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A combination of the recent stock market correction and disappointing earnings and/or guidance have caused some tech stock to plunge. Many of them have plenty of cash on their balance sheets, and offer growth potential that can't be found in many other sectors. The market is giving us a great opportunity to buy certain tech stocks cheap right now, and many of these stocks are likely to rebound more quickly than non tech companies. These companies are likely to provide strong returns for investors in the long run as our economy and lives continue to become ever more dependent on technology. The recent market correction and short term disappointments over earnings allows us to pick up these high quality tech leaders at much cheaper prices:

OmniVision Technologies (NASDAQ:OVTI) shares are trading at $17.27. OmniVision sells the Camerachip sensors used in mobile phones and other computer devices. The 50 day moving average is about $29.16 and the 200 day moving average is about $30.28. These shares have traded in a 52 week range between $16.61 and $37.04. Earnings estimates for OVTI are about $2.93 per share in 2011. This stock plunged last week when the company lowered guidance leading some to wonder if this was over whether Apple (NASDAQ:AAPL) would still keep OmniVision as a main supplier. There seems to be some debate on the issue of potentially losing some future orders from Apple, and you can read more about that here.

F5 Networks (NASDAQ:FFIV) shares are trading at $75.49. F5 provides solutions that optimize networks. The 50 day moving average is about $95.86 and the 200 day moving average is about $110.55. These shares have traded in a 52 week range between $69.01 and $145.76. Earnings estimates for FFIV are about $3.72 per share in 2011 and $4.35 for 2012. In July, this stock was trading for about $110, and then slightly disappointing earnings and a market correction hammered this stock down about 40%.

Ariba Inc. (NASDAQ:ARBA) shares are trading at $25.05. ARBA is a leading technology company that provides business solution products. The 50 day moving average is $30.66 and the 200 day moving average is $28.97. Earnings estimates for ARBA are about 80 cents per share in 2011. The book value is $6.72. This stock was trading around $35 per share in July and the value has dropped about 40%.

Autodesk, Inc. (NASDAQ:ADSK) shares are trading at $26.63. ADSK is a leading provider of design software. The 50 day moving average is $33.75 and the 200 day moving average is $39.13. Earnings estimates for ADSK are about $1.65 per share in 2011. Earlier this year, I wrote an article suggesting that ADSK should be sold back when it was over $44 per share, and that I preferred Cisco (NASDAQ:CSCO) shares see that here. However, now that ADSK shares have corrected I would consider buying shares on dips by averaging in.

Vistaprint (NASDAQ:VPRT) shares are trading at $29.08. Vistaprint offers online printing services and products for business. The shares currently trade below the 50 day moving average of $38.19 and the 200 day moving average of $45.94. These shares have traded in a 52 week range between $25.70 and $56.25. Earnings estimates for VPRT are about $1.63 per share for 2011. VPRT shares fell off a cliff after earnings were reported. The stock was at about $45 and has dropped to the $26 level. This stock has already rebounded somewhat, but if it retests the recent lows around $26, it looks like a solid buy.

Travelzoo, Inc. (NASDAQ:TZOO) shares are trading at $37.36. TZOO is a Internet company that offers travel and other deals online. The shares have traded in a range between $15.70 to $103.80 in the past 52 weeks. The 50 day moving average is $56.61 and the 200 day moving average is $55.15. Earnings estimates for TZOO are about $1.45 per share in 2011. This stock was trading around $85 in late July and plunged after earnings were released which obviously disappointed investors. The stock is looking like a rebound candidate, but I would only average in over time in case it dips again.

The data is sourced from Yahoo Finance and Stockcharts.com. The information and data is believed to be accurate, but no guarantees or representations are made. Rougemont is not a registered investment advisor and does not provide specific investment advice. The information contained herein is for informational purposes.

Source: 6 Tech Stocks That Just Became Buys