With the continuing remote working trend and increasing application of tech-based solutions across various industries, the tech industry is expected to continue growing in the near term. So, we think it could be wise to bet on fundamentally sound tech stocks PTC (NASDAQ:PTC), Open Text (NASDAQ:OTEX), and F5 Networks (FFIV). Read on.The Consumer Price Index rose 6.2% in October from a year earlier—its biggest jump in more than 30 years—dragging the benchmarked stock indexes down earlier this week. However, the tech-heavy NASDAQ soon rebounded and rose 0.7% yesterday as investors bought the dip. Investors’ interest in the tech stocks is evident in the Technology Select Sector SPDR Fund’s (XLK) 9.4% gains over the past month.
The tech industry is expected to grow in the foreseeable future due to the increasing applications of tech solutions across several sectors and the continuing remote working trend. Wedbush analyst Dan Ives said, “We continue to believe this pressure on the tech sector is short-lived with our belief that tech stocks will be up 10% into year-end as the tech growth stories are being massively underestimated by the Street with 3Q earnings a major positive catalyst for the tech sector.”
Given this backdrop, we think fundamentally sound tech stocks PTC Inc. (PTC), Open Text Corporation (OTEX), and F5 Networks, Inc. (FFIV) could be solid additions to one’s portfolio now.