With the proliferation of artificial intelligence (AI), fintech and cybersecurity, finding the best tech stocks to buy is a great strategy. While these industries can help investors grow their wealth, it is important to understand the risks. There are thousands of tech companies listed on the stock market, and many of them do not pan out.
Therefore, it is crucial for investors to be extremely selective and stick with the company’s with long track records of success. This can be through a combination of market share, revenue and earnings growth and consistent cash flows. While past performance is not indicative of future results, investing in the technology sector is a great way to build wealth.
Now, here are the top three tech stocks to buy to 10X your money in the long term!
American Express (AXP)
American Express (NYSE:AXP) is a leading fintech stock with enormous long term potential. The company’s investments in digital transformation, which includes digital payment solutions, position it well for long-term success.
American Express is undoubtedly one of the best tech stocks to buy in 2024. Over the last year, its revenue and earnings saw strong double-digit growth, boosted by strong customer engagement and demand for its premium product offerings. In 2023, new card acquisitions totaled 12.2 million, bringing its total network to over 140 million. CEO Stephen Squeri remains confident in the investments it is making in areas like digital wallets and tokenization to expand its customer base in 2024. In Q1 FY24, revenue increased 11% year-over-year to $15.8 billion. New card acquisitions hit a record 3.4 million in the quarter, with earnings per share up 39% to $3.33 per share. With a clear focus on the millennial and Gen Z segments, AXP stock is uniquely positioned to benefit from the resurgence in travel demand in 2024 and beyond.
Godaddy (GDDY)
Godaddy (NYSE:GDDY) is a leading domain registrar and web hosting company. It is also a tech company with extraordinary long-term potential. As more businesses migrate to online, Godaddy will continue to dominate and grow its revenue, earnings and market share.
Godaddy is among the best tech stocks to buy and hold for the long haul. The company hit a key inflection point in 2023, instilling confidence in the business moving forward. While revenue increased a modest 4% from 2022, its strong operational execution drove its earnings and free cash flow to record heights. Moreover, net earnings swelled 295% year over year to $1.4 billion, with free cash flow up 11% to $1.1 billion.
In the first quarter of 2024, momentum continued to build with earnings up 749% year-over-year to $401.5 million. Additionally, Godaddy continues to diversify its product offerings including its new Airo platform that includes a full suite of AI tools. With the company recently added to the S&P 500, the sky is truly the limit for this under-the-radar tech giant.
Qualys (QLYS)
Qualys (NASDAQ:QLYS) is a provider of cloud-based cybersecurity solutions. It, too, is one of the top tech stocks to buy to grow your wealth. With cyber-crimes accelerating, Qualys is a compelling investment opportunity that you can’t miss.
Qualys provides customers with a broad range of cybersecurity solutions, including vulnerability management, threat detection and compliance. With the increased frequency and boldness of cyber attacks, businesses of all sizes will need more robust security measures. The company’s cloud-based solutions and TruRisk platform is uniquely positioned to address these challenges.
Furthermore, Qualys’ growing revenue, earnings and free cash flow is a positive sign for the business. In the 2023 fiscal year, revenue increased 13% year-over-year to $554.5 million. Earnings per share rose 47% from the year prior, with free cash flow hitting a record $236 million. Additionally, revenue and earnings saw strong double-digit growth in the first quarter of 2024. With cyber-crimes remaining a pressing problem in business, Qualys will continue to benefit from the rise in cybersecurity spending.
On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Terel Miles is a contributing writer at InvestorPlace.com, with more than seven years of experience investing in the financial markets.