Top 2 tech tips for 2024 under $30

Tech stocks have great potential in the current market environment. The advancement of the digital age has increased the demand for technology products and services. moreover, Artificial intelligence (AI) The boom has expanded the performance of high-tech products.

Major technology companies such as Microsoft (MSFT),Amazon (AMZN)Nvidia (NVDA), is now the obvious choice. But for investors looking for innovation, growth, and resilience in today's market environment, many other rising stars can represent attractive opportunities. Let's take a look at two of the fastest growing companies under $30.

UiPath

My first tech pick is UiPath, a global software company trading at around $19 per share. (path). Founded in 2005, the company is best known for its leading robotic process automation (RPA) software platform, which uses software robots (“bots”) to automate tasks.

UiPath's stock price soared 95% last year, outpacing the S&P 500 index, driven by growing demand for AI and robotics. ($SPX) 25% increase. Despite a strong finish to fiscal 2023, including strong quarterly results and first-quarter profitability; The stock price has fallen 20% since the beginning of the year.

The increasing demand for automation has increased the demand for UiPath products. Annual recurring revenue (ARR) 22% increase It will reach $1.46 billion in the fourth quarter of 2024.

Total revenue increased 31% year over year to $405 million. The company also reported first-quarter GAAP earnings of $0.06 per share, compared with a loss of $0.05 per share in the year-ago period.

The company has now integrated AI into robotics with the release of UiPath Autopilot. Additionally, UiPath expanded the partnership with alphabet (Google)This will enable customers to use UiPath's AI-powered automation on Google Cloud.

Cash is king, and UiPath appears financially strong enough to continue investing in its AI products. As of Jan. 31, the company had $1.9 billion in cash, cash equivalents, and marketable securities, and had adjusted free cash flow of $309 million at the end of fiscal 2024.

Management expects full-year revenue to be in the following range: $1.555 billion to $1.56 billion Additionally, ARR could be between $1.725 billion and $1.73 billion. Analysts expect UiPath's fiscal 2025 revenue and profit to increase by 18.9% and 6.9%, respectively.

The global RPA market is poised for significant expansion and is projected to grow at a CAGR. 39.9% by 2030Driven by the proliferation of digital transformation. UiPath has a robust suite of automation products and currently Share 36% It is at the heart of the global RPA market and can expect to benefit from this trend in the coming years.make a deal Increase sales six times in 2025PATH looks like a top AI robot stock to buy now with great long-term potential.

UiPath stock is rated a “fair buy” on Wall Street. Of the 19 analysts covering the stock, 8 rate it a “strong buy,” 1 rate it a “moderate buy,” and 10 rate it a “hold.”based on average target price At $27.29, the stock could rise 45.5% from current levels. Its forecast high further suggests that the stock price could rise by as much as 70.6% over the next 12 months.

Confluence

My second technology pick is Confluent, a data streaming provider that trades at around $27 per share. (CFLT). Co-founded by the creator of Apache Kafka. Confluent provides cloud-based data analytics solutions. In this AI era, the demand for seamless data integration and real-time analytics is increasing, increasing the demand for the Confluent platform.

The company's strong fourth quarter results contributed to the stock price rise 14.9% increase year-to-dateoutperforming the broader market.

Demand for real-time data integration and analysis continues to grow. Built on Apache Kafka, Confluent's platform addresses critical business needs such as analytics, machine learning, and customer engagement, which explains its rapid revenue surge.while 2019 and 2023the company's revenue increased from $149 million to $777 million.

2023, revenue increased 33% year over year. The number of customers with ARR of $100,000 or more increased by 21% from the previous year to 1,229. Additionally, the number of new high-value customers increased 9% to 4,960 in the fourth quarter.

Although the company has not yet achieved sustained profitability, it did report adjusted net income of $0.09 per share in the fourth quarter. The company expects to report another profitable quarter in the first quarter of fiscal 2024 due to 21% revenue growth.

for Full year 2024, management expects sales to increase 22.3%, followed by earnings per share of $0.17, up from $0.04 in fiscal 2023. Similarly, analysts expect sales growth of 22.3% in FY2024 and 25.1% in FY2025.

last week, wells fargo Analyst Michael Tulin reiterated his buy rating on Confluent stock, with a price target of $36. RBC Capital followed suit, maintaining a buy rating with a price target of $37.

Word on the street is that Confluent stock isbuy in moderationOf the 28 analysts covering the stock, 17 suggested a “strong buy,” two suggested a “moderate buy,” eight suggested a “hold,” and one suggested a “moderate sell.” ing.

The average price target for Confluent stock is $31.96, 18.8% above current levels. However, the high price target of $40 suggests a potential upside of 48.7% over the next 12 months.

On the date of publication, Sushree Mohanty I had no position (directly or indirectly) in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. Please see the Barchart Disclosure Policy for more information. here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Summarize this content to 100 words
Tech stocks have great potential in the current market environment. The advancement of the digital age has increased the demand for technology products and services. moreover, Artificial intelligence (AI) The boom has expanded the performance of high-tech products.Major technology companies such as Microsoft (MSFT),Amazon (AMZN)Nvidia (NVDA), is now the obvious choice. But for investors looking for innovation, growth, and resilience in today's market environment, many other rising stars can represent attractive opportunities. Let's take a look at two of the fastest growing companies under $30.

UiPathMy first tech pick is UiPath, a global software company trading at around $19 per share. (path). Founded in 2005, the company is best known for its leading robotic process automation (RPA) software platform, which uses software robots (“bots”) to automate tasks.UiPath's stock price soared 95% last year, outpacing the S&P 500 index, driven by growing demand for AI and robotics. ($SPX) 25% increase. Despite a strong finish to fiscal 2023, including strong quarterly results and first-quarter profitability; The stock price has fallen 20% since the beginning of the year.www.barchart.com
The increasing demand for automation has increased the demand for UiPath products. Annual recurring revenue (ARR) 22% increase It will reach $1.46 billion in the fourth quarter of 2024.Total revenue increased 31% year over year to $405 million. The company also reported first-quarter GAAP earnings of $0.06 per share, compared with a loss of $0.05 per share in the year-ago period.

The company has now integrated AI into robotics with the release of UiPath Autopilot. Additionally, UiPath expanded the partnership with alphabet (Google)This will enable customers to use UiPath's AI-powered automation on Google Cloud. Cash is king, and UiPath appears financially strong enough to continue investing in its AI products. As of Jan. 31, the company had $1.9 billion in cash, cash equivalents, and marketable securities, and had adjusted free cash flow of $309 million at the end of fiscal 2024.Management expects full-year revenue to be in the following range: $1.555 billion to $1.56 billion Additionally, ARR could be between $1.725 billion and $1.73 billion. Analysts expect UiPath's fiscal 2025 revenue and profit to increase by 18.9% and 6.9%, respectively.The global RPA market is poised for significant expansion and is projected to grow at a CAGR. 39.9% by 2030Driven by the proliferation of digital transformation. UiPath has a robust suite of automation products and currently Share 36% It is at the heart of the global RPA market and can expect to benefit from this trend in the coming years.make a deal Increase sales six times in 2025PATH looks like a top AI robot stock to buy now with great long-term potential.UiPath stock is rated a “fair buy” on Wall Street. Of the 19 analysts covering the stock, 8 rate it a “strong buy,” 1 rate it a “moderate buy,” and 10 rate it a “hold.”based on average target price At $27.29, the stock could rise 45.5% from current levels. Its forecast high further suggests that the stock price could rise by as much as 70.6% over the next 12 months.

www.barchart.com
ConfluenceMy second technology pick is Confluent, a data streaming provider that trades at around $27 per share. (CFLT). Co-founded by the creator of Apache Kafka. Confluent provides cloud-based data analytics solutions. In this AI era, the demand for seamless data integration and real-time analytics is increasing, increasing the demand for the Confluent platform.The company's strong fourth quarter results contributed to the stock price rise 14.9% increase year-to-dateoutperforming the broader market. www.barchart.com
Demand for real-time data integration and analysis continues to grow. Built on Apache Kafka, Confluent's platform addresses critical business needs such as analytics, machine learning, and customer engagement, which explains its rapid revenue surge.while 2019 and 2023the company's revenue increased from $149 million to $777 million. 2023, revenue increased 33% year over year. The number of customers with ARR of $100,000 or more increased by 21% from the previous year to 1,229. Additionally, the number of new high-value customers increased 9% to 4,960 in the fourth quarter.Although the company has not yet achieved sustained profitability, it did report adjusted net income of $0.09 per share in the fourth quarter. The company expects to report another profitable quarter in the first quarter of fiscal 2024 due to 21% revenue growth.

for Full year 2024, management expects sales to increase 22.3%, followed by earnings per share of $0.17, up from $0.04 in fiscal 2023. Similarly, analysts expect sales growth of 22.3% in FY2024 and 25.1% in FY2025. last week, wells fargo Analyst Michael Tulin reiterated his buy rating on Confluent stock, with a price target of $36. RBC Capital followed suit, maintaining a buy rating with a price target of $37.Word on the street is that Confluent stock isbuy in moderationOf the 28 analysts covering the stock, 17 suggested a “strong buy,” two suggested a “moderate buy,” eight suggested a “hold,” and one suggested a “moderate sell.” ing. www.barchart.com
The average price target for Confluent stock is $31.96, 18.8% above current levels. However, the high price target of $40 suggests a potential upside of 48.7% over the next 12 months.
On the date of publication, Sushree Mohanty I had no position (directly or indirectly) in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. Please see the Barchart Disclosure Policy for more information. here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

https://www.nasdaq.com/articles/my-top-2-tech-picks-under-$30-for-2024 Top 2 tech tips for 2024 under $30