The tech-heavy Nasdaq Composite has seen a nice lift this year, rising about 9% year to date as of this writing. Many growth stocks have risen even more. This is likely a breath of fresh air to many tech investors since the Nasdaq fell a whopping 33% in 2022.
But before investors start rushing to buy tech stocks, it might be wise to take a moment and consider whether or not the valuations of some of these stocks actually make sense. Here are two tech stocks that might be worth avoiding at their current valuations, particularly after their sharp run-up this year. These stocks have both risen about 22% in 2023. But investors should not count on big gains persisting.
1. Atlassian
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