Watch out for these five NASDAQ stocks in 2021

2020 has been a landmark year for stocks trading on the Nasdaq Stock Market.

The Nasdaq Composite has dramatically outpaced the gains of other major market benchmarks, showing the strength of the companies that call the Nasdaq home.

As we head into 2021, the Nasdaq is fertile ground for rising stars in the stock market world.

Let’s take a quick look at five stocks that are bound to show the most promise in 2021.

The first on the list is the shares of Okta (NASDAQ: OKTA) which is up 133% so far in 2020, and it’s easy to see why. When your entire workforce has to move to the cloud because of restrictions on gathering at nonessential places of employment, you need the identity-verification software platform that Okta provides to ensure that your vital proprietary information remains secure.

That increased demand has shown up in revenue growth, with Okta’s sales climbing 42% year over year in the third quarter. The biggest news from Okta is that big financial institutions are finally starting to get interested in the company’s services

The second is the Match Group (NASDAQ: MTCH), the company behind the popular mobile dating app Tinder, among other online dating services. Long-term trends favor online dating, so Match has an opportunity to keep growing well beyond 2021. Despite a more than 90% rise for the stock, Match Group has room to run higher in the coming year.

The third one is Peloton Interactive (NASDAQ: PTON) which has been the high-flyer of this group, with shares nearly quintupling in 2020.

The at-home interactive exercise-equipment maker has resonated with fitness fans for a while, but the COVID-19 pandemic really boosted demand for its stationary bikes and treadmills. Now, the company is in the enviable position of having more interested customers than it can keep up with from a supply-chain standpoint.

Fourth on the list is Marvell Technology (NASDAQ: MRVL), which has been taking advantage of the upgrade cycle for new 5G wireless network technology.

Marvell’s semiconductors are designed to help its customers keep up with advances in technology in areas ranging from cloud computing to automotive and wireless solutions, and with the rollout of 5G, Marvell’s products have been in high demand. That’s sent the stock up more than 80%.

The last one to watch out for is the Australian company Atlassian (NASDAQ: TEAM).  Shares of this company have climbed onto the workplace-collaboration bandwagon, with numerous platform-tools designed to help people work more effectively together.

The rising need for help in collaborating remotely has been a big factor in Atlassian’s stock doubling in 2020. Yet the company is still building up its product portfolio to include even more tools and has ambitious plans for greater international penetration in markets it hasn’t yet tapped.