Institutional Investors Loading Up on 5 Top Tech Stocks After Sell-Off

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Hewlett Packard Enterprise

This was part of the big split in operations at the iconic Hewlett-Packard. Hewlett Packard Enterprise Co. (NYSE: HPE) is now an industry leading technology company that enables customers to go further, faster. With the industry’s most comprehensive portfolio, spanning the cloud to the data center to workplace applications, the company’s technology and services help customers around the world make IT more efficient, more productive and more secure.

The company operates under four segments. The Enterprise Group (50% of revenue) has servers, storage, networking hardware and technology services. Enterprise Services (37% of revenue) has a broad IT outsourcing focus. Software (7% of revenue) and Financial Services (7% of revenue) make up the remaining portfolio. The company has leading market share across many of its businesses.

Hewlett Packard Enterprise also has a partnership with Microsoft to offer new innovation in Hybrid Cloud computing through Microsoft Azure and Hewlett Packard Enterprise infrastructure and services and new program offerings. The extended partnership appoints Microsoft Azure as a preferred public cloud partner.

Hewlett Packard Enterprise shareholders receive a 1.71% dividend. The $20 Deutsche Bank price target compares with the $19.13 posted consensus target. The shares were trading at $17.50 on Wednesday.

Marvell Technology

This company made a bold $6 billion bid to buy Cavium late last year. Marvell Technology Group Ltd. (NASDAQ: MRVL) is a fabless supplier of mixed-signal and analog semiconductor products to a number of storage, computing and communication applications, including hard disk drives, personal computers, servers, Ethernet switches, printers and connectivity markets.

Top analysts around Wall Street are very positive on the company’s purchase of Cavium, and many feel the deal adds significantly to the growth element for the stock. The addition also helps make Marvell solidly positioned in data center, cloud, enterprise, security and 5G.

Marvell shareholders receive a 1.28% dividend. The analysts at Merrill Lynch have set their price target at $28. The consensus price objective is in line at $27.69, and the stock was last seen trading at $20.95.

Micron Technology

This is a global leader in advanced semiconductor systems. Micron Technology Inc.’s (NASDAQ: MU) broad portfolio of high-performance memory technologies, including DRAM, NAND and NOR flash, is the basis for solid state drives, modules, multichip packages and other system solutions. Its memory chip solutions enable the world’s most innovative computing, consumer, enterprise storage, networking, mobile, embedded and automotive applications.

Micron and Intel announced last year the availability of their 3D NAND technology, the world’s highest-density flash memory. Flash is the storage technology used inside the lightest laptops, fastest data centers and nearly every cell phone, tablet and mobile device.

The company posted outstanding quarterly earnings recently and also provided forward guidance that exceeded Wall Street estimates. With memory demand drivers remaining somewhat underappreciated and with solid demand from end-markets such as data center, artificial intelligence (AI), deep learning, big data, mobile and autonomous driving, Micron continues to execute well on its manufacturing road map. The analysts expect the company to drive gross and operating margins higher in 2018, even if prices return to a more typical deflationary environment.

Merrill Lynch has a whopping price target of $85. The consensus target for the stock is $66.68, and shares were trading at $53.30.

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These are five top companies that the traders at SunTrust saw some solid buying in, and they could very well be set up for a solid first quarter. One thing’s for sure: anytime there is enough buying to mention specific companies, there is often a reason.