2 Undervalued Tech Stocks To Scoop Up Now

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Tech stocks surged last year in response to increasing demand as people adopted a remote lifestyle. However, because the world is now focused on mass vaccination drives, investors are rotating away from pricey tech stocks to turnaround non-tech stocks with the expectation that outdoor activities will gain traction next. This, along with the optimism surrounding the potential for a V-shaped economic recovery, driving the tech sell-off.

However, analysts expect the tech pullback to be short-lived because of the adoption of hybrid work models and a continuation of remote lifestyles will help tech stocks to regain their rally.

Thus, we expect tech stocks such as Cirrus Logic, Inc. (CRUS - Get Rating) and Daktronics, Inc. (DAKT - Get Rating), which currently trading at discounted valuations, to hit reach fresh highs soon.

Cirrus Logic, Inc. (CRUS - Get Rating)

Headquartered in Austin, Texas CRUS provides integrated circuits (ICs) for audio and voice signal processing applications. The company offers two product lines — Portable Audio and Non-Portable Audio. Its portable audio products include analog and mixed-signal components designed for mobile devices and its non-portable audio and other products include analog and mixed-signal components that target the consumer market. This includes smart home applications and the automotive, energy and industrial markets. CRUS offers its products through both direct and indirect sales channels worldwide.

CRUS’ net sales for its fiscal 2021 third quarter, ended December 26, 2020, was  $485.80 million, which represents a 29.7% rise year-over-year. Its gross profit increased 27.3% year-over-year to $251.50 million. The company’s non-GAAP net income for the quarter was $127.76 million, up 49.3% year-over-year. Its non-GAAP operating income was  $145.94 million, which represents an improvement of 54.2% year-over-year. Also, its non-GAAP EPS increased more than 51% year-over-year to $2.13.

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