In the realm of stock investments, the Nasdaq exchange is often synonymous with innovation and growth. While the spotlight frequently shines on industry giants, there exists a realm of lesser-known enterprises with substantial potential. For investors seeking to diversify their portfolios and uncover hidden gems, these under-the-radar companies offer an intriguing opportunity. Here are three Nasdaq stocks to consider for the second quarter of 2024:
1. CyberArk Software (CYBR)
Based in Israel, CyberArk Software (NASDAQ: CYBR) is a leading developer and provider of software-based identity security solutions and services. With a focus on risk-based credential security, access management, and adaptive multi-factor authentication, CyberArk serves clients globally, addressing the escalating threats in the digital landscape. Despite its recent gains of nearly 23% since the beginning of the year and 88% over the past 52 weeks, analysts remain bullish on its future prospects. Projected earnings per share of $1.75 on revenue of $927.23 million for fiscal 2024 indicate a promising outlook. With a consensus strong buy rating from analysts and a target price of $297.84, representing over 12% upside potential, CyberArk emerges as a compelling choice for investors seeking exposure to the cybersecurity sector.
2. Wix (WIX)
Wix (NASDAQ: WIX), headquartered in Israel, operates as a cloud-based web development platform catering to users and creators worldwide. Offering intuitive tools such as Wix Editor, the company empowers small businesses to establish a robust online presence seamlessly. Given the pivotal role of small businesses in driving economic growth and innovation, Wix stands poised for continued success. Despite its unconventional position among Nasdaq stocks, Wix has demonstrated steady growth, with gains of nearly 17% year-to-date and over 44% in the past 52 weeks. Analysts anticipate earnings per share of $4.84 on revenue of $1.75 billion for fiscal 2024, underscoring its potential. With a consensus strong buy rating and a target price of $157.29, representing over 14% upside potential, Wix offers investors an opportunity to capitalize on the burgeoning small business segment.
3. Marvell (MRVL)
Operating in the semiconductor industry, Marvell Technology (NASDAQ: MRVL) specializes in providing data infrastructure semiconductor solutions across the data center core to the network edge. Leveraging complex system-on-a-chip architectures, Marvell integrates analog, mixed-signal, and digital signal processing functionality to address the evolving demands of artificial intelligence and data processing. Despite its recent gains of nearly 22% since the beginning of the year and 66% over the past 52 weeks, Marvell continues to attract investor interest. Analysts foresee revenue reaching $6.95 billion for fiscal 2026, representing a notable 30.5% year-over-year increase. With a consensus strong buy rating and a target price of $90, indicating 27% growth potential, Marvell emerges as a compelling investment opportunity within the Nasdaq universe.
As investors navigate the dynamic landscape of the stock market, considering these less-covered Nasdaq stocks could provide a pathway to untapped opportunities and potential growth in the second quarter of 2024.
