Even as the broader stock market today edges lower, investors may want to consider looking at cloud computing stocks. Sure, the fact remains that investors continue to rotate out of the tech industry as Treasury bond yields rise again. However, with this current weakness in the market, the focus could shift towards long-term growth stocks. In turn, this would be where cloud computing stocks come into play. After all, demand for cloud-related services has and continues to skyrocket as virtually all organizations and businesses digitize and maintain their virtual assets.

Likewise, investors also flocked towards the top names among cloud computing stocks as well. This includes but is not limited to the likes of Microsoft (NASDAQ: MSFT) and Amazon (NASDAQ: AMZN). Firstly, Microsoft Azure is among Microsoft’s industry-leading portfolio of enterprise software solutions. Secondly, Amazon Web Services is the largest cloud computing business globally. For a sense of scale, both companies’ cloud divisions raked in revenues of over $10 billion throughout their latest quarters. Overall, I can understand if all this has you keen on the cloud computing space now. In that case, could one of these companies be top picks in the stock market now?

Best Cloud Computing Stocks To Watch This Week

Palantir Technologies Inc.

First on this list of cloud computing stocks, we have Palantir Technologies. Accordingly, the software company builds enterprise data platforms for organizations and governments with complex and sensitive data environments. Its software is used in a wide number of industries, ranging from automobiles and aircraft to healthcare and cybersecurity. PLTR stock currently trades at $23.17 as of Monday’s closing bell and is up by over 140% in the past year alone.

best tech stocks (PLTR stock)

Today, it announced that it continues a collaboration with the National Institutes of Health’s National Center for Advancing Translational Sciences (NCATS). Palantir will continue to provide a secure cloud-based data enclave to centralize data on COVID-19 for collaborative clinical research.

In brief, the contract to support the National COVID Cohort Collaborative (N3C) and its data enclave is an indefinite delivery indefinite quantity (IDIQ) contract with a total potential value of $59.5m over two years, with an initial task order for $7.9m over the first five months. With that being said, do you think PLTR stock deserves a spot on your watchlist right now?

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Twilio Inc.

Next up, we have Twilio, a cloud communications platform as a service company with headquarters in California. In essence, the company allows millions of software developers around the world to use its services to unlock the magic of communications to improve any human experience. Furthermore, it has democratized communications channels by virtualizing the world’s communications infrastructure through APIs. TWLO stock currently trades at $313.22 as of the end of Monday’s trading session.

best cloud stocks (TWLO stock)

On August 19, 2021, the company unveiled the Developer Toolkit for its Customer Data Platform (CDP). The toolkit is a unique set of developer tools that gives companies unprecedented flexibility to customize their customer data stack and deliver a truly differentiated customer experience using the Twilio Segment CDP.

Every company is investing and innovating in digital customer engagement in order to compete. The trouble is, you can’t buy a one-size-fits-all SaaS software and expect to deliver a differentiated experience — if you can buy it off the shelf, so can your competitors. You need the tools to build something unique that is true to your brand and customers,” said Peter Reinhardt, CEO of Twilio Segment. Given this piece of information, should investors consider TWLO stock for its long-term potential?

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International Business Machines Corporation

International Business Machines (IBM) is a multinational technology corporation with headquarters in New York and has operations in over 170 countries. Accordingly, the company’s new generation of hybrid cloud provides a common platform across all of a customer’s cloud, on-premises, and edge environments. It provides them with the most comprehensive and consistent approach to development, security, and operations across hybrid environments. IBM stock currently trades at $144.11 a share as of Monday’s closing bell.

top tech stocks to watch (IBM stock)

Today, the company announced that it will host its 2021 Investor Briefing to update investors on its hybrid cloud and AI strategy moving forward. The company will discuss a new management structure and reporting segments that will also take effect immediately before the separation of its managed infrastructure services business expected later this year.

It also says that it will address the hybrid cloud and AI opportunity with a platform-centric approach. For these reasons, would you say IBM stock is a top cloud computing stock to consider watching?

Salesforce.com Inc.

Next up, we will be taking a look at Salesforce. For the most part, the company is a key name among cloud service providers now. The company primarily employs cloud tech via its customer relationship management (CRM) platform.

best cloud stocks to buy (CRM stock)

In detail, Salesforce customers can automate service processes, streamline workflows, and optimize their customer relations divisions. Because of all this, CRM stock could be among the go-to’s for investors eyeing the cloud industry today. Now, the company’s shares closed Monday’s trading session at currently at $270.86 a piece.

While CRM stock appears to be facing headwinds in the short term, Salesforce remains confident on the operational front. Just last month, the company raised its fiscal year 2022 and 2023 revenue outlooks. According to CEO Marc Benioff, this would be due to a continued focus on digital workspace moving forward. Notably, this could be the case as companies seek to make the most of their investments into work-from-home services. As such, will you be keeping an eye on CRM stock this week?

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Snowflake Inc.

Last but not least, we have Snowflake. In brief, it is a cloud-based data warehousing company. Through Snowflake, numerous organizations of varying sizes can store, manage, and safely work with their digital assets. All of this is thanks to Snowflake’s Data Cloud. Not to mention, Snowflake’s clients have access to its full spectrum of services across multiple cloud ecosystems and geographic locations. In fact, 212 Fortune 500 companies are currently relying on the company’s services, according to Snowflake.

best software stocks (SNOW stock)

As it stands, SNOW stock currently trades at $294.68 as of 4:00 pm E.T. The real question now is whether or not it is worth jumping on at its current price point. Well, for one thing, analyst Gray Powell from BTIG Research seems to believe so.

Just last week, Powell upgraded SNOW stock from a Neutral to a Buy rating. Additionally, he also included a price target of $353, marking a sizable increase of 21.2% over its current value. According to the analyst, Snowflake is “sitting in front of a huge opportunity in a rapidly growing data analytics software market”. All in all, could this make SNOW stock worth investing in for you now?

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