There are more than 1,100 technology companies traded on public markets in the United States. Given the sheer number of hardware makers, social networks, software companies, service providers and other tech stocks, it can be hard to identify which tech companies are going to outperform the market.
Fortunately, Wall Street's brightest minds have already done this for us. Every year, analyst issue approximately 15,000 distinct recommendations for technology companies. Analysts don't always get their "buy" ratings right, but it's worth taking a hard look when several analysts from different brokerages and research firm are giving "strong buy" and "buy" ratings to the same tech stock.
This slide show lists the 15 technology companies that have the highest average analyst recommendations from Wall Street's equities research analysts over the last 12 months.
#1 - Smart Global (NASDAQ:SGH)
Consensus Rating: Buy
Rating Score: 2.9
Ratings Breakdown: 6 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $52.0714 (59.8% Upside)
SMART Global Holdings, Inc. designs, manufactures, and supplies specialty memory solutions worldwide. The company offers dynamic random access memory (DRAM) components, which are used to manufacture modules and other products; DRAM modules for desktop, notebook, and server applications, as well as for use in smartphones; and specialty DRAM modules for industrial, communications, and networking applications, as well as develops specialized memory module designs based on original equipment manufacturer (OEM) requirements. It also provides flash memory, USB, and serial advanced technology attachment products primarily for use in communications equipment, printers, servers and storage products, switches, and routers; and aerospace, automotive, and defense industries, as well as industrial applications. In addition, the company offers supply chain services, including procurement, logistics, inventory management, temporary warehousing, programming, kitting, and packaging. SMART Global Holdings, Inc. sells its products to OEMs through direct sales force and independent sales representatives in North America, Latin America, Asia, and Europe. The company was formerly known as Saleen Holdings, Inc. and changed its name to SMART Global Holdings, Inc. in August 2014. SMART Global Holdings, Inc. was founded in 1988 and is headquartered in Newark, California.
#2 - Smartsheet (NYSE:SMAR)
Consensus Rating: Buy
Rating Score: 3.0
Ratings Breakdown: 7 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $26.8333 (9.6% Upside)
Smartsheet Inc. provides cloud-based platform for execution of work. It enables teams and organizations to plan, capture, manage, automate, and report on work. The company offers Smartdashboards that provides the status of work to align individuals, managers, and executives; Smartportals to easily locate and access from any device the resources available for a project without IT assistance; Smartcards to organize, share, and act on workflows; and Smartgrids to keep teams on task by easily tracking multiple moving parts. It also provides Smartprojects; Smartcalendars, which align teams and organizations by connecting deadlines to workflows; Smartforms enables business users to collect information in a structured and consistent format; Smartautomation that automates repetitive processes; and Smartintegrations enable organizations and teams to connect, sync, and extend enterprise applications. In addition, it offers Connectors; and Control Center that enables organizations to achieve consistent work execution. As of January 31, 2018, it served approximately 92,000 customers. The company was founded in 2005 and is headquartered in Bellevue, Washington.
#3 - Nlight (NASDAQ:LASR)
Consensus Rating: Buy
Rating Score: 3.0
Ratings Breakdown: 6 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $39.1667 (-2.9% Upside)
nLIGHT, Inc. designs, develops, and manufactures semiconductor and fiber lasers used in various end applications in the industrial, microfabrication, and aerospace and defense markets. The company also produces optical fiber products. It markets and sells its products to original equipment manufacturer primarily through direct sales force in the United States, China, South Korea, Germany, and Finland, as well as through various independent sales representatives and distributors in North America, Asia, and Europe. The company was formerly known as nLight Photonics Corporation and changed its name to nLIGHT, Inc. in January 2016. nLIGHT, Inc. was founded in 2000 and is headquartered in Vancouver, Washington.
#4 - Akoustis Technologies (NASDAQ:AKTS)
Consensus Rating: Buy
Rating Score: 3.0
Ratings Breakdown: 4 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $13.1250 (42.4% Upside)
Akoustis Technologies, Inc. engages in developing, designing, and manufacturing radio frequency (RF) filter products for the mobile wireless device industries. It offers RF filters for mobile wireless devices, such as smartphones and tablets, cellular infrastructure equipment, and WiFi premise equipment. The company focuses on manufacturing and commercializing its patented Bulk ONE acoustic wave technology to address the frequency-selectivity requirements in mobile smartphones, enhancing the efficiency and signal quality of mobile wireless devices and enabling The Internet of Things. Akoustis Technologies, Inc. was founded in 2014 and is headquartered in Huntersville, North Carolina.
#5 - 2U (NASDAQ:TWOU)
Consensus Rating: Buy
Rating Score: 2.9
Ratings Breakdown: 10 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $90.1818 (-3.2% Upside)
2U, Inc. operates as an education technology company in the United States, Hong Kong, South Africa, and the United Kingdom. The company operates through two segments, Graduate Program Segment and Short Course Segment. It offers front-end technology and services, including online learning platform, student and faculty and immersion support, accessibility, admissions application advising, in-program student field placements, and faculty recruiting. The company provides back-end technology and services comprising graduate program launch and operations applications, university systems integration applications, content management system, admission application processing portal, customer relationship management, content development, student acquisition, and state authorization services. The company was formerly known as 2Tor Inc. and changed its name to 2U, Inc. in October 2012. 2U, Inc. was founded in 2008 and is headquartered in Lanham, Maryland.
#6 - Novanta (NASDAQ:NOVT)
Consensus Rating: Buy
Rating Score: 2.5
Ratings Breakdown: 1 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $54.00 (-19.4% Upside)
Novanta Inc., together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures. Its Vision segment provides a range of medical grade technologies, including medical insufflators, pumps, and related disposables; surgical displays and operating room integration technologies; optical data collection and machine vision technologies; radio frequency identification technologies; thermal printers; spectrometry technologies; and embedded touch screen solutions. The company's Precision Motion segment offers optical encoders, precision motor and motion control technology, air bearing spindles, and precision machined components. The company sells its products through its direct sales force, resellers, distributors, and system integrators under the Cambridge Technology, Lincoln Laser, ExoTec Precision, Synrad, Laser Quantum, WOM, Lemke, NDS, NDSsi, Reach Technology, JADAK, Skyetek, ThingMagic, Photo Research, General Scanning, Celera Motion, MicroE, Applimotion, and Westwind brands. Novanta Inc. was founded in 1968 and is headquartered in Bedford, Massachusetts.
#7 - ServiceNow (NYSE:NOW)
Consensus Rating: Buy
Rating Score: 3.0
Ratings Breakdown: 28 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $177.2222 (-7.7% Upside)
ServiceNow, Inc. provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools. The company also provides information technology (IT) solutions, such as IT service management product suite for enterprise's employees, customers, and partners; IT operations management that connects a customer's physical and cloud-based IT infrastructure with applications and platforms; and IT business management product suite that enables customers to manage their IT priorities. In addition, it offers customer service management product for customer service cases and requests; human resources service delivery product; and security operations product for security operations management requirements of third-party. Further, the company provides professional services, training services and certification programs, and customer support services. It serves enterprises in various industries, including financial services, consumer products, IT services, healthcare, government, education, and technology. The company sells products through its direct sales team, as well as indirectly through third-party channels by partnering with systems integrators, managed services providers, and resale partners. The company was formerly known as Service-now.com and changed its name to ServiceNow, Inc. in May 2012. ServiceNow, Inc. was founded in 2004 and is headquartered in Santa Clara, California.
#8 - MKS Instruments (NASDAQ:MKSI)
Consensus Rating: Buy
Rating Score: 3.0
Ratings Breakdown: 7 Buy Ratings, 0 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $129.5714 (26.0% Upside)
MKS Instruments, Inc. provides instruments, subsystems, and process control solutions that measure, control, power, deliver, monitor, and analyze critical parameters of manufacturing processes worldwide. The company operates through two segments, Vacuum & Analysis and Light & Motion. The Vacuum & Analysis segment provides analytical and control solutions products, including gas analyzers, automation control products, I/O modules, automation software, and precision machined components and electromechanical assemblies; and materials delivery solutions products comprising flow and valve technologies, as well as integrated pressure measurement and control subsystems to provide customers with precise control capabilities that are optimized for a given application. It also offers power delivery, plasma, and reactive gas generation products used in semiconductor and other thin film applications, and in medical imaging equipment applications; and direct and indirect pressure measurement and integrated process solutions. The Light & Motion segment offers lasers and laser-based systems, including lasers and amplifiers, fiber lasers, diode-pumped solid-state lasers, high-energy pulsed lasers, and tunable lasers, as well as accessories; optics products, such as precision optics, thin-film filters and coatings, replicated mirrors, and ruled and holographic diffraction gratings; and photonics products comprising optical components, vibration, lens assemblies, and isolation solutions, as well as three-dimensional non-contact measurement sensors and equipment. It markets and sells its products and services through global direct sales organization, independent distributors and sales representatives, Websites, and product catalogs. The company was founded in 1961 and is headquartered in Andover, Massachusetts.
#9 - Apptio (NASDAQ:APTI)
Consensus Rating: Buy
Rating Score: 2.8
Ratings Breakdown: 7 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $32.1111 (-12.3% Upside)
Apptio, Inc. provides cloud-based technology business management (TBM) solutions to enterprises. Its cloud-based platform and SaaS applications enable IT leaders to analyze, optimize, and plan technology investments, as well as to benchmark financial and operational performance against peers. The company's TBM solutions consist of adaptive data management, which aggregates, cleanses, and correlates large amounts of customer data from various sources; and standard IT operating model and taxonomy that offers a standard model for how IT costs are captured, categorized, and allocated to IT and business services. Its solution also comprises visual modeling, which allows users to build and manage the financial and operational model of their IT organization; powerful calculation engine that allows the models to be applied across very large data sets accessible to users through the analytics capabilities included in its applications; intuitive, self-service analytics for IT and business users; and modular applications comprising cost transparency, IT benchmarking, business insights, bill of IT, and IT planning applications. The company operates in the United States, the United Kingdom, Germany, Denmark, the Netherlands, Australia, Canada, France, Singapore, and Italy. Apptio, Inc. was founded in 2007 and is headquartered in Bellevue, Washington.
#10 - Micron Technology (NASDAQ:MU)
Consensus Rating: Buy
Rating Score: 2.8
Ratings Breakdown: 24 Buy Ratings, 6 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $72.50 (26.2% Upside)
Micron Technology, Inc. provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices. The company also provides NAND products, which are electrically re-writeable, non-volatile semiconductor memory, and storage devices; client solid-state drives (SSDs) for notebooks, desktops, workstations, and other consumer applications; enterprise SSDs for server and storage applications; cloud SSDs; and multi-chip package and managed NAND products. In addition, it manufactures products that are sold under other brand names; and resells flash memory products that are purchased from other NAND Flash suppliers. Further, the company provides 3D XPoint non-volatile memory products; and NOR Flash, which are electrically re-writeable and semiconductor memory devices for automotive, industrial, connected home, and consumer applications. It markets its products to original equipment manufacturers and retailers through its internal sales force, independent sales representatives, and distributors; and through a Web-based customer direct sales channel, and channel and distribution partners. The company was founded in 1978 and is headquartered in Boise, Idaho.
#11 - Veeva Systems (NYSE:VEEV)
Consensus Rating: Buy
Rating Score: 2.8
Ratings Breakdown: 9 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $80.60 (-3.6% Upside)
Veeva Systems Inc. provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, which allow pharmaceutical and biotechnology companies to target and support sales and marketing to physicians, other healthcare professionals, and healthcare organizations through various touch points, including in-person, email, and online; and Veeva Vault, a cloud-based enterprise content management platform and suite of applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, and quality. It also provides Veeva Network master data management solutions for the management of customer master and product master data. In addition, the company offers data solutions and services comprising Veeva OpenData, Veeva OpenData data services, Veeva OpenData email, and Veeva key opinion leader data and services, as well as territory allocation and alignment applications. Further, it provides professional and support services in the areas of implementation and deployment planning and project management; requirements analysis, solution design, and configuration; systems environment management and deployment services; services focused on advancing or transforming business and operating processes related to Veeva solutions; technical consulting services related to data migration and systems integrations; training on its solutions; and ongoing managed services that include outsourced systems administration. The company was formerly known as Verticals onDemand, Inc. and changed its name to Veeva Systems Inc. in April 2009. Veeva Systems Inc. was founded in 2007 and is headquartered in Pleasanton, California.
#12 - Lam Research (NASDAQ:LRCX)
Consensus Rating: Buy
Rating Score: 3.0
Ratings Breakdown: 22 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $257.3532 (41.9% Upside)
Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits worldwide. The company offers thin film deposition products, including SABRE electrochemical deposition products for copper damascene manufacturing; ALTUS systems to deposit conformal atomic layer films for tungsten metallization applications; VECTOR plasma-enhanced chemical vapor deposition (CVD) and atomic layer deposition systems to deposit oxides, nitrides, and carbides for hardmasks, multiple patterning films, anti-reflective layers, multi-layer stack films, and diffusion barriers; and Striker atomic layer deposition systems that deliver conformal dielectric films for spacer-based patterning and liner applications in various advanced memory and logic structures. Its thin film deposition products also comprise SPEED high-density plasma CVD products for applications in shallow trench isolation, pre-metal dielectrics, inter-layer dielectrics, inter-metal dielectrics, and passivation layers; and SOLA ultraviolet thermal processing products for treatment of back-end-of-line (BEOL) low-k dielectric films and front-end-of-line silicon nitride strained films. In addition, the company offers plasma etch products, such as Kiyo that provide solutions for conductor etch applications; Versys metal products, which offer a platform for BEOL metal etch processes; Flex for dielectric etch applications; and Syndion to address various through-silicon via etch and complementary image sensor etch applications. Further, it provides single-wafer clean products comprising EOS, Da Vinci, DV-Prime, and SP series products for wet etch and clean applications in wafer-level packaging; and Coronus plasma-based bevel clean products to enhance die yield by removing particles, residues, and unwanted films from the wafer's edge, as well as legacy products. The company was founded in 1980 and is headquartered in Fremont, California.
#13 - Vonage (NYSE:VG)
Consensus Rating: Buy
Rating Score: 2.8
Ratings Breakdown: 8 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $10.9625 (-17.0% Upside)
Vonage Holdings Corp. provides communications services connecting people through cloud-connected devices worldwide. It offers various business services, including basic dial tone, call queue, conferencing, call groups, mobile functionality, CRM integration, and detailed analytics, as well as Vonage Business Cloud and Vonage Enterprise services. The company also provides home telephone services through various service plans with basic features, such as voicemail, call waiting, call forwarding, simulring, visual voicemail, and extensions, as well as area code selection, virtual phone number, and Web-enabled voicemail. Its primary home telephone offerings include Vonage World plan that offers unlimited domestic calling; calling to landline phones in approximately 60 countries; and calling to mobile phones in various countries, as well as Vonage North America plan for unlimited calling across the United States, Canada, Mexico, and Puerto Rico. In addition, the company provides Vonage-enabled devices, which allow customers to use the Internet connection for their computer and telephones at the same time; and high-speed broadband Internet service that allows calls over the Internet either from a telephone through a Vonage-enabled device, or through soft phone software, or mobile client applications. It sells its products through its sales agents, Websites, toll free numbers, and retailers for consumers and businesses in the United States, the United Kingdom, and Canada. As of December 31, 2017, it had approximately 2.2 million consumer subscriber lines and business seats. The company was incorporated in 2000 and is headquartered in Holmdel, New Jersey.
#14 - Facebook, Inc. Common Stock (NASDAQ:FB)
Consensus Rating: Buy
Rating Score: 2.9
Ratings Breakdown: 42 Buy Ratings, 2 Hold Ratings, 2 Sell Ratings.
Consensus Price Target: $221.62 (5.9% Upside)
Facebook, Inc. provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. Its products include Facebook Website and mobile application that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing visual stories through photos, videos, and direct messages; Messenger, a messaging application to communicate with other people, groups, and businesses across various platforms and devices; and WhatsApp, a mobile messaging application. The company also offers Oculus virtual reality technology and content platform, which allows people to enter an immersive and an interactive environment to train, learn, play games, consume content, and connect with others. As of December 31, 2017, it had approximately 1.40 billion daily active users. Facebook, Inc. was founded in 2004 and is headquartered in Menlo Park, California.
#15 - Brooks Automation (NASDAQ:BRKS)
Consensus Rating: Buy
Rating Score: 2.7
Ratings Breakdown: 5 Buy Ratings, 2 Hold Ratings, 0 Sell Ratings.
Consensus Price Target: $35.6667 (8.9% Upside)
Brooks Automation, Inc. provides automation and cryogenic solutions for various applications and markets. It operates in two segments, Brooks Semiconductor Solutions Group and Brooks Life Science Systems. The Brooks Semiconductor Solutions Group segment offers critical automated transport, vacuum, and contamination controls solutions and services. Its products include atmospheric and vacuum robots, robotic modules, and tool automation systems that offer precision handling and clean wafer environments; automated cleaning and inspection systems for wafer carriers, as well as reticle pod cleaners and stockers; and vacuum pumping and thermal management solutions for critical process vacuum applications. This segment also offers repair, diagnostic, and installation services, as well as spare parts and productivity enhancement upgrade services. The Brooks Life Science Systems segment provides automated cold storage systems; consumables, including various formats of racks, tubes, caps, plates, and foils; and instruments used for labeling, bar coding, capping, decapping, auditing, sealing, peeling, and piercing tubes and plates. It also provides sample management services, such as on-site and off-site sample storage, cold chain logistics, sample relocation, bio-processing, disaster recovery, and business continuity, as well as project management and consulting. In addition, this segment offers sample intelligence software solutions and customer technology integration; and laboratory work flow scheduling for life science tools and instrument work cells, sample inventory and logistics, environmental and temperature monitoring, and clinical trial and consent management, as well as planning, data management, virtualization, and visualization services. The company serves semiconductor capital equipment and sample management markets for life sciences in approximately 50 countries. Brooks Automation, Inc. was founded in 1978 and is headquartered in Chelmsford, Massachusetts.
