Categories
Featured Investing Stock Market Today Stocks to Watch Tech Stocks

Best SaaS Stocks To Buy Today? 4 To Watch In October 2021

Could the software-as-a-service industry be a viable long-term bet in the stock market now?

4 Top SaaS Stocks To Watch Right Now

As investors look for the most active stocks in the stock market today, the software-as-a-service (SaaS) industry continues to grow. For the most part, this is understandable. Even as the broader tech industry faces headwinds amidst fears of rising Treasury yields, tech remains as relevant as ever. In particular, we will be taking a look at the ever-growing SaaS industry. The likes of which include tech fields like cybersecurity, customer relationship management (CRM), cloud communications, and website hosting to name a few. Given the wide reach of the sector in the business world today, SaaS stocks could be in focus.

Meanwhile, even upcoming names like Paltalk (NASDAQ: PALT) are making moves now. The New York-based communications software firm is reportedly looking to expand its investor relations offerings. By retaining its ClearThink Capital subsidiary, Paltalk is planning to “develop and deploy a comprehensive investor outreach and communications program”. As a result, PALT stock is now up by a massive 170% just this week.

Despite the current focus around the SaaS space, some would question the industry’s long-term prospects post-pandemic. Given the sudden rise in demand for SaaS solutions throughout the pandemic, this concern is not unwarranted. Notably, Salesforce (NYSE: CRM) CEO Marc Benioff recently said, “we’re not all going back,” when discussing the return to physical offices. According to Benioff, Salesforce’s nearly 75,000 employees are mostly working from home. Benioff noted that this is thanks to SaaS solutions like Slack among other remote working services. All in all, SaaS stocks appear to be going strong. With that said, could one of these SaaS players be top picks in the stock market now?

Top SaaS Stocks To Buy [Or Sell] This Month

Adobe Inc.

First on this list, we have Adobe, one of the largest and most diversified software companies in the world. In fact, its products and services are used by millions all over the world and it continues to define the future of digital media and digital experiences. It has category leadership with its Adobe Creative Cloud and Adobe Experience Cloud. Boasting over 24,000 employees, the company achieved a revenue of $12.9 billion in fiscal 2020. This past week, the company appointed Dan Durn as executive vice president and chief financial officer (CFO).

Durn joins Adobe from Applied Materials, where he has been CFO since 2017. He has extensive expertise in global strategy, financial planning and operations, and mergers and acquisitions, and decades of experience in the technology industry. Durn was previously executive vice president and CFO at NXP Semiconductors N.V. following its merger with Freescale Semiconductor. Furthermore, the company reported record revenue for its third-quarter financials. Diving in, revenue for the quarter was $3.94 billion, representing a 22% growth year-over-year. GAAP diluted earnings per share were $2.52, increasing by 28% compared to a year earlier. Given this exciting piece of news, will you consider adding ADBE stock to your portfolio?

Source: TD Ameritrade TOS

[Read More] Top Stocks To Buy Now? 4 Renewable Energy Stocks For Your Watchlist

Zoom Video Communications Inc.

Following that, we have Zoom Video Communications, a SaaS company that provides video telephony and online chat services through its cloud-based peer-to-peer software. Its software is used by people all over the world for teleconferencing, telecommuting, distance education, and social relations. On September 15, 2021, the company unveiled a reseller partner program for its Zoom Phone Bring Your Own Carrier (BYOC) licenses.

In brief, Zoom Phone BYOC will provide enterprise customers with the flexibility to keep their current public switched telephone network (PSTN) service providers by redirecting existing voice circuits to the Zoom Phone Cloud. Building on Zoom’s intuitive platform, the Zoom Phone is a full-featured cloud phone system for businesses of all sizes. The company says that it has seen immense success in selling Zoom Phone, reaching two million seats in just 10 quarters and that it continues to see opportunity for its resellers with the Zoom Phone BYOC program. All things considered, is this the time to invest in ZM stock?

Source: TD Ameritrade TOS

[Read More] Best Lithium Battery Stocks To Buy Now? 4 To Know

Microsoft Corporation

Microsoft is a multinational tech company that sells a range of tech products and services. In essence, it is best known for its software products like the Microsoft Windows line of operating systems and Microsoft Office suite, its collection of productivity applications. Furthermore, the company’s flagship hardware products include its Xbox video game consoles and the Microsoft Surface lineup of touchscreen personal computers. MSFT stock is up by over 30% in the past year alone.

On September 28, 2021, the company announced that it will be opening its Microsoft Store on Windows to developers using different types of frameworks, packaging technologies, and commerce platforms. Also, the new Microsoft Store will launch to the public alongside Windows 11 on October 5. It will also be available to Windows 10 customers in the coming months. Accordingly, this could expand the company’s revenue as more developers and users will flock to its application store. With this piece of information, is MSFT stock worth buying right now?

Source: TD Ameritrade TOS

[Read More] 3 Top Pot Stocks To Watch After The SAFE Banking Act Update

Shopify Inc.

Next up, we have Shopify. In brief, the Canadian company is one of the largest names in the e-commerce industry now. To put things into perspective, its proprietary e-commerce platform is home to over 1.7 million merchants worldwide. Through Shopify’s retail point-of-sale systems, merchants have access to a comprehensive suite of tools to optimize their e-commerce operations. Moreover, Shopify’s current network of partnerships provides merchants with massive market reach as well. Notable partners include Alphabet (NASDAQ: GOOGL) subsidiary Google, Roku (NASDAQ: ROKU), and Facebook (NASDAQ: FB).

In September, the company announced Shopify Markets that help remove the complexity of international commerce and empowers independent merchants to sell to consumers around the world. It is basically a centralized hub with all the tools needed for merchants to manage global commerce. Merchants will be able to enter new markets easily and cater to more global customers.

Furthermore, it will help increase buyer trust and conversion with tailored experiences for each market. Last but not least, it will also optimize cross-border operations with actionable insights and smart settings. This would help merchants identify where, when, and how to most effectively sell in a new region based on aggregate data from Shopify. For these reasons, will you consider SHOP stock a top SaaS stock to buy right now?

Source: TD Ameritrade TOS

By Brandon Michael

Brandon Michael is a financial specialist and financial contributor to the stock market. He enjoys writing about rising stocks and how the market changes over time. He specializes in multimedia and events, as well as social media management and media contributing. He has managed and marketed hundreds of events, as well as grown social media pages upwards of 200,000 followers and everything in between. As an active social media influencer in the car community, he understands how to recognize trends and curate content for niches. From an early age, Brandon was fascinated by the power of social media and how it built companies and careers for many. Over time he has developed many different strategies for different platforms on how to grow different kinds of pages. In addition to social media skills, he is passionate about events, it is second nature to him to promote them and make sure that everything is executing perfectly. This has allowed him to partner with some of the largest companies in the industry to run events for hundreds of thousands of people. Brandon has written many articles for many notable top websites for the last 3 years. His focus in his writing is generally rising stocks and emerging trends in the stock market, as well as bringing companies with market potential to the frontlines of the media. It is easy for him to identify trends and do extensive research to make sure he’s providing the most accurate research possible. In his free time, he continues to improve his research skills and financial knowledge to continue providing the best work possible.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments