Should Investors Consider Buying These Top Software Stocks This Week?
Software stocks are arguably one of the best performers in the stock market recently. They have brought substantial gains to investors who bet on them at the start of 2020. With increased corporate spending on cloud computing, big data analytics and artificial intelligence, revenue growth for top software stocks has picked up in momentum. You could say that the world is witnessing a software revolution as major businesses scramble to adopt the many fields of software for business continuity. So much, that software has penetrated nearly every aspect of our lives. Today, we use software to work, play, and communicate with those around us.
For instance, Adobe (NASDAQ: ADBE) and Microsoft (NASDAQ: MSFT) are some prime examples of software companies that have fully integrated into our lives. Microsoft Windows is one of the most popular computer operating systems in the world today, with over 1 billion people using the software. Adobe on the other hand has one of the best creativity and document management software in the world. The list could go on the wonders that software companies have brought for us in the last decade but you get the picture. Also, software companies will likely continue to fuel this enthusiasm as more people become dependent on their software for a higher quality of life. With that in mind, here are four of the best software stocks to watch in the stock market today.
Best Software Stocks To Buy [Or Avoid] Now
- Riot Blockchain Inc. (NASDAQ: RIOT)
- Fastly Inc. (NYSE: FSLY)
- Twilio Inc. (NYSE: TWLO)
- SOS Limited (NYSE: SOS)
Riot Blockchain
Riot is a software company that focuses on cryptocurrency in particular. To elaborate, the company is in the business of bitcoin mining operations. Its base of operation is in Coinmint LLP’s Massena, New York. Riot has had a stellar performance so far in the stock market and has been up by over 290% year-to-date. This seems to come after news of Bitcoin hitting a record high of over $51,000. Another reason could be because of Tesla announcing that it had bought $1.5 billion worth of Bitcoin last week.
The company also announced last week that it will achieve an estimated hash rate capacity of 1.06 Exahash per second with the deployment of the newly received 2,002 S19 Pro Antminers. This would allow Riot to remain on schedule to triple its currently deployed capacity by the fourth quarter of 2021.
The company has shown time after time that it remains committed to expanding and upgrading its mining operations by securing the most energy-efficient miners that are currently available. With so many exciting things surrounding the company, will you consider RIOT stock as a top software stock to buy?
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Fastly Inc.
Fastly is a software company with an industry-leading edge cloud platform. Its platform will allow developers to get the tools they need to build groundbreaking apps. With a focus on speed, security, and scale, businesses that use Fastly’s software will be able to effectively transform to compete in today’s market. The company provides software that can reduce business costs and offers more control and flexibility over competitors. The company’s shares are traded at $93.90 as of 12:30 p.m. ET. Fastly is set to report its fourth-quarter financials today after the market closes.
Investors would certainly be curious to see if the company can extend its streak of revenue beat. The company is a Software-as-a-Service (SaaS) company after all, so it has a recurring revenue model that grows by expanding its paying customer base.
In the company’s third-quarter fiscal, Fastly posted a top-line growth revenue of $71 million, a 42% increase year-over-year. The average enterprise customer spent approximately $753,000, up by 5% sequentially. Given the company’s impressive financials, will you consider buying FSLY stock?
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Twilio Inc.
Next on this list is Twilio. Twilio is a cloud communications platform as a service company that is based in San Francisco, California. Its software powers business communications in many companies and allows developers to programmatically make and receive phone calls, send and receive text messages and perform a plethora of communication functions using its web service APIs. In fact, millions of developers around the world have used Twilio’s software to improve communication in their businesses. The company’s share prices have been up by nearly 10% since the start of February. It will also be announcing its fourth-quarter and full-year results after today’s closing bell.
Ahead of its full-year results, we will take a look at its latest quarter fiscal to see how it is doing financially. The company reported total revenue of $448 million for the quarter, a 52% increase year-over-year. With great digital engagement becoming more critical to differentiate the customer experience, many companies are turning to Twilio’s customer engagement platform.
This amazing performance by Twilio for the quarter is testimony to the company’s platform. Twilio also reported that it has over 208,000 active customer accounts, a 21% increase year-over-year. The company also expects a topline revenue of $455 million for its fourth-quarter. All things considered, will you consider buying TWLO stock?
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SOS Limited
SOS is a software company with AI blockchain as its core business. The company provides customers with digital asset management and information technology services through its software. SOS’s technology is used in the healthcare, finance, automobile, and insurance industries. It also provides a one-stop solution for businesses to further leverage blockchain software. The company also boasts impressive software development capabilities in cloud platforms. SOS stock has been up by over 400% in the last month.
This latest rally seems to be coming from news on the company announcing that it had received 5,000 mining rigs. From the addition of these rigs, the company expects its annual return on investments to be significant given the current price for Bitcoin. This plays well for the company as it has been expanding its capacity to promptly capture the rising price of Bitcoin. With that in mind, will you consider buying SOS stock?
