2 Tech Stocks Soaring To New 52-Week Highs

With investors fretting over whether rising inflation will entrench itself or blow over as per the Federal Reserve’s expectations, tech stocks have been taking a big hit. Although a weaker-than-expected April jobs report, which eased concerns about the potential for a central bank policy change, helped tech stocks rally briefly, the sector remains extremely volatile. 

But while certain higher-priced technology stocks have experienced the most losses, some are still advancing on investors’ optimism over the industry’s bright long-term prospects.

Board, Electronics, Computer, Electrical Engineering

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Continued digitization and rising demand for advanced technologies from almost all industries should keep driving growth in the tech space. Amid current market volatility, we think it is wise to invest in fundamentally-sound technology stocks Motorola Solutions, Inc. (MSI - Get Rating) and NortonLifeLock Inc. (NLOK - Get Rating), which have recently hit their 52-week highs.

Motorola Solutions, Inc. (MSI - Get Rating)

Formerly known as Motorola, Inc., Motorola Solutions is a global leader in mission-critical communications and analytics. The company operates in two segments, Products and Systems Integration, and Services and Software, and offers products including devices, accessories, video security equipment and infrastructure, mobile video cameras and accessories.

MSI’ total sales increased 6.6% year-over-year to $1.77 billion in the first quarter, ended April 3, 2021. Its gross margin grew 9.3% from its  year-ago value to $860 million, while its operating earnings increased 15.1% year-over-year to $298 million over this period. Its net earnings increased 23.7% year-over-year to $245 million. The company reported EPS of $1.41 for this period, compared to $1.12 in the prior-year quarter.

A $1.94 billion consensus revenue estimate for the current quarter, ending June 2021 represents a 19.7% improvement year-over-year. The $1.92 consensus EPS estimate for the current quarter represents a 38.1% increase from the same period last year. The stock has gained 51.2% over the past year. The stock hit its 52- week high of $204.89 in today’s trading session.

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