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The 20 best tech stocks of 2020


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Could one of these technology darlings be the next FAANG stock?

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Internet companies have dominated global stock markets in the last decade and none more so than the tech giants of the US.

Facebook, Amazon, Apple, Netflix and Google are more than just household names, their meteoric rise on Wall Street has bestowed them with the acronym the FAANGs.

Although Australia's tech sector is still in its adolescence, we have our own success stories. The WAAAX stocks – Wisetech, Afterpay, Appen, Altium and Xero, have seen extraordinary capital growth in the last five years.

Since 2015, Appen has risen by more than 3,800%, Afterpay by 1,450%, Altium by 660% and Xero by 400%. Among the FAANGs the standout performers have been Amazon and Netflix, rising by 494% and 350% over the same period.

But COVID-19 has given the industry a shake-up. As new digital and lifestyle trends emerge, once little-known technology stocks are stealing the spotlight from the bigger players.

The rise of WFH stocks

Working from home (WFH) stocks like Zoom, Wix and Slack have seen their stock prices hit new highs since the pandemic began, while cloud Internet security companies are having their moment as companies grapple with out-of-office staff.

The FAANG stocks have also seen a solid rebound since global markets crashed in late February to March, but none appear on the best performing list of the last six months.

Taking the cake at number one in the US is online gambling platform DraftKings (which merged in April with Diamond Eagle Acquisition Corp), followed by everyone's favourite new stock, Zoom Video.

A number of Australian tech stocks have also seen success this year, headed by payment tech companies Afterpay and Pushpay, followed by another betting app PointsBet.

The following is a list of the best performing mid-large cap tech stocks in the US and Australia so far this year (to 10 June). Only stocks with a market cap of more than $1 billion have been included in the list, which is partly why so few ASX stocks are among the best performers.

These are not recommendations, they are intended as investment ideas only.

Best performing tech stocks of 2020

1. DraftKings Inc (NASDAQ: DKNG)

  • YTD performance (to 10 June): 265.51%
  • Internet software services stock
  • Fantasy sports and sports betting provider
  • Gambling companies have been among the top performers during COVID-19

2. Zoom Video Communications Inc (NASDAQ: ZM)

  • YTD performance (to 10 June): 224.84%%
  • Technology services and software sector stock
  • Provides video conferencing software
  • Popular provider for WFH meetings during COVID

3. Livongo Health Inc (NASDAQ: LVGO)

  • YTD performance (to 10 June): 154.87%
  • Technology services and software stock
  • Provides software and apps that track health conditions
  • Recently listed in August last year

4. Zscaler Inc (NASDAQ: ZS)

  • YTD performance (to 10 June): 127.35%
  • Technology services packaged software stock
  • Provides cloud-based Internet security
  • Hit a new 52-week high in June

5. Datadog Inc (NASDAQ: DDOG)

  • YTD performance (to 10 June): 107.15%
  • Technology services and software stock
  • Offers cloud monitoring services for companies
  • Cloud technology companies have benefited from WFH model

6. Docusign Inc (NASDAQ: DOCU)

  • YTD performance (to 10 June): 99.77%
  • Technology services and software stock
  • Provides cloud-based electronic signatures
  • Cloud technology companies benefit from WFH model

7. Crowdstrike Holdings Inc (NASDAQ: CRWD)

  • YTD performance (to 10 June): 94.95%
  • Technology services packaged software stock
  • Offers cloud-based security solutions
  • Internet security companies benefit from WFH

8. Bilibili Inc – ADR (NASDAQ: BILI)

  • YTD performance (to 10 June): 90.55%
  • Internet software services stock
  • Chinese online and mobile entertainment platform
  • Online gaming and video streaming websites have become more popular during COVID

9. Enphase Energy Inc (NASDAQ: ENPH)

  • YTD performance (to 10 June): 88.86%
  • Energy technology sector stock
  • Provides solar energy storage and software solutions
  • Hit a new 52-week high in May 2020

10. Wix.Com Ltd (NASDAQ: WIX)

  • YTD performance (to 10 June): 81.06%
  • Information technology stock
  • Offers website templates, editing tools, SEO tools and hosting services
  • Hit a new 52-week high in June

11. Afterpay (ASX: APT)

  • YTD performance (to 10 June): 77.94%
  • Technology services stock
  • Australian buy now pay later (BNPL) provider
  • Surged in May after Chinese tech giant Tencent became a substantial shareholder

12. PushPay (ASX: PPH)

  • YTD performance (to 10 June): 75.26%
  • Information technology services stock
  • Platform provider for donation payments
  • Hit a record high in May 2020

13. Everbridge Inc (NASDAQ: EVBG)

  • YTD performance (to 10 June): 73.82%
  • Technology services and software stock
  • Provides communications and alerts for emergency situations
  • Stock price hit an all-time high in May 2020

14. NVIDIA Corporation (NASDAQ: NVDA)

  • YTD performance (to 10 June): 59.23%
  • Electronic technology and semiconductors stock
  • Focused on personal computer graphics (GPU) and artificial intelligence (AI)
  • Hit new 52-week high in May

15. Mongodb Inc (NASDAQ: MDB)

  • YTD performance (to 10 June): 58.18%
  • Technology services packaged software
  • Database support provider
  • Stock price hit record high in May

16. Okta Inc (NASDAQ: OKTA)

  • YTD performance (to 10 June): 57.28%
  • Technology services software stock
  • Cloud software services specialising in user authentication
  • Internet security stocks boosted by WFH model

17. Mercadolibre Inc (NASDAQ: MELI)

  • YTD performance (to 10 June): 55.05%
  • Internet software and services sector stock
  • E-commerce and online auction platform provider
  • Online shopping stocks boosted during COVID-19

18. Five9 Inc (NASDAQ: FIVN)

  • YTD performance (to 10 June): 53.46%
  • Information technology services sector stock
  • Cloud platform for online customer service solutions
  • Stock price reached all-time high in May 2020

19. Coupa Software Inc (NASDAQ: COUP)

  • YTD performance (to 10 June): 52.98%
  • Technology services and software stock
  • Cashflow management platform
  • Reached all-time high in May 2020

20. Zynga Inc (NASDAQ: ZNGA)

  • YTD performance (to 10 June): 52.45%
  • Internet software and services stock
  • Online and mobile game developer
  • Reached 52-week high in June

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades. Read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product on the provider's website.

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