After a long bull run, stocks have used the start of 2022 to take a deep breather. In the past month, many big-name, high-flying tech stocks like Netflix and Meta are down more than 20 per cent. We apologize, but this video didn't load.
Click here to see other videos from our team. If you're looking for a buy the dip opportunity, try refreshing your browser, or Goldman Sachs is bullish on 3 tech stocks with up to 300% upside. There are plenty of companies that are worth buying at their current prices, according to Goldman Sachs. Here is a look at three stocks that recently received buy ratings from the Wall Street giant. One of the big winners in the space is Marvell Technology and you may want to pounce on one of them in 2021 with some extra cash. The Wilmington, Del. shares were recently wiped out by the recent dip. The semiconductor company's value has gone up about 45 per cent over the past year.
Marvell reported third-quarter earnings on December 2. Revenue for the quarter grew by 61 per cent year over year to US $1.21 billion. Earnings per share increased 72 per cent from a year ago to 43 cents. Marvell's share price is just above US $71. Goldman Sachs sees a lot of gains ahead. The bank upgraded the price target to US $95, which is about 34 per cent worth of upside from current levels, as it upgraded Marvell from neutral to buy on December 3 and raised its price target to US $95. Big data is considered to be the next big thing. That was where Snowflake found its opportunity. The cloud-based data warehousing company, founded in 2012, serves thousands of customers across a wide range of industries, including 223 of the Fortune 500.
Snowflake has attracted more investor attention and now has a market cap of over US $80 billion. Revenue surged 110 per cent year over year to US $334.4 million in the three months ended Oct. 31, according to the three months ended October 31. Net revenue retention rate was a solid 173 per cent. The company has had a lot of customer wins. It now has 148 customers with trailing 12 month product revenue of more than US $1 million, compared to 65 such customers a year ago. Goldman Sachs recently raised the price target on Snowflake shares to US $390 — about 52 per cent higher than current levels - and maintained its buy rating for the company. Snowflake recently traded at about US $250 per share. You can get a piece of the company using a popular stock trading app that allows you to buy fractions of shares with as much money as you want to spend.
Weave Communications has a market cap of around US $650 million and is a bit smaller than the names mentioned above. According to Goldman, it could be one of the biggest opportunities in the market. Weave is a one-in-one customer communications platform for small businesses. The platform helps businesses connect with, and engage customers to grow their business. The company went public on November 11 at an IPO price of $24 per share. The stock hasn't been a Wall Street darling. It is about US $9. In Q 3, Weave added 1,326 new customer locations, bringing its total sites to 22,553. Revenues were up 42 per cent over the year, at US $30.3 million.
Goldman launched coverage of Weave on December 6 with a buy rating and a US $37 price target, saying that the current share price is a compelling entry point. Based on where Weave stock is right now, Goldman s price target translates to a whopping potential upside of 310 per cent. If you don't want to pick individual stocks in today's volatile market, you can build a diversified portfolio using just your spare change. This article was created by Wise Publishing. Wise is devoted to providing information that helps readers navigate the complex landscape of personal finance. Wise partners with brands it trusts and believes may be helpful to the reader. This article is not intended to be construed as advice and is not intended to be construed as such. It is provided without any warranty of any kind.