to customers than ever before," CEO Hayden Brown said in the company's Q1 earnings distribution on May 6.

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