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If you love tech stocks, this hasn't been your year. But that doesn't mean you shouldn't be looking at the top tech stocks to buy for the fourth quarter.

Yeah, the sector is taking a beating, and that's best reflected in some of the major exchange traded funds that hold tech stocks. The Technology Select Sector SPDR Fund (NYSEARCA:XLK) is down 28% so far this year. The Invesco QQQ ETF (NASDAQ:QQQ) suffered a similar fate, down 29%. And the much-vaunted ARK Innovation ETF (NYSEARCA:ARKK) dropped a whopping 57%.

Much of the blame rests on the economy – inflation is at its highest since the 1980s and the Federal Reserve is doggedly raising interest rates in an effort to force prices down – even at the risk of running the economy into a recession.

The sector recently had its worst two-week stretch since the beginning of the Covid-19 pandemic as the Fed hiked rates by another three-quarters of a percentage point.

On top of that, tech companies that rely heavily on imports are being hurt by a stronger U.S. dollar because U.S. products are more expensive overseas.

While this all sounds like doom and gloom on the surface, it's also an indication that tech stocks are on sale – and there are some amazing bargains to be had for long-term investors.

Here are seven top tech stocks to buy now that all have strong buy signals in my Portfolio Grader.

Automatic Data Processing (ADP)

Many people are probably acquainted with Automatic Data Processing (NASDAQ:ADP) from their payrolls. The company handles human resources management and software, meaning that it processes paychecks, handles withholdings and other human resources functions.

But as an investment, ADP is even more interesting. The company has a stable income flow of recurring revenue because it charges its clients monthly fees.

Earnings for its fiscal Q4 2022 included revenue of $4.13 billion and earnings per share of $1.50 – both which beat analysts' expectations. It forecast fiscal 2023 revenue to increase by 7% to 9%, and for EPS to grow by 13% to 16% in fiscal 2023.

On top of that, ADP stock boasts a dividend yield of nearly 2%.

The stock is down only 6% on the year – much better than most tech stocks – and has an "A" rating in the Portfolio Grader.

ExlService Holdings (EXLS)

If tech stocks are truly in a bear market, someone forgot to tell ExlService Holdings (NASDAQ:EXLS). The holding company for EXL Services is actually up by nearly 3% on the year.

EXL Service is an analytics and digital services company. It works in the insurance, financial, healthcare and media sectors, among others. It does bill collection, legal services, customer service and accounting.

Second quarter earnings included revenue of $346.78 million, which beat analyst expectations of $329.68 million. EPS of $1.50 per share was better than the Street's prediction of $1.32.

While EXLS stock pulled back in recent days, it's still dramatically outperforming other tech stocks, and it has an "A" rating in the Portfolio Grader.

Switch (SWCH)

More and more people are working remotely these days. This trend, which started out of necessity during the coronavirus pandemic, is turning into an ideal way to work for many employees.

The new reality means that companies will have to have quality data centers and internet infrastructure. And that's where Switch (NYSE:SWCH) comes in.

The company has more than 700 issued and pending patents for data center designs that house storage systems, services and routers.

Second-quarter earnings included revenue of $168.19 million and EPS of $1.51 per share – both of which beat analysts' expectations of $166.78 million in revenue and $1.46 EPS.

SWCH stock is up a whopping 18% so far this year, helping it earn an "A" rating in the Portfolio Grader.

DecisionPoint Systems (DPSI)

Another great IT services company is DecisionPoint Systems (NYSEAMERICAN:DPSI), a small company that doesn't even trade on the major indices. In fact, it didn't even start trading publicly until May.

But you can still make plenty of money with DPSI stock. Despite at one point trading as low as $3.40,  DPSI stock is up 12% over the last month. Revenue of $27.51 million in Q2 easily topped analysts' expectations and was 81% better than a year ago.

You can expect some volatility and growing pains with a company as small as DecisionPoint. But even early in its publicly traded life, DPSI is building an impressive track record. It has an "A" rating in the Portfolio Grader.

Qualys (QLYS)

You may have heard about software-as-a-service (SaaS), which is a growing trend for individual computer users as well as companies. After all, why buy a software license (or hundreds of them, if you're a big company) and install it on each computer when you can simply by a software subscription online and have it hosted in the cloud?

That's what Qualys (NASDAQ:QLYS) does. It provides vulnerability management solutions for servers, networked devices, printers and workstations. The company boasts 10,000 customers in 130 countries.

Q2 earnings included revenue of $119.89 million versus expectations of $117.53 million, and EPS of 89 cents versus expectations of 79 cents. QLYS stock is down about 6% so far on the year, but that's still better than most top tech stocks.

Qualys has an "A" rating in the Portfolio Grader.

Parsons Corporation (PSN)

There are all sorts of flavors when it comes to top tech stocks. One that's a little out of the box is Virginia-based Parsons Corporation (NYSE:PSN), which specializes in working with defense, intelligence, security and infrastructure engineering.

Parsons provides engineering and management support for missile defense systems for the U.S. and its allies. It is known for manufacturing bases for Titan and Minuteman missile systems.

With defense spending in the U.S. continuing to increase and tensions with Russia at its highest in a generation, defense stocks are continuing to flourish. And Parsons, with its tie-in to the defense industry, is one of the rare tech companies that is having an extraordinarily good year. PSN stock is up 19% in 2022.

Revenue for Q2 was $1.01 billion versus analysts' expectations for $930.97 million. EPS of 41 cents per share met the Street's view.

PSN stock has an "A" rating in the Portfolio Grader.

Wolfspeed (WOLF)

If you're unfamiliar with Wolfspeed (NYSE:WOLF) you wouldn't be alone. The company was founded as Cree in 1987, but changed its name to Wolfspeed just last year.

Now it's a recognized leader in silicon carbide products and it manufactures wide bandgap semiconductors that are used in everything from electric vehicles, wireless systems, power inverters and supplies, and in 5G applications. As an energy-related tech stock, its products are designed to increase the efficiency of power systems.

Earnings for fiscal Q4 2022 included revenue of $228.5 million, which beat analysts expectations of $207,.58 million. The company reported a loss per share of 2 cents, but that was better than the loss of 10 cents per share that analysts expected for the quarter.

WOLF stock has had an up-and-down 2022 but is basically flat for the year. It has an "A" rating in the Portfolio Grader.

On the date of publication, Louis Navellier has a position in ADP. Louis Navellier did not have (either directly or indirectly) any other positions in the securities mentioned in this article.

On the date of publication, the InvestorPlace Research staff member primarily responsible for this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.

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