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Making A List Of The Best Software Stocks To Buy? 4 To Consider

Could these trending software stocks be worth buying on the dip?

software stocks

Are These The Top Software Stocks To Have In Your Portfolio Now?

In our digital world today, software is the name of the game. With enterprise software adoption being accelerated, software stocks remain a key area of interest for many investors. Rightfully so, as software continues to fuel most of the innovation in tech today. On top of that, countless organizations today rely heavily on Software-as-a-Service (SaaS) providers. For example, big names in the SaaS industry such as Twilio (NYSE: TWLO) remain indispensable partners to enterprises amidst the current pandemic. Even now, COVID-19 cases are reportedly rising in 21 states despite the current breakneck pace of vaccinations in the U.S. Could we see the software industry continue to flourish this year? Well, most companies have invested heavily into their software infrastructure, so the answer could be a yes.

At the same time, other sections of the software industry continue to flourish as well. Take multinational tech giant Amazon (NASDAQ: AMZN) for instance. The company employs software masterfully in its e-commerce and cloud computing offerings. So much so, that it is arguably the leading name in both fields. With companies and investors alike eyeing the lucrative software industry now, I can understand the hype. If you are looking for the top software stocks yourself, here are four to consider.

4 Top Software Stocks To Buy [Or Sell] Now

Support.com Inc.

First up, we have aptly named technical support company, Support (SPRT). In general, the company caters to both businesses and consumers. SPRT operates across the major operating systems that power most of the world’s electronic devices. Said operating systems include Windows, macOS, iOS, and Android. Now, given its role in supporting global enterprise clients, SPRT stock would make for a go-to software stock. However, SPRT stock is coming out the gate strong this week posting mind-blowing gains of over 200% as of 2:05 p.m. ET. Indeed, this seems to be because of the company’s latest announcement this morning.

Diving right into it, SPRT announced that it is merging with Bitcoin-mining company Greenidge Generation in a stock-for-stock transaction. Namely, Greenidge is looking to become a Nasdaq-listed company through this merger. With the completion of this deal, SPRT will become a wholly-owned subsidiary of Greenidge. For starters, Greenidge is supposedly the only vertically integrated clean power generation asset and Bitcoin-mining company in the U.S.

This sets it apart from the competition as it employs natural gas power plants to run part of its mining capacity. Not only is it mining the highly sought-after Bitcoin, but it is doing so in an increasingly eco-friendly way. From the looks of things, investors seem to really like SPRT stock now, how about you?

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Smartsheet Inc.

Another software company to know now would be Smartsheet. In brief, the company offers a wide array of cloud-based enterprise solutions via its proprietary platform. Clients can manage, automate, and report on work at scale through Smartsheet’s offerings. Simply put, businesses can work smarter and towards better business outcomes thanks to Smartsheet. This would explain why the company posted solid figures in its recent-quarter fiscal last week, beating its full-year sales forecast. All in all, Smartsheet saw year-over-year surges of 40% in quarterly revenue and 49% in calculated billings. Despite all this, SMAR stock has been mostly trading sideways this year. Could it be worth investing in at its current valuation?

Well, according to investment bank JP Morgan (NYSE: JPM), the answer is yes. Last week, the bank raised SMAR stock from a Neutral rating to Overweight. Additionally, JPM raised its price target from $65 to $83 as well. Arguably, the firm cites organizations “complementing their synchronous work mechanisms (like Zoom) with asynchronous mechanisms such as Smartsheet”.

This coupled with SMAR stock still recovering from the recent pullbacks, would make for an interesting opportunity for investors now. The real question is, can SMAR stock maintain its current momentum in the foreseeable future? Your guess is as good as mine.

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AudioEye Inc.

Next, we will be looking at AudioEye. For some context, AudioEye is a leading software solution delivering website accessibility to businesses of all sizes. Through its offerings, the company reduces barriers and expands website access for individuals with disabilities. Moreover, AudioEye’s software also works to enhance the user experience for general audiences.

Understandably, as the pandemic virtually limits customer interactions to the online medium, AudioEye’s services would be crucial. Not only would businesses be able to interact with broader audiences, but it would also be bolstering existing user experiences through AudioEye. More importantly, AEYE stock has skyrocketed by over 850% over the past year.

Despite its current momentum, AudioEye does not seem to be resting on its laurels just yet. Last week, the company posted record figures across the board in its fiscal 2020 earnings report. To begin with, AudioEye’s total revenue skyrocketed by over 90% year-over-year. This was followed by a 361% bump in cash on hand over the same period. Moving forward, CEO David Moradi cites favorable market dynamics and AudioEye’s “superior technology” as future growth factors for the company. All things considered, does this make AEYE stock worth investing in? I’ll let you decide.

[Read More] Are These Top Tech Stocks Worth Investing In Now? 4 Making Waves

IBEX Holdings Ltd

Ibex is a tech company that delivers solutions to help the world’s leading brands more effectively engage with their customers. Its services include technical support, business intelligence and analytics, digital demand generation, and customer experience (CX) surveys and feedback analytics. Through its Ibex CX platform, it helps to create value from customer feedback. By proactively engaging with customers, it will allow users to take effective and valuable action with their customers and implement strategic multi-channel conversations. IBEX stock has more than doubled in the last 6 months and currently trades at $21.95 as of 2:07 p.m. ET.

On the operational front, Ibex does not seem to be slowing down anytime soon. Just last week, the company completed the expansion of its second site in Bohol, Philippines. According to CEO Bob Dechant, this brings Ibex to over 1,300 agents in the region making it a leader in the market. Why is this important? Well, Dechant explained that Bohol offers a highly educated talent pool.

Additionally, he also believes it is on track to be the digital customer support engine for “the world’s leading brands”. In theory, this Bohol expansion could bolster Ibex’s primary CX offerings. To this end, would you consider IBEX stock a buy?

By Jonathan Phillip

Jonathan Phillip is an up and coming financial contributor in the stock market today. He's found a strong niche in writing about true growth industries. His main focus for the last 5 years has been on the cannabis industry and marijuana stocks. He is one of the top contributors to cannabis media outlets like MarijuanaStocks.com. He also is head of social media management for StockMarket.com.

Since an early age, Jonathan has been an active member of the cannabis culture. Coming from Miami, Florida, he's been able to identify emerging trends in the space including the emergence of cannabis derivatives, vapes, e-liquids, wax, and more. His ability to identify emerging niches has afforded him the ability to source valuable information from top industry names.

Jonathan has also managed to build a strong social media presence for companies. He has worked with hundreds of public companies to develop a digital presence. As an active blogger and social media influencer, his focus is on lifestyle segments of the market. You can find Jonathan reporting on anything from industry conferences and investor events to corporate disclosures and cannabis market movers.

Since the early days of marijuana companies going public, Jonathan has made it a point to find information before the crowd. The main target of his writing is on undiscovered or under-researched companies that could hold true, lasting market potential. Through his research, Jonathan has managed to be one of the early writers to identify the opportunity of cannabis over other things like alcohol and he was one of the first reporters to cover the multi-billion dollar deals that materialized in 2017 and 2018. He has also covered the emergence of multi-state operators in the U.S. after Canada paved the way in late 2018 and 2019 for legalization in North America.

Jonathan is also an active member of the underground hip-hop scene. He has worked with some of the biggest names in the rap community while also gaining valuable insight from top producers and business moguls focused on moving brands forward. In his free time, Jonathan builds social communities and continues to hone his skills as a leading financial writer.

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