The Early Numbers Are In: 3 Tech Giants Lead Holiday Online Sales

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Needless to say, the growth of online shopping has continued at a breakneck pace this year. With almost two weeks in the book since Thanksgiving, the numbers are being tallied, and the leaders are grabbing some huge sales once again. Even though actual Thanksgiving sales drew some numbers from Black Friday and Cyber Monday, the continued uptick in online sales continues. A fresh report from Jefferies crunched the data, and here is who is leading the pack.

The Jefferies team points out that according to comScore, desktop online sales on Cyber Monday increased 17% year-over-year, versus the 18% gain in 2013, and reached an all-time record of $2.0 billion spent by shoppers. Including mobile sales, e-commerce spending on Cyber Monday is expected to reach an astonishing $2.5 billion.

Here are three top tech stocks that are enjoying another awesome online holiday season so far.

Amazon.com Inc. (NASDAQ: AMZN) is once again leading the charge for the top online spot in holiday sales. Current reports indicate the company is the clear pricing winner in almost all categories for holiday gift buying, with the exception of the toy arena. With solid data points being reported, the huge increase in e-commerce growth should continue to benefit the company. With some on Wall Street seemingly losing faith in Amazon founder and leader Jeff Bezos as he pushes the company into new product silos, aggressive investors may want to track the stock, looking for a solid entry point to buy shares.

The stock is rated Buy at Jefferies, with a $380 price target. The Thomson/First Call consensus price target for the online giant is set at $357.16. The stock closed Friday at $312.63 a share.

ALSO READ: How Can Amazon Afford to Sell Cuisinarts for 58% Off?

eBay Inc. (NASDAQ: EBAY) is continuing improvements in its user experience. eBay’s marketplaces keep attracting new users, evidenced by double-digit growth in active users and items sold. Many Wall Street analysts feel the company has a decided advantage in cross-border shipping of product, something that many other retailers struggle with. eBay reported solid third-quarter earnings, and the PayPal business continues to be very strong. These are metrics that set eBay apart during the holiday shopping season. While not only enjoying strong early seasonal sales numbers, eBay remains a potential buyout target with it valuable PayPal franchise.

The stock is rated a Hold at Jefferies and has a $55 price target. The consensus target is $57.83, and shares closed Friday at $54.81.

Google Inc. (NASDAQ: GOOGL) is another mega cap tech name that the Jefferies analysts favor, and the stock is trading at levels that may offer long-term investors a solid entry point. The company posted underwhelming earnings for the third quarter that caught many off guard. Many Wall Street firms think that Google’s cloud product belongs in the second-tier of its business lines (like Play and Nexus), and may prove meaningful in the future by offering value chain synergies with the core business. With Google Shopping starting to have a meaningful impact during the holiday season, the search giant remains an excellent play.

The stock is rated Buy, and the Jefferies price target is $700. The consensus figure is set at $653.65. Google closed Friday at $525.26.

ALSO READ: Samsung Adds U.S. Smartphone Market Share at Apple’s Expense

Stock investors are also consumers, and they are well aware of the move to online shopping. When you can buy a top level tech company that has a huge retail online shopping exposure, the odds of the trade working are enhanced. This trend to cyber purchasing of all products imaginable will only continue.