2 Tech Stocks To Consider Buying In 2021

NASDAQ: GRMN | Garmin Ltd. News, Ratings, and Charts

Many of the gains in the stock market over the past year can be attributed to the exceptional growth in the technology sector. Major tech companies benefited from the increased dependence of individuals and businesses on their offerings to stay operational during the pandemic. 

This trend is expected to continue in 2021. New strains of the coronavirus are spreading throughout the world and vaccine distribution has been slower than expected, especially in the US.

With that in mind, I believe that Garmin Ltd. (GRMN - Get Rating) and NETGEAR, Inc. (NTGR - Get Rating) are two tech stocks that investors should consider buying in 2021.  Here’s why: 

Garmin Ltd. (GRMN - Get Rating)

GRMN develops and commercializes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The company offers global positioning system (GPS) navigation and wireless devices and applications.

On January 5th, GRMN announced the acquisition of GEOS Worldwide Limited and its subsidiaries, which includes the International Emergency Response Coordination Center (IERCC) to strengthen its emergency monitoring and incident response services. The addition of the IERCC to the Garmin family will enable the company to enhance the safety of its active lifestyle customers.

Garmin International, Inc., a unit of GRMN, unveiled a small and fashionable smartwatch, Lily, a couple of days ago. This smartwatch featuring a beautifully patterned lens is a boost to the company’s commitment to revolutionize the wellness industry.

GRMN’s revenue has increased 18.7% year-over-year to $1.11 billion in the third quarter that ended September 30, 2020. Gross profit grew 17.7% from the year-ago value to $667.98 million. Operating income has risen 21.3% from the prior-year quarter to $317.10 million, while EPS improved 36.6% year-over-year to $1.64.

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