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Bargain Hunting? Consider These 3 Undervalued Tech Stocks

Stock Markets May 24, 2021 02:30PM ET
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© Reuters. Bargain Hunting? Consider These 3 Undervalued Tech Stocks

Even though most tech stocks slumped this year, with investors rotating away from tech stocks to cyclical stocks to capitalize on the economic recovery, the sector is well positioned to resume its rally based on the growing demand for advanced technology solutions in almost every industry. So, we think it wise to invest in undervalued tech stocks Teradata (TDC), NetScout (NTCT), and Plantronics (NYSE:POLY) (PLT), which hold immense growth potential. Read on for details.After a remarkable run last year, most tech stocks plunged sharply this year as the economic recovery caused investors to shift their focus to cyclical stocks. Fears over rising inflation and Treasury yields have led investors to rotate away from expensive tech stocks. Tech stocks’ weakness is evident in the Technology Select Sector SPDR Fund’s (XLK) 0.1% gains over the past three months compared to the SPDR S&P 500 ETF Trust’s (SPY) 6.4% returns.

However, the sector still holds solid growth attributes. Because the world continues to depend on technology in myriad ways, companies in this space are well positioned to benefit. The increased use of cloud computing, artificial intelligence (AI), and 5G technology, for example, will drive the sector’s growth in the coming months.

Given this backdrop, we think it is wise to bet on Teradata Corporation (NYSE:TDC), NetScout Systems, Inc. (NTCT), and Plantronics, Inc. (PLT). They are currently trading at deep discounts considering their immense growth potential.

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Bargain Hunting? Consider These 3 Undervalued Tech Stocks
 

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