Could one of these technology darlings be the next FAANG stock?
Sponsored by IG Australia Pty Ltd(AFSL 515106). Pay $0 commission when you buy and sell Apple, Tesla, Meta and other top US shares in an IG Share Trading Account.
Sponsored by IG Australia Pty Ltd(AFSL 515106). Pay $0 commission when you buy and sell Apple, Tesla, Meta and other top US shares in an IG Share Trading Account.
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.
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.
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
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Sponsored by IG Australia Pty Ltd (AFSL 515106). Pay $0 commission when you buy and sell Apple, Tesla, Meta and other top US shares in an IG Share Trading Account.
