Are These Top Tech Stocks Worth Investing In Now?
As we enter this four-day trading week, tech stocks along with the broader stock market continue to show strength. Evidently, both the tech-heavy Nasdaq composite and the S&P 500 hit new all-time highs as of last week’s closing bell. Now, a prominent group of stocks in the tech industry would be software stocks. Understandably, software serves as the medium through which most of the tech around us works. From our handheld electronic devices and the cars, we drive to the systems behind critical infrastructure, software is present. Because of all this, I could see investors looking for the top software stocks to invest in now.
For one thing, there is no shortage of news regarding the constantly evolving software industry. Recall the recent drop in Bitcoin mining operations due to China’s recent crackdown on the local market. While the cryptocurrency may have dipped in value, the software behind it continues to adapt. This appears to be the case according to Bitcoin mining engineer Brandon Arvanaghi’s recent interview with CNBC. In it, Arvanaghi explained that the core Bitcoin code, after accounting for the sudden drop in miners, has made significant recalibrations. Said recalibrations reportedly make bitcoins 28% less difficult to mine. This would benefit existing miners, companies, and investors looking to leverage blockchain tech now.
At the same time, software appears to be playing an increasingly crucial role in the defense industry as well. This would be the case given the recent rise in cybersecurity breaches across the board. Accordingly, companies such as Palantir (NYSE: PLTR) and CrowdStrike (NASDAQ: CRWD) have and continue to take center stage on that front. Overall, as the world continues to rely on tech, software will likely remain relevant. With that in mind, here are four software stocks to know in the stock market today.
Top Software Stocks To Buy [Or Sell] In July
- Cerence Inc. (NASDAQ: CRNC)
- Marin Software Inc. (NASDAQ: MRIN)
- Asana Inc. (NYSE: ASAN)
- NVIDIA Corporation (NASDAQ: NVDA)
Cerence is a global leader in creating software and AI for the automobile industry. This would include building the world’s smartest voice assistants for the state-of-the-art in-car experience. In brief, it is a provider of automotive assistants, creating intelligent, flexible, and intuitive in-car experiences for some of the world’s leading automakers. CRNC stock closed at $123.74 on Friday and was up by over 13% on Friday itself. Investors seem to be responding to news that the company announced recently.
In detail, Cerence announced that it will be added to the S&P MidCap 400, effective on July 7, 2021. “We are thrilled to be added to this prestigious stock index,” said Sanjay Dhawan, CEO, Cerence. “Since becoming a public company in October 2019, we’ve been intensely focused on creating shareholder value and driving growth for Cerence. This recognition underscores our success and what we’ve brought to the market. We look forward to continuing this trajectory and delivering tremendous results for all stakeholders.”
On June 10, 2021, the company announced that it has entered into an agreement with SiriusXM (NASDAQ: SIRI), a leading audio entertainment company in North America. The collaboration will enhance voice-powered entertainment experiences for automakers and their drivers. All things considered, will you buy CRNC stock?
Marin Software Inc.
Marin Software is a software company that gives advertisers the power to drive higher efficiency and transparency in their paid marketing programs. Its enterprise marketing software is used by advertisers and agencies to integrate and amplify their digital advertising spending across the web and mobile services. The company offers a unified Software-as-a-Service (SaaS) advertising management platform to help its customers achieve this. MRIN stock is up by over 1,000% in the last month.
The company has recently skyrocketed in valuation as the company has become the latest addition to the meme stock rally. It was up by 33% on Friday as social media interest continued for Marin Software. In May, the company provided a business update during its first-quarter financials. Firstly, it has improved the forecasting tools in MarinOne to support forecasting for customizable categories or lines of business. It also added support for Google Smart Bidding. Secondly, it also introduced 13 new Insights to help marketers get the most of their marketing campaigns by identifying invalid credentials, sync errors, and much more. Given the excitement surrounding Marin Software, is MRIN stock worth buying right now?
Asana is a leading work management platform that helps teams orchestrate their work. It adds structure to unstructured work, creating clarity, transparency, and accountability for organizations. It boasts more than 100,000 paying customers and millions of free organizations across 190 countries. Notable clients include Amazon (NASDAQ: AMZN) and Japan Airlines and they rely on Asana to manage everything from company objectives to digital transformation and product launches. ASAN stock popped by 9.51% on Friday’s trading.
Last month, the company announced a record first-quarter for fiscal 2022. Its first-quarter revenue was $76.7 million, increasing by 61% year-over-year. Its revenue from customers spending $5,000 or more grew by an impressive 82% year-over-year. Given the amazing quarter, the company has also raised its fiscal 2022 revenue outlook. For these reasons, will you consider buying ASAN stock?
Nvidia is a multinational technology company that is based in Santa Clara, California. Of course, it is better known for its graphics processing units (GPU) for the gaming and professional markets. It also offers solutions to accelerate the entirety of the end-to-end analytics workflow. From machine learning to deep AI learning, the company’s software allows customers to get higher accuracy results and quicker reporting. NVDA stock has more than doubled in the last year.
In late June, the company along with Volvo Cars outlined the centralized compute architecture that will power these software-defined vehicles. Specifically, it highlighted how autonomous, electric, and connected transportation will depend on software-defined, centralized computing. Last Monday, the company also announced the launch of the Nvidia HGX AI supercomputing platform with new technologies that fuse AI with high-performance computing. Companies like Dell Technologies (NYSE: DELL) and Lenovo (OTCMKTS: LNVGY) are among the dozens of partners using Nvidia HGX and this list of customers is likely to grow. With that in mind, will you consider buying NVDA stock?