The nearer we get to a market turnaround, the more investors look for tech stocks to buy. Many growth investors know that the same cyclicality that pummeled tech shares last year will lift them once the market flips. 

A bull market occurs when the prices of assets are in an upward trend. Of course, the impact of a potential recession and resurgent inflation could hamper the next bull market. Thus, whether the next bull market is emerging now, or will take more time to materialize, depends on these factors.

That said, inflation has trended downward since July, though the CPI numbers remain elevated. And if the economy avoids recession entirely, then we’re likely already in the early stages of a bull market, given that broad indexes are up since early October. 

If the economy enters a recession these tech stocks will move lower. However, I think each of these companies are likely to rebound in the long-run, making these tech stocks to buy right now. 

ON ON Semiconductor $70.80
FN Fabrinet $136.70
TYL Tyler Technologies $324.90
MODN Model N $41.25
AVGO Broadcom $581.63
ASML ASML Holding $676.03
NET Cloudflare $47.62

ON Semiconductor (ON)

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ON Semiconductor (NASDAQ:ON) will remain among the top semiconductor and tech stocks to buy for the simple fact that it is cashing in on secular trends. In particular, ON has oriented much of its business toward the electrification of the automobile industry. The company’s intelligent sensing and power solutions are in high demand, and the company will continue to benefit from overarching EV growth. 

What is particularly interesting about ON stock is how resilient it has been throughout the difficult market in 2022. The company’s share price has exhibited volatility, but hasn’t declined to the degree of many of its peers. In fact, ON stock has quickly moved up to the $75 range and has the ability to do so again while trading around $70 currently. 

The company will release Q4 earnings on Feb. 6. In the third quarter, ON Semi reported record revenues of $2.19 billion, while producing $731 million in cash flows. The company’s 26% year-over-year revenue growth led to a week-long period of rapid price appreciation for ON stock, which could occur again on Feb. 6 on strong results. 

Fabrinet (FN) 

Focus so desired Steel roller with fiber optic cables for the installation of data cables on a construction site., OCC makes fiber cables like these

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Fabrinet (NYSE:FN) stock is one to buy as the company continues its strong performance. Fabrinet provides optical packaging and electronic manufacturing services to optical communications and non-optical communications firms. The company tends to derive roughly 80% of its revenue from optical communications firms, of which, roughly 80% are telecoms. 

Fabrinet serves a large and growing addressable market. The company’s Q1 2023 revenue of $655.4 million exceeded the upper limit of guidance. Those strong revenues translated to an earnings per share of $1.97, well above the $1.74 analyst consensus.

Fabrinet boasts a strong balance sheet favoring growth, with $499.9 million in cash and $581 million in working capital at the end of Q1. The company has only $21.3 million of debt in total. 

Fabrinet has a strong network of relationships with original equipment manufacturers (OEMs) that cannot be replicated. That gives the company an advantage that can help it strengthen its current market position further. 

Tyler Technologies (TYL)

Tyler Technologies (TYL) logo on the website homepage.

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Tyler Technologies (NYSE:TYL) serves the public sector by providing enterprise and tax software. Its stock remains undervalued, but fundamentally, the company is doing well. The company primarily serves municipal and county governments and boasts impressive historical returns. 

Tyler Technologies is a market leader that serves local governments and schools exclusively. The company has shifted to a cloud-first approach, and its 16% compound annual growth in revenue since 2010 is impressive. Tyler boasts annual compound earnings per share growth of 21% during the same period. 

Tyler Technologies is very attractive from a fundamental perspective. The company’s third-quarter revenue increased by a modest 2.9% to $473.19 million. However, Tyler Technologies proved its operating efficiency by posting net income growth of 20.5% during the same period. I’d argue that Tyler Technologies, with its strong management team, is exactly the kind of business investors should trust.

The other positive news is that TYL stock trades for $311 but carries an average target price of $420. 

Model N (MODN)

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Model N (NYSE:MODN) stock provides investors exposure to a company providing cloud-based revenue management solutions for the life sciences and tech industries. The company helps firms in those industries manage revenue channels, deal intelligence, pricing, rebates, Medicaid, and a host of other factors that contribute to top-line performance. 

Model N will announce Q1 earnings on Feb. 7. In the fourth quarter of ‘22 and during the full fiscal year, Model N’s revenues increased 13%, coming in at $58.2 million and $219.2 million, respectively.

The company’s guidance for Q1 is for revenues to come in between $57-$58 million. Model N also anticipates between $241 to $244 million in revenues for fiscal year 2023. That would represent between 9.95% and 11.3% growth for the coming year. 

One of the more important factors for the company is its rapidly-growing SaaS business. The company’s Annual Recurring Revenue (ARR) rate, at 31%, is impressive. Software companies that can grow their subscriber base are freed up to seek growth elsewhere while also gaining additional contracted business. 

Broadcom (AVGO)

broadcom (AVGO) logo outside office building

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Broadcom (NASDAQ:AVGO) is another option to consider among the top tech stocks in the software sector. The company serves the semiconductor industry by designing, developing, and supplying software. It also serves the infrastructure software market as well. Currently, AVGO stock trades around the $580 level at the time of writing. However, it carries a target stock price nearly $100 higher, at $665.39. 

Its shares continue to be undervalued despite the company’s very strong earnings posted in early December. Broadcom posted a record $33.2 billion in revenues in 2022, which represented 21% growth on a year-over-year basis. Additionally, the company’s fourth quarter revenues grew by 21%, reaching $8.93 billion. 

There’s a lot to like aside from the company’s impressive revenue figures. Broadcom generated $16.3 billion in free cash flow, and continued its commitment to deliver value to shareholders by increasing its dividend by 12% to $4.60 per share. Broadcom has increased its annual dividend every year since it was initiated in 2011, and authorized $13 billion of share buybacks to be paid to investor from the company’s burgeoning free cash flow. 

ASML Holding (ASML)

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ASML Holding (NASDAQ:ASML) stock is as near to a sure thing as stocks get. The company manufactures highly-expensive lithography, metrology, and inspection systems that are vital to the semiconductor industry. It is the largest of a handful of global competitors in a high-barrier-to-entry market, and remains undervalued. 

ASML Holdings is the sole manufacturer of extreme ultraviolet lithography photolithography machines that are used to manufacture the most advanced semiconductor chips. 

Notably, ASML stock carries a target price of $760 but currently trades around $675. Although its sales continue to grow and the company predicts fiscal year 2022 revenue at the midpoint of its guidance, its stock remains undervalued on broader fears. A global slowdown could dampen demand for its ultra-expensive machines, which cost north of $200 million in some cases. 

That said, ASML is the leader of the very small market which has very high barriers to entry. There is no real reason it won’t rebound to that target price sooner or later. 

Cloudflare (NET)

A close-up of the Cloudflare (NET) logo at the company headquarters in California.

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Last on this list of tech stocks to buy amid a new bull market is Cloudflare (NYSE:NET). The cybersecurity company surpassed the milestone of $1 billion in annualized revenue in 2022. It did so to end Q3, after recording $253.9 million of sales in the quarter. In any bull market, NET stock will be worth buying. 

One of the primary reasons to get behind Cloudflare is that it provides solutions that secure websites. The more digitized the world becomes, the greater the demand for security solutions. 

That said, there are some legitimate reasons NET stock is trading lower. The company continues to pump out losses, providing investors with a staggering $147.46 million net loss through the first 9 months of 2022. That’s an improvement upon the $182.8 million loss a year ago during the same period, but a large loss nonetheless. 

Although Cloudflare recorded $1 billion in revenues over the previous 12 months, it expects to report between $974 to $975 million in sales for all of 2022. That said, overall growth and narrowing losses are a powerful combination for Cloudflare, making this stock’s upside palatable in a bull market environment. 

On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks.Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.