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3 Mid-Cap Growth Stocks in the Tech Sector to Buy Now

Stock MarketsJun 08, 2021 02:30PM ET
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© Reuters. 3 Mid-Cap Growth Stocks in the Tech Sector to Buy Now

Investors have been rotating away from expensive tech stocks with the economy’s recovery, but the industry’s solid growth prospects should at some point return many of these stocks to investors’ buy lists. In addition to rising demand for advanced technologies, we think the economic recovery positions mid-cap tech stocks Littelfuse (NASDAQ:LFUS), Kulicke and Soffa (KLIC), and Cornerstone OnDemand (CSOD) well for solid growth in the coming months. So, let’s evaluate these names.With the ongoing global economic recovery, investors have been rotating away from expensive tech stocks to stocks that are well-positioned to capitalize on the re-engagement of economic activities. This is evident in the Technology Select Sector SPDR Fund’s (XLK) 7.7% returns so far this year versus SPDR S&P 500 ETF Trust ETF’s (SPY) 12.9% gains.

However, the tech industry has immense growth potential given continuous technological advancements and increasing adoption of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), by almost all industries. The tech industry is expected to hit a $5 trillion market value by the end of this year. So, we think it could be wise to invest in mid-cap stocks from the tech space because they might hold attractive growth potential, like small-cap stocks, amid the economic recovery, while offering a level of stability similar to large-cap stocks.

We believe mid-cap companies Littelfuse, Inc. (LFUS), Kulicke and Soffa Industries, Inc. (KLIC), and Cornerstone OnDemand, Inc. (CSOD) have sufficiently solid financials to capitalize on the industry’s growth and the economic recovery. So, shares of these companies could be solid bets now.

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3 Mid-Cap Growth Stocks in the Tech Sector to Buy Now
 

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