Do you have $3,000?3 tech stocks to buy and hold for the long term

As the market continues to hit new all-time highs, there are plenty of stocks worth buying right now. While some may be overpriced, many look like a bargain.

If you have $3,000, this trio is a smart purchase.

meta platform

meta platform (meta 1.19%) It's probably better known by its former name, Facebook. Meta changed its name to signal a shift in focus to the Metaverse, which also includes augmented reality and virtual reality products, which are starting to gain interest thanks to the rise of artificial intelligence (AI). I was there. For example, Meta is working on an Ego AI product that can teach users activities like cooking and tennis using glasses.

But this is still a product many years away. Fortunately, Meta's day job is going well.

Most of Meta's revenue and profits come from advertising on social media platforms. The industry was unsuccessful from late 2022 to early 2023, but it has regained momentum and the meta is as strong as ever. Fourth-quarter revenue increased 25% to $40.1 billion, a new record high. Profits also jumped 20% to $14 billion.

META Revenue (Quarterly) Data by YCharts

Management also made bullish comments about 2024, which should excite investors as it shows that Meta's growth is not over yet. Meta's stock price is about 25 times the expected P/E, making it a stock that investors should buy right away.

adobe

adobe (ADBE -0.50%) is an industry leader in digital media creation software. However, the rise of AI-generated images has many people questioning whether they even need Adobe products. This became a focus for Adobe's first quarter of 2024 (ending March 1), as Adobe's Firefly product has to compete with a number of free programs.

But Adobe recognized strong demand, and the following companies: Accenture, Starbucksand IBM Employs software add-ons. Still, investors were concerned about the second-quarter growth forecast, as it showed only 9.4% growth at the midpoint. This sent investors into a panic, and the stock price has fallen more than 11% since the company announced its results.

This seems like an overreaction and will allow investors to scoop up Adobe stock much cheaper than before. Wall Street certainly believes Adobe is undervalued, as the average analyst has a one-year price target of $620, an increase of 24% from current levels. Adobe trades at 28 times forward earnings, making it seem like an easy buy.

UiPath

UiPath (path -2.12%) is a leader in robotic process automation (RPA). Its software helps clients automate repetitive tasks and free up employees to focus on work that requires independent thinking. Additionally, the power of AI can be harnessed to increase the number of tasks that can be automated, a key element in today's environment.

Unlike most stocks, UiPath fell in 2024, losing about 25% of its value. This has nothing to do with the company's business, as the fourth quarter of fiscal 2024 (ending January 31) was very strong. Annual recurring revenue (ARR) increased 22% to $1.46 billion, and operating margin increased 4%.

Also, the company's sales are approximately 10.5 times, which is quite cheap compared to other companies in the same industry that are experiencing similar growth, so it is not overvalued.

As a result, I think UiPath stock is a great stock to buy right now because it's not benefiting from the AI ​​trends that many other companies are experiencing. This means it's only a matter of time before UiPath gets the valuation it deserves and becomes a more valuable stock.