best cloud stocks to buy

Are These The Best Tech Stocks To Buy Right Now?

The cloud computing industry has become more sophisticated by the year. It’s interesting to note that the cloud computing industry was basically just an infrastructure a decade ago. Fast forward to today, it became a powerful platform on which companies built applications and software used daily by workers. As a result, investors are looking for top cloud stocks to buy now. This is while cloud stocks are still at a growth stage. Now maybe a good time to buy, since many best cloud stocks to watch are actually trading on discounts after their recent dips.

As the old saying goes, “buy when there’s blood in the streets”. And you know that cloud stock is still a hot commodity. One of the biggest technological changes during this trying time is the massive acceleration of the shift in enterprise IT spending to cloud computing. Thus, cloud stocks are poised to benefit in the long-run.

When looking for best cloud stocks, Amazon (AMZN Stock Report) and Microsoft (MSFT Stock Report) remain the perennial favorites among investors. Microsoft Azure is a close contender to AWS as the former reported faster growth recently. Also, there’s a great chance that the cloud market will see their growth continue to climb in the foreseeable future. This is because we are witnessing the increasing importance of cloud computing technology. Applications are now written for the cloud, that live entirely in the cloud, and even serve the cloud. But not everyone is interested in buying more big tech stocks. Perhaps you are looking for smaller companies with certain niches. The good thing is, there are still many other cloud stocks in the market that offer great opportunities at lower dollar values.

In my opinion, I would say this could be the perfect environment to buy cloud stocks. After all, they aren’t negatively affected by the present economic predicament. If we have noticed one thing from the pandemic, it is that the need for technology is becoming more pronounced than ever. If you are looking to invest in the cloud revolution this year, here are a few high-growth cloud stocks that might be worth adding to your portfolio.

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Top Cloud Stocks To Buy Or Sell: Salesforce.com

Shares of Datadog (DDOG Stock Report) have jumped more than 10% before consolidation on Thursday. This came following the speculation that Salesforce.com (CRM Stock Report) is trying to acquire the company. Personally, I don’t usually buy certain stocks due to acquisition rumors. But we know Salesforce is extremely acquisitive. For this reason, there’s a higher chance where this acquisition would go through compared to other companies if history is a good guide.

best cloud stocks to buy (CRM stock)

Salesforce had acquired a number of smaller tech companies in recent years. Many of these acquisitions were made via the issuance of stock. That allows Salesforce to save on cash. Of course, that’s a smart thing to do as Salesforce is trading at a strong multiple. This is despite it being one of the more established enterprise cloud companies.

This will ultimately strengthen its leadership position in the cloud industry, making it one of the top cloud stocks to buy now.

[Read More] Apple & Tesla Announced Stock Splits; Here’s How It Could Impact Your Investments

Top Cloud Stocks To Buy Or Sell: Cloudflare

Shares of Cloudflare’s (NET Stock Report) are down around 10%. This was after its earnings and revenue topped Wall Street’s estimates last week. The company’s stock price was going to take a breather anyway after its massive rally of more than 120% year-to-date. Since the company’s inception in 2009, Cloudflare speeds up and provides security for web applications routed through its intelligent global network. It offers a wide range of software-as-a-service products. The web security and infrastructure services provider has managed to increase its revenue at a compound annual growth rate of 50% from 2016 through 2019.

tech stocks (NET stock)

Cloudflare gained 7,000 paying customers during the second quarter. This brought its total number of paying customers to over 96,000. Among the new users, the number of large customers paying at least $100,000 a year grew 65% year on year. Cloudflare’s software-based infrastructure continues to be in high demand. After all, with the operations of large and small businesses moving online, cybersecurity is an ongoing concern during Q2. Q2 2020 sales rose 48% to $99.7 million. That’s about the same pace as the 49% growth last year.

What’s key is for the company to continue leveraging its position as a leader in web domain protections. Together with continuous innovation in new growth areas, Cloudflare stock could be one of your best tech stocks to buy and hold for the decade to come.


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