Downturns, pullbacks and corrections are typical and even considered healthy aspects of all markets. Thus, the Nasdaq fell 3.5% during the ordinary trading session on the last days of February, with the S&P 500 slipping 2.5%. More so, last week’s collapse had prompted big traders and investors to continue selling tech market darlings such as Tesla (NASDAQ:TSLA) TSLA and Nvidia NVDA. Consequently, such famous market behemoths like Apple AAPL and Microsoft MSFT also lost points.
Indeed, stocks could keep dropping, however calling the bottom and the top of markets is rather rare. Therefore, investors who prefer to stick to long-term strategies in trading may consider adding some popular names to their portfolio, while the stocks are on the dip.
With this in mind, below is presented a cheap tech stock trading for under $20 a share. Many investors would consider buying it amid the market downturn.
Infosys (NYSE:INFY) Limited INFY
Price: $17.39 USD (after the market close on Feb. 25)
Infosys is an India-headquartered leader of innovative digital services and consulting. The company enables its clients, such as Vanguard and Daimler (OTC:DDAIF) to transform digitally. To make sure its services stand out and stick to the highest standards, INFY has enhanced its cloud services and developed its partnership with Snowflake SNOW and other tech companies that assist it gain exposure. INFY beat market expectation for its Q3 revenue and earnings in mid-January. More so, the company’s innovative ideas enabled it to process solid deals of $7.7 billion.
Infosys has been increasing its annual revenue for five consecutive years. Experts strongly believe that its fourth quarter revenue would boost 11%, with its fiscal year sales estimated to increase 6% and gain $13.55 billion. INFY’s revenue is going to increase 12% higher next year and touch $15.22 billion. As for now, its adjusted earnings are expected to gain 13% and 11%, respectively during this stretch.
INFY has an incredible record of quarterly earnings records and its overall earnings forecast has boosted since its Q3 report. Infosys has been up 37% for the past six months to increase and more than double its Computer Software Services Market. The company has been demonstrating outperformance for the last three years, with the stock up 100% vs. its industry’s 60%.