With top-tier innovators dominating business media headlines, the concept of best Nasdaq stocks to buy likely won’t need much coaxing. However, I’d like to mix it up a bit and focus on less-covered enterprises.
Don’t get me wrong – I’m not suggesting dumping all your favorite semiconductor ideas and going 100% into gold. Rather, it just makes sense to consider companies that haven’t really received much of the spotlight. Believe it or not, there are quite a few intriguing names that could surprise Wall Street.
If you’re the type to march to your own beat, below are the best Nasdaq stocks to buy now.
CyberArk Software (CYBR)
Based in Israel, CyberArk Software (NASDAQ:CYBR) along with its subsidiaries develops, markets and sells software-based identity security solutions and services in the U.S., Europe, the Middle East, Africa and internationally. It offers multiple relevancies, including risk-based credential security, access management and adaptive multi-factor authentication. Since the start of the year, CYBR gained almost 23%.
In the past 52 weeks, it’s up almost 88%. While that might make CyberArk appear overstretched, this could be the beginning. Frankly, nefarious actors in the digital realm are only becoming more sophisticated, not less. Further, an exploited vulnerability could cost companies millions of dollars in total damages. Stated differently, an ounce of prevention is worth a pound of cure.
Given this reality, analysts projection for earnings per share of $1.75 on sales of $927.23 million for fiscal 2024 seem very reasonable. Last year, the company posted earnings of $1.12 per share on revenue of $751.89 million.
Analysts rate shares a consensus strong buy with a $297.84 price target, implying over 12% upside potential. It’s one of the best Nasdaq stocks to buy.
Wix (WIX)
Admittedly, Wix (NASDAQ:WIX) is an oddity for best Nasdaq stocks to buy. Another Israel-based software company, Wix operates as a cloud-based web development platform for registered users and creators worldwide. Most notably, the company offers Wix Editor, a drag-and-drop visual development and website editing environment platform. To sum up, the platform enables small businesses to get up to speed with their online presence conveniently.
Fundamentally, anything that supports small businesses has a chance of enjoying upside rewards. Small businesses represent the lifeblood of the U.S. economy. Small businesses create more net new jobs than any other business category. This segment is also responsible for driving innovation. Not surprisingly, WIX is up almost 17% year-to-date. Over the past 52 weeks, it gained over 44%.
For fiscal 2024, experts believe EPS will land at $4.84 on revenue of $1.75 billion. That seems reasonable given the relevance. Last year, Wix posted EPS of $4.39 on sales of $1.56 billion.
Analysts rate shares a consensus strong buy with a $157.29 target, implying over 14% upside potential.
Marvell (MRVL)
Operating under the semiconductor banner, Marvell Technology (NASDAQ:MRVL) provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex system-on-a-chip architectures, integrating analog, mixed-signal and digital signal processing functionality. Since the start of the year, MRVL gained nearly 22% of equity value.
Over the past 52 weeks, MRVL gained 66%. That’s not surprising given its relevance to artificial intelligence. As InvestorPlace contributor Sirisha Bhogaraju pointed out, analysts remain upbeat about the company despite some soft guidance due to its datacenter segment. This unit is benefiting from broader AI enthusiasm and has generated 54% year-over-year growth.
As for fiscal 2025, the expected revenue of $5.32 billion is disappointing because it’s down 3.3% from last year’s print of $5.51 billion. However, for fiscal 2026, it’s possible for Marvell to reach $6.95 billion on the top line. If so, that would be a 30.5% YOY lift.
Analysts rate shares a consensus strong buy with a $90 price target, implying 27% growth potential. It’s a solid idea for Nasdaq stocks to buy now.
On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
