In almost what seems to be almost a stealth mode, technology stocks have somewhat quietly gone into a correction over the past month. With earnings for all the top companies right around the corner, now may be the time for technology investors to scoop up some of the stocks that have been hit. In a new report from UBS, while they stay negative on the 3D printing stocks, which have been absolutely mauled, they point out that numerous stocks are oversold and the personal computer related companies are trading below their 200-day moving averages.

We screened the UBS IT hardware stocks list for stocks to buy now, most with earnings in the next few weeks.

Akamai Technologies

This is one of the leading providers of cloud services for delivering, optimizing and securing online content and business applications. About half of Akamai Technologies Inc. (NASDAQ: AKAM) revenues are from media delivery (delivery of content over the Internet) using the company’s 135,000 server global edge network and software, for which demand is driven by video delivery and software downloads. Akamai is the leading provider of website optimization and acceleration services to e-commerce companies.

The sell-off in the shares after the most recent earnings report continues to provide investors a good entry point, as cloud security and optimization is a huge opportunity and Akamai is a leader. Security has become an increasingly important business for Akamai. During the first quarter, the company’s Cloud Security Solutions unit booked $55 million in revenue. That figure was up 82% year over year and more than 10% of the company’s total $527 million first-quarter sales.

ALSO READ: 5 Big Defensive Dividend Stocks to Buy Trading at Deep Discounts

The UBS price target for the stock is $88. The Thomson/First Call consensus price target is $76.44. Shares closed Friday at $77.84 apiece.
Apple

This company remains the world’s biggest and boldest technology company. Apple Inc. (NASDAQ: AAPL) has stayed in the limelight with the release of the Apple Watch, and while not generating the kind of in-store mania the iPhone 6 release did, reports indicated that 2.5 million orders for the new wearable device were taken by the company in the United States alone and they continue to grow.

Many Wall Street analysts say investors need to stay long the stock into second-quarter earnings. They see strong continued iPhone 6 sales and numerous catalysts on the horizon. The company is also widening its lead over Google in the app marketplace. In fact, revenue at Apple’s global App Store was about 70% higher than on Google Play in the first quarter, compared with about a 60% advantage last year.

With a recent huge streaming music announcement, with some concessions made due to pushback from superstar Taylor Swift, the company continues to expand the gigantic reach it already commands. Apple is also updating the IOS operating system, updating and adding new apps and expanding Apple Pay. In other words, it is continuing to add to its 800-pound gorilla status.

Apple investors are paid a 1.7% dividend. The UBS price target is $150. The consensus figure is $148.88. The stock closed Friday at $127.03 per share.

ALSO READ: 6 Oil and Gas Stocks Analysts Want You to Buy Now

EMC

This stock is trading at an incredibly low 13.5 estimated adjusted 2015 earnings, versus 15.1 for 2014, and is down almost 17% year to date and 4% in the past month. EMC Corp. (NYSE: EMC) is the leader in storage, and the constant increase in data makes the stock a core holding for technology investors. With the company expected to buy back $3 billion of stock in 2015, and the lower VMware numbers baked into future calculations, now may be a good time to add shares of this outstanding technology stock. EMC owns 80% of cloud software company VMware, and activist investors have urged a spin-off, which does not seem likely in the near future.

Some on Wall Street are not thrilled with the progress the company is making and have said the stock is “dead money.” They argue that until numerous catalysts kick in, the stock may continue to go nowhere. The company recently announced its plans to acquire global cloud service provider Virtustream in an all-cash transaction of approximately $1.2 billion. The transaction is expected to close this quarter. Early reaction to the deal is very positive, and it could be a positive contributor to earnings in the future.

EMC investors are paid a 1.78% dividend. The UBS price target for the tech giant is $31, and the consensus is posted at $30.29. The shares closed trading on Friday at $25.79.

Nimble Storage

This company made its IPO debut back in December of 2013 and has been crushed back to right around the original offering price after doubling early last year, and it is down over 8% in the past month. Nimble Storage Inc. (NASDAQ: NMBL) has developed a hybrid storage architecture engineered from the ground up to seamlessly integrate flash and high-capacity drives. Nimble’s flash storage solutions enable the consolidation of all workloads and eliminate storage silos by providing enterprises with significant improvements in application performance and storage capacity.

Nimble has shown outstanding growth as more than 5,000 enterprises, governments and service providers have deployed the company’s flash storage solutions across 38 countries. According to its latest financial report, fourth-quarter revenues were up 64% year over year to $68.3 million and fiscal year 2015 revenues were $228 million, up 81%.

The UBS target price is $40, but the consensus target is lower at $34.94. The stock closed Friday at $26.05 per share.

ALSO READ: 5 Fresh Dividend Hikes Too Important to Ignore

Many analysts expect a much more productive second half of 2015 for the top technology stocks. The Apple iPhone 6 and the debut of Windows 10 from Microsoft are both expected to help drive sales. Savvy tech investors may want to add or initiate positions soon.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.