The following four tech stocks saw their quarterly revenue and net income improve significantly on a year-over-year basis, drawing the interest of growth-focused investors. Furthermore, sell-side analysts on Wall Street have recommended positive ratings for these companies, indicating they expect their share prices to improve over the next several months.
Lattice Semiconductor Corp
The first stock that meets the criteria is Lattice Semiconductor Corp (LSCC, Financial), a Hillsboro, Oregon-based developer and global seller of semiconductors.
Lattice Semiconductor Corp saw its quarterly revenue increase by more than 25% year over year to $125.91 million as of the June 2021 quarter. The quarterly revenue was $100.59 million in the prior-year quarter.
The company recorded net income of $21.84 million for the quarter, which was a nearly 106% increase from the net income of $10.63 million for the prior-year quarter.
The stock price was trading at $65.20 per share at close on Sept. 14 following a 125.45% increase over the past year for a market capitalization of $8.89 billion and a 52-week range of $26.14 to $65.76.
Lattice Semiconductor Corp does not pay dividends.
GuruFocus assigned a score of 7 out of 10 to the company's financial strength and 5 out of 10 to its profitability.
On Wall Street, the stock has a median recommendation rating of overweight and an average target price of $61.30 per share.
Datto Holding Corp
The second stock that meets the criteria is Datto Holding Corp (MSP, Financial). Based in Norwalk, Connecticut, the company is a provider of cloud-based software and technology solutions, helping small and medium-sized businesses to protect their servers and workstations, minimize downtime and synchronize files across platforms. The company’s portfolio also includes various networking products such as access points, switches and edge routers, as well as business management products.
Datto Holding Corp saw its quarterly revenue increase by 21.8% year over year to about $151.6 million as of the June 2021 quarter, up from $124.5 million in the prior-year quarter.
Datto Holding Corp recorded net income of nearly $17 million for the quarter, which represented a 92.3% jump from the net income of nearly $9 million for the prior-year quarter.
The stock was trading at $24.37 per share at close on Sept. 14 following a 10.07% drop that occurred over the past year, determining a market capitalization of $3.95 billion and a 52-week range of $22.30 to $33.46.
Datto Holding Corp does not pay dividends.
GuruFocus assigned a score of 8 out of 10 to the company's financial strength and 2 out of 10 to its profitability.
On Wall Street, the stock holds a median recommendation rating of overweight with an average target price of about $33.20 per share.
Tower Semiconductor Ltd
The third company that meets the criteria is Tower Semiconductor Ltd (TSEM, Financial), a Migdal Haemek, Israel-based manufacturer and global marketer of analog intensive mixed-signal semiconductor devices.
Tower Semiconductor Ltd has recorded revenue of $362.14 million for the June 2021 quarter. This represented a nearly 17% jump from $310.1 million recorded in the same quarter of the prior year.
The net income was $30.87 million in the quarter, representing a 61.6% jump from the net income of $19.1 million for the prior-year quarter.
The stock was trading at around $31.20 per share at close on Sept. 14 after it increased by nearly 63% over the prior 12 months, determining a market capitalization of $3.18 billion and a 52-week range of $17.61 to $34.45.
Currently, Tower Semiconductor Ltd doesn’t pay dividends.
GuruFocus assigned a score of 7 out of 10 to the company's financial strength and of 5 out of 10 to its profitability.
On Wall Street, the stock has a median recommendation rating of buy with an average target price of $37.75 per share.
Veeco Instruments Inc
The fourth stock that makes the cut is Veeco Instruments Inc (VECO, Financial), a Plainview, New York-based developer and provider of semiconductor and thin film process equipment to global producers of electronic devices.
Veeco Instruments Inc saw its most recent quarterly revenue increase by approximately 48.4% year over year, reaching $146.34 million in the second quarter of 2021, up from $98.64 million for the prior-year quarter.
Veeco Instruments Inc posted net income of $6.35 million for the quarter in question, which was a positive switch from the net loss of $8.3 million for the prior-year quarter.
The stock traded at $21.98 per share at close on Sept. 14 after it rose by 79.31% over the past year for a market capitalization of $1.11 billion and a 52-week range of $10.88 to $25.70.
Veeco Instruments Inc does not pay dividends.
GuruFocus assigned a score of 4 out of 10 to the company's financial strength rating and 2 out of 10 to its profitability rating.
On Wall Street, the stock has a median recommendation rating of buy with an average target price of $28.67 per share.
Disclosure: I have no positions in any security mentioned.
