Hit the Buy Button on These 3 Oversold Tech Stocks As the Russia-Ukraine plot thickens and inflation rears its ugly head in fourth-quarter earnings reports, stocks continue to dig a deeper hole in 2022.The bottom may not be in for...

Investors have been more reluctant to hit the buy button of late. The most recent market downturn has been reason to "beware the dip' rather than "buy the dip'.

As the Russia-Ukraine plot thickens and inflation rears its ugly head in fourth-quarter earnings reports, stocks continue to dig a deeper hole in 2022.

The technology sector has been especially hard hit due to its lofty valuations and ongoing supply chain disruptions. Down 14% year-to-date, the S&P Global Information Technology Sector is the caboose among the 11 economics groups.

The mini tech wreck, while unnerving for many investors that allocate a heavy part of their portfolios to the high growth sector, has created opportunity. The bottom may not be in for some names, but for these three oversold companies, it's time to pull the trigger.

Is the Meta Platforms Selloff a Buy Opportunity?

Meta Platforms, Inc. (NASDAQ: FB) has gone from bad to worse since it reported disappointing fourth quarter results that sent shivers through the technology sector. On top of the 5% decline in earnings, management offered a weak outlook that has snowballed into a 37% avalanche since February 2nd.

The relative strength indicator (RSI) reading is down to 12, the lowest level the former Facebook has ever seen. Only a half dozen S&P 500 members currently have a lower RSI.

On the bright side, the weakness in the stock can't get much worse. More importantly, trading volume has gradually declined over the last two weeks suggesting the selloff is winding down. Tuesday's dip below $200 could very well turn out to be the dream entry point that has been so elusive with Meta Platforms.

The oversold technicals are one thing but to sustain a recovery Meta Platforms will need to get back in the good graces of fundamental investors. That means Facebook, WhatsApp, Instagram and the rest of the company's social ecosystem will need to attract more users—and regain favor with advertisers.

Eventually, the turmoil caused by Apple's new ad tracking policy will subside. This will give way to Meta Platforms' incredibly ambitious (and likely very lucrative) metaverse undertaking.

Is Adobe Stock a Buy Ahead of Earnings?

After ten straight years of gains, Adobe, Inc. (NASDAQ: ADBE) finds itself in unfamiliar territory down 22% year-to-date. With the streak of green in jeopardy and the daily RSI at 16, investors have a chance to ring in on what is perhaps the nation's best run software business. Note that previous occasions of Adobe's RSI reading slipping below 20 have been fantastic entry points.

Unlike other tech names, Adobe hasn't been battered by a bad quarterly update. It is slated to report fiscal first quarter earnings on March 17th. Instead, the publishing and digital media solutions specialist has been dragged lower by the broader exodus from high multiple stocks. Absent major company-specific issues, this is often a good time to pounce on a proven winner.

On the heels of yet another strong performance last quarter, Adobe is likely to impress again next month and draw the attention of buyers. Demand for its core Acrobat, Flash Player, and Photoshop offerings is alive and well as everyone from mom-and-pop shops to large enterprises shift to digital. The company's next big opportunity, digital video content, remains in the early stages of an explosive growth period.

Adobe's products have always resonated with advertising agencies and other creative types. Future innovations will do the same, driving the digital content agendas of businesses worldwide. Down 37% from its November 2021 peak, it doesn't take much creativity to see Adobe as a screaming buy.

Will Salesforce.com Beat Earnings?

Salesforce.com, inc. (NYSE: CRM) is also down 37% from its November 2021 peak and on its way to posting a four-month losing streak for the first time since 2011. The provider of customer relationship management (CRM) software is getting set to report fourth quarter results on March 1st when it will likely surpass the consensus forecast as it has consistently done over the last few years.

Once focused exclusively on CRM solutions, Salesforce.com operates a much more diversified business model these days. New analytics, artificial intelligence (AI), mobile connectivity, and social networking software stand to expand the company's revenue streams in the coming years—and are underappreciated by the market. This combined with the steady subscription-based revenue generated in the legacy SaaS business makes Salesforce an attractive software name to own for the long haul.

Salesforce.com has another secret weapon in popular collaboration platform Slack, the benefits of which we are yet to fully see with the acquisition having wrapped up last summer.

This stock is getting clobbered more than other software peers because its valuation was and still is high. However, it is a valuation that is warranted given the company's increasingly diverse growth prospects. Ignore the P/E ratio and view the recent sales of Salesforce.com shares as a chance to jump in on a long-term cloud software victor.

salesforce.com is a part of the Entrepreneur Index, which tracks some of the largest publicly traded companies founded and run by entrepreneurs.