Oversold tech stocks is our topic for today. Markets have kicked off the third quarter, while optimism is still hard to come by. Meanwhile, investors are getting ready for the busy earnings season.

So far in the year, high-growth tech stocks have seen significant selling pressure, in part due to rising interest rates and mounting inflation. Bloomberg recently reported, “tech stocks with lofty valuations are particularly vulnerable to higher interest rates as it weighs on the current value of the companies’ future profits.”

As a result, investors have been shying away from these forward-looking companies. For example, the Technology Select Sector SPDR Fund (NYSEARCA:XLK) and the iShares U.S. Technology ETF (NYSEARCA:IYW) have fallen 26% and 29% year-to-date (YTD), respectively.

Despite the ongoing market rout, tech companies remain vital to the global economy and modern life. Consequently, we are likely to see a significant tech rebound once the pessimism in the overall markets subsides.

With that information, here are seven oversold tech stocks to buy in July.

Adobe (ADBE)

Software giant Adobe (NASDAQ:ADBE) is our first oversold tech stock. Its software is bundled as a subscription-as-a-service (SaaS) known as Adobe Creative Cloud and includes the popular Adobe Photoshop and Illustrator.

In mid-June, Adobe reported Q2 financials. Revenue was $4.39 billion, representing a 15% increase year-over-year (YOY) in constant currency. Adjusted diluted earnings per share (EPS) was $3.35, compared to $3.03 the year before. Cash and equivalents totaled $3.5 billion.

Recently, the company detailed a series of major updates to Adobe Substance 3D, a group of products and services that support the creation of 3D content. These updates include a 3D materials software development kit (SDK) and new plugins to expand functionality. They also support the Apple (NASDAQ:AAPL) M-series chips.

Growing 3D and immersive content creation capabilities will be crucial for brands getting ready for the metaverse, which is expected to be worth around $1.6 trillion by the end of the decade.

Since January, ADBE stock has list close to a third of its value. Forward price-to-earnings (P/E) and price-to-sales (P/S) numbers are 28 and 11, respectively. Analysts’ 12-month median price forecast stands at $462.50.

Accenture (ACN)

Consulting giant Accenture (NYSE:ACN) is well-known for its information technology (IT) services. Clients include the majority of the Fortune Global 100 and span all industries.

In late June, Accenture presented Q3 FY22 earnings. Total revenue was $16.2 billion, an increase of 27% YOY in local currency. Diluted EPS was $2.79. Free cash flow (FCF) was $2.9 billion.

The company recently completed the acquisition of digital engineering and operational technology capabilities from Transcom ITS. This transaction brings around 190 highly specialized Transcom engineers to Accenture’s Industry X in Japan. Wall Street is likely to pay attention how this transaction will add to Accenture’s cloud and internet of things (IoT) capabilities.

So far in 2022, ACN stock has also lost over a third of its value, trading just above 52-week lows. Shares are changing hands at 23 times forward earnings and 3 times sales. The dividend yield is 1.4%. Wall Street’s 12-month median price forecast is at $342.

Applied Materials (AMAT)

Applied Materials (NASDAQ:AMAT) is one of the world’s largest suppliers of semiconductor manufacturing equipment. Customers include manufacturers of semiconductor wafers, integrated circuits, solar photovoltaic cells and flat panel liquid crystal displays. The company holds some 15,700 patents and invests heavily in research & development (R&D).

In mid-May, Applied Materials provided Q2 metrics. Revenue was $6.25 billion, up 12% YOY. Adjusted diluted EPS was $1.85, compared to $1.63 the previous year. Cash and equivalents totaled $3.3 billion.

Recently, the company acquired Picosun Oy, a Finnish semiconductor equipment company. This transaction broadens Applied Materials’ capability to address and service the growing demand for specialty semiconductors.

AMAT stock has tumbled over 42% YTD, trading close to 52-week lows. Forward P/E and P/S numbers are 10 and 3, respectively. The current price supports a dividend yield of 1.2%. Analysts’ 12-month median forecast stands at $135.

Broadcom (AVGO)

Chip giant Broadcom (NASDAQ:AVGO) operates under two main segments. The semiconductor segment specializes in storage and systems, connectivity and optical products. The software segment, known as Broadcom software, offers tools to improve innovation, scalability and security.

In late May, Broadcom released Q2 results. Revenue came in at $8.1 billion, an increase of 23% YOY. Adjusted diluted EPS was $9.07, compared to $6.62 the prior year. FCF was $4.2 billion.

The company recently announced the intention to acquire VMware (NYSE:VMW), an enterprise software and hybrid cloud computing company. Following the closing of the transaction, the Broadcom Software Group will rebrand and operate as VMware. The new entity company will provide an expanded platform to address clients’ complex information technology infrastructure needs.

So far in 2022, AVGO stock has declined 27%. Shares are trading at 13 times forward earnings and 7 times sales and generating a healthy dividend yield of 3.4%. Wall Street’s 12-month median price forecast is at $680.

Cisco Systems (CSCO)

Cisco Systems (NASDAQ:CSCO) delivers networking and security solutions. In the enterprise network infrastructure market, it is the global leader with a market share of over 55%.

In mid-May, Cisco issued Q3 FY22 financials. Revenue was $12.8 billion, unchanged from the year before. Adjusted diluted EPS was 87 cents, compared to 83 cents a year ago. Cash and equivalents totaled $7 billion.

Recently, the company launched AppDynamics Cloud, an observability platform for modern applications. It maximizes business outcomes by optimizing cloud-native applications. AppDynamics cloud currently supports Amazon’s (NASDAQ:AMZN) Amazon Web Services, with planned future expansion to Microsoft’s (NASDAQ:MSFT) Azure and Alphabet’s (NASDAQ:GOOGL, NASDAQ:GOOG) Google Cloud.

CSCO stock has dropped roughly 30% YTD. Forward P/E and P/S numbers are 12 and 3.5, respectively. The dividend yield is 3.6%. Analysts’ 12-month median price forecast stands at $52.

Intuit (INTU)

Specialized business software play Intuit (NASDAQ:INTU) is known for its tax preparation and accounting software and services. The company serves over 100 million customers with products such as TurboTax, QuickBooks and Credit Karma.

In late May, Intuit provided Q3 FY22 earnings. Revenue came in at $5.6 billion, an increase of 35% YOY. Adjusted diluted EPS was $7.65, compared to $6.07 the previous year. Cash and equivalents totaled $3.5 billion.

Credit Karma, a subsidiary of Intuit, recently launched a cash-back rewards program called Credit Karma Money. The program enables the roughly 110 million members to earn cash back on purchases made with their Credit Karma Visa debit card. Credit Karma Money members will be automatically enrolled in the cash-back program.

INTU stock has fallen almost 41% since the beginning of the year. Shares are trading at 29 times forward earnings and 9 times sales. Wall Street’s 12-month median price forecast is at $489.

Salesforce (CRM)

Software giant Salesforce (NYSE:CRM) provides the world’s most widely used customer relationship management (CRM) platform. Companies can bring together the marketing, sales, commerce, service and IT teams to work as one from anywhere.

In late May, Salesforce presented Q1 FY23 metrics. Revenue was $7.4 billion, up 26% YOY in constant currency. Adjust diluted EPS was 98 cents, compared to $1.21 the prior year. FCF was $3.5 billion.

Recently, the company introduced the next generation of MuleSoft, a unified solution for workflow automation. Wall Street will be watching how the update may contribute to top line. 

So far in 2022, CRM stock has lost 36%. Forward P/E and P/S numbers are 37 and 6, respectively. Analysts’ 12-month median price forecast stands at $240.

On the date of publication, Tezcan Gecgil, Ph.D., is both long and short AMZN. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.