Jim Cramer Says Buy This Tech Stock Right Here, Likes Cognex
On CNBC's “Mad Money Lightning Round,” Jim Cramer recommended buying Cloudflare, Inc. (NYSE:NET) “right here.” The company reported upbeat earnings for its first quarter and issued fiscal 2024 revenue guidance below estimates.
Cognex Corporation (NASDAQ:CGNX) is a “niche” company, Cramer said. “I kind of like it, makes money.”
On May 2, Cognex reported better-than-expected first-quarter results, issued second-quarter revenue guidance and named a new CFO.
The “Mad Money” host said KKR & Co. Inc. (NYSE:KKR) and Blackstone Inc. (NYSE:BX) have been winners and he likes them very much. “I typically don't like to recommend these companies because I don't know what they own. But sometimes you just have to take the pedigree and realize they've been so good for so long, you've got to go with the flow,” he added.
KKR recently inked a deal to acquire Perpetual's wealth management and corporate trust businesses for AU$2.175 billion (~$1.43 billion).
When asked about Astera Labs, Inc. (NASDAQ:ALAB), he said, “Too high, let that one come in.”
On May 7, Astera Labs posted stronger-than-expected results for its first quarter.
Cramer said Ecolab Inc. (NYSE:ECL) is a buy.
On April 30, Ecolab reported quarterly adjusted earnings per share of $1.34, which is in line with the street view. Quarterly sales of $3.752 billion beat the analyst consensus of $3.748 billion.
Price Action:
- Cloudflare shares fell 2.3% to settle at $72.45 on Wednesday.
- Cognex shares gained 0.9% to close at $46.32.
- KKR shares gained 0.1% to settle at $99.67.
- Blackstone shares fell 1.4% to close at $119.80 on Wednesday.
- Ecolab shares rose 0.1% to settle at $233.23 on Wednesday.
- Astera Labs shares dipped 9.1% to close at $69.26.
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