Do You Have These Top Software Stocks In Your July 2021 Watchlist?

As we begin another week of trading, tech investors are likely in good spirits given the latest recovery in tech stocks. By extension, this would draw attention to some of the top software stocks in the stock market now as well. If anything, the world’s reliance on the software industry continues to grow with time. From our electronic devices to the cars we drive and even our core infrastructure, software is present. Not to mention, the current pandemic has and continues to act as a catalyst accelerating digital acceleration trends across the board. Notably, software is a crucial facilitator amidst all this. It would make sense then that software stocks could be among the most active stocks now.

For instance, we could look at the likes of Tyler Technologies (NYSE: TYL) and PayPal (NASDAQ: PYPL). On one hand, Tyler Tech serves as a software provider for public sector bodies in the U.S. According to Baird analyst Rob Oliver, TYL stock stands at a Buy rating with a $500 price target. Oliver cites the company’s shift towards a subscription-first model and its re-platforming to Amazon (NASDAQ: AMZN) Web Services as core reasons for this outlook. On the other hand, merchants and consumers across the globe continue to rely heavily on PayPal’s services today.

While both companies work in different fields, software is a core component of their services, nonetheless. These are but two instances among the vast applications for software in our tech-reliant world today. Should all this have you keen on software stocks now, here are five to consider in the stock market today.

Best Software Stocks To Watch Now

Square Inc.

Square is a company that builds tools to empower businesses and individuals all across the globe. Its software allows Sellers to reach buyers online and in-person. Its platform also allows Sellers to manage their business and access financing. The financial services company has seen impressive gains in market share as more users have turned to its digital payments solution. SQ stock currently trades at $246.60 as of Monday’s closing bell and has enjoyed gains of over 120% in the last year.

In May, the company posted stellar first-quarter financials. Firstly, Square posted a gross profit of $964 million, up by 79% year-over-year. Its Seller ecosystem generated a chunk of that profit, at $468 million, a 32% increase compared to a year earlier. The company’s upmarket sellers experienced strong growth, where its mid-market Seller gross payment volume (GPV) increased by 43% year-over-year. Given these reasons, will you consider adding SQ stock to your watchlist?

software stocks (SQ stock)
Source: TD Ameritrade TOS

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Microsoft Corporation

Microsoft is a software company that has pioneered digital transformation for the era of an intelligent cloud and intelligent edge. The company’s software is used by billions of people all over the world. MSFT stock currently trades at $268.72 as of Monday’s closing bell. ET and has been up by over 20% year-to-date. Recently the company unveiled its new Windows 11 update, which could be slated to be released in October this year.

In the showcase last Thursday, Windows 11 will be Microsoft’s first major operating system revamp since 2015. The company is giving Apple’s (NASDAQ: AAPL) business model a run for its money by focusing on a new Windows Store. It will let developers use their own in-app payment systems and pay no commissions to Microsoft. The new Windows 11 will also let users both find and run Android mobile applications on their laptops and PCs, thanks to technology provided by Amazon and Intel (NASDAQ: INTC). All things considered, will you watch MSFT stock?

top software stocks (MSFT Stock)
Source: TD Ameritrade TOS

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Nvidia Corporation

Nvidia is a multinational technology company that is based in Santa Clara, California. The company’s software is used to power a wide array of products, from AI to data analytics and gaming. It pioneered the graphics processing unit (GPU) industry and brought game-changing progress to the gaming and data center segments. NVDA stock currently trades at $799.40 at the end of Monday’s trading session and has more than doubled in the last year.

Today, the company announced that it will be extending support for Arm-based CPUs in the Nvidia Aerial A1000 AI-on-5G platform, bringing more choice to its 5G ecosystem. The move will help Nvidia’s clients deploy intelligent services more easily by enabling the world’s leading OEMs to offer industry-standard servers running this CPU. For these reasons, is NVDA stock worth watching?

best software stocks (NVDA stock)
Source: TD Ameritrade TOS

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BlackBerry Ltd

Another hot software company to know now would be BlackBerry Ltd. For the most part, the Canadian cybersecurity company would be on investors’ radars now. Initially, BlackBerry’s shift towards the digital security business would be a strategic one given the recent rise in cyberattacks this year. Furthermore, the company’s growing reach and influence in the software industry continue to grow as well. This would be the case as its intelligent security software offerings are actively employed by enterprises and governments alike. BB stock currently trades at $12.80 a share to close out Monday’s trading day.

At the same time, BB stock is also among the arguably infamous group of meme stocks making waves in the stock market this year. This would boost awareness of the company and its offerings to a certain extent as well. On the financial front, BlackBerry also appears to be gaining momentum. In its recent quarter fiscal, the company posted better than expected figures in terms of revenue. CEO John Chen believes that increased demand for BlackBerry’s electric vehicle software contributed to an overall solid quarter for the company. Given all of this, will you be keeping an eye on BB stock now?

best software stocks to buy (BB stock)
Source: TD Ameritrade TOS

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Perion Network Ltd

Last but not least, we will be looking at Perion Network Ltd. In brief, Perion is an Israel-based ad-tech company that provides engagement and monetization services. It primarily does so for web and mobile-based digital businesses. Simply put, Perion employs software to offer comprehensive business solutions, enabling brands and advertisers to optimize their operations globally. With people spending more time online than ever, Perion’s services would be increasingly viable today. Likewise, demand for PERI stock appears to be on the rise as well thanks to its latest earnings report.

Earlier today, the company posted a positive update in the form of preliminary second-quarter figures. In it, Perion saw a 74% year-over-year surge in total revenue for the quarter. As a result, investors have driven PERI stock up by over 16% during Monday’s trading session. The company’s shares closed Monday’s trading session at $21.70. According to CEO Doron Gerstel, Perion’s advertising business continues to outpace the industry’s growth rates. This paired with the company’s investments in R&D delivering significant returns are key reasons why Perion is increasing its full-year outlook. On that note, would you consider PERI stock worth watching ahead of July?

software stocks to buy now (PERI stock)
Source: TD Ameritrade TOS

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