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2 Top Cloud Stocks To Buy Or Sell Right Now?

These cloud stocks could have ample room to grow amid booming demand for cloud computing services.

cloud stocks to buy

Cloud Stocks Reap Rewards Of The Work-From-Home Revolution

Cloud computing has been a promising investment theme in recent years. When we have big names like Amazon (AMZN Stock Report) and Microsoft Corp. (MSFT Stock Report) leading the industry, we can safely assume that we are looking at the industry of the future. 

As you may or may not know, there are a number of different areas within the broader cloud market. Amazon Web Services is the leader in the cloud infrastructure services, including what’s known as the infrastructure as a service (IaaS). This is one of the fastest growth drivers in the broader cloud market. On the other hand, Microsoft is the leader in enterprise software as a service (SaaS) with commercial products like Microsoft 365.

In fact, cloud computing has been on the rise for the past two decades. Wall Street is now betting that the pandemic will bring a step-change in the uptake of the technology. The technology has already accounted for 15% of the $1.56 trillion spent on IT last year. This is up from 7% in 2015 according to analysts at Morgan Stanley. For this reason, many believe that the increased reliance on cloud services during this trying time will only cause this shift in IT spending to accelerate. With all that in mind, are these top cloud stocks on your watchlist this month?

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Top Cloud Stocks To Buy Right Now [Or Sell]: Dropbox

Shares of the cloud storage company, Dropbox (DBX Stock Report) closed 10% higher on Monday. This came after one prominent investment bank, Jefferies upped its recommendation and price target on DBX stock on Monday morning. Among the work-from-home stocks in the market, DBX stock seems to be left out of the investing frenzy. The stock is ‘only’ up 26% year to date. The gain far lagged behind the triple-digit percentage increases in stocks like Zoom Video Communications (ZM Stock Report) and Fastly (FSLY Stock Report).

Clearly, DBX stock has been a laggard. But could this lag make DBX stock the best cloud stock to buy right now? There are reasons why some investors are hesitant in buying DBX stock. That’s mainly because the company’s core secure storage solution isn’t as mission-critical as the solutions offered by other companies such as video conferring and enterprise communication platforms. But the company’s cross-platform storage functionality could prove to be an immense value-added feature. After all, people use Dropbox to securely store their documents. And if the demand for work-from-home continues to stay, Dropbox’s remote-work-focused secure storage and workflow management solutions will remain persistently robust.

[Read More] 2 Top Tech Stocks To Buy In July 2020?

Top Cloud Stocks To Buy Right Now [Or Sell]: Atlassian

Among the best performing work-from-home stocks, shares of Atlassian (TEAM Stock Report) are now trading at their all-time high. The Australian enterprise software giant offers digital workflow management tools. Many consider these tools to be the ‘essentials’ in a remote work environment. The highly scalable business will very likely double its profit growth in the foreseeable future. For the past three years, TEAM stocks have climbed approximately 400%.

This team-based software specialist has tremendous financial resources to invest in its ecosystem of products and will continue to grow into its huge market. As the coronavirus pandemic is here to stay for some time, companies are encouraging many employers to work from home. As such, it’s creating a unique tailwind for Atlassian. Since its software products are perfectly suited for teamwork wherever and however they work, it’s likely Atlassian will emerge from this pandemic stronger. The big question here is, should investors still chase the rally in TEAM stock since its trading at all-time highs? I’m not too sure about you, but I’d tread carefully if I were to invest in TEAM stock. Of course, if the investment horizon is in the long run, then TEAM stock could still be worth the addition to your portfolio.

By Brett David

Brett David is a digital marketing and finance professional for nearly 10 years now and a contributing author for StockMarket.com. His passion for digital marketing and the stock market began after graduating with a B.S.B.A in business administration and finance. After completing college, he went on to becoming an entrepreneur in the marketing and finance space, which led to becoming a contributor to outlets such as ThriveGlobal.com, MarijuanaStocks.com, MarketingAgency.com and SearchEngineWatch.com.

Brett loves the ability to deliver to his readers engaging and educational content that can be easily consumed by the reader. He enjoys writing about a wide variety of companies ranging from blue-chip stocks to the undervalued small and micro cap stocks. His favorite stock market sectors today to write about are: Tech, Cannabis, Mining, Biotech, and TMT.

Brett has worked with hundreds of publicly traded companies on increasing their digital footprint and corporate outreach since 2013.

You can find Brett most of time digging through corporate filings conducting fundamental analysis or at an industry conference looking for the next big trend or company to hit the street. His digital marketing experience gives a competitive edge over other contributing authors by allowing him to see and analyze trends faster than the next person.

Brett, a South Florida native, enjoys spending time with his wife and son outdoors, and is an avid basketball and MMA fan.

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