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Top Software Stocks To Watch This Week; 3 Names To Know

The Software Industry Is Thriving, Could These Software Stocks Diversify Your Portfolio?

Are These The Best Software Stocks To Buy in 2020?

Today, software stocks are flourishing in the stock market. With the COVID-19 pandemic ravaging the world in the last 10 months, more people are staying and working from home.  As lockdown orders are in place and with people generally avoid going out, software companies stand to benefit. This has fueled the adoption rate of software and digital services that come from these software companies. The sky’s the limit when you see what software can offer. From aiding our daily lives to increasing our productivity, you can start to see why software companies have intertwined so deeply with us.

We use various software in almost all aspects of our lives as in this digital age. For instance, there are 3 billion smartphone users all over the world. It is the phone’s software that interfaces with us. The most dominant smartphone operating systems are Android by Alphabet’s (GOOGL Stock Report) Google and iOS by Apple (AAPL Stock Report). They allow us to browse the internet, take notes, or use the plethora of applications available. Besides, software powers our computers, allowing us to satisfy our working or leisure needs. The list of things that have software in them could go on, but you get the picture.

The S&P 500 Information Technology has been up by 66% in value since the March lows. Leading the recovery, the majority of these companies in this sector are software companies. When you piece the information together, you can see why top software stocks have been enjoying such unprecedented gains. With that in mind, here are 3 top software stocks to watch in the stock market today.

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Best Software Stocks To Buy [Or Sell] This Week: Adobe Inc.

Software company Adobe (ADBE Stock Report) has been enjoying 2020 so far. It is evident in its share price as the company has had a staggering 46% increase year-to-date. Adobe has shown resilience in overcoming the odds in a stock market that was badly hit by the pandemic. The software company is the brains behind one of the best creativity and document management software in the world.

Among its software is Photoshop which helps edit images and its Premiere Pro software which is able to carry out professional video editing. The company has enjoyed tremendous success in recent years after transitioning from a licensed software business to a Software-as-a-Service (SaaS) business. By having a SaaS model, it is basically a subscription-based service to ensure that users pay a monthly subscription to utilize the company’s software.

In the company’s third-quarter fiscal posted in September 2020, Adobe had reported a 14% growth year-over-year in revenue at $3.23 billion. The company also reported earnings per share of $1.97 and has increased by 22% year-over-year. The company’s CEO, Shantanu Narayen has stated that Adobe had delivered the best third quarter in its history. With more people working from home, it makes sense that there would be an increase in usage for Adobe’s software. From small businesses to large corporations, many are incorporating Adobe’s digital services and software into their operations. With that in mind, would you consider adding ADBE stocks to your watchlist?

Best Software Stocks To Buy [Or Sell] This Week: Microsoft Corporation

Microsoft (MSFT Stock Report) has also adopted a SaaS model in the last few years for its Office software. The company’s flagship software, Office, is an essential tool to simplify basic office tasks and improve productivity. Aside from its productivity and business process software, Microsoft is also an industry player in cloud computing and personal computing space. To date, the company has enjoyed a 34% increase in share price, sitting at $216.23 per share.

The company in its latest fiscal reported a revenue increase of 14% year-over-year to $17.2 billion across each of its 3 segments. Its productivity and business process revenue increased by 19% to $11.8 billion, driven mainly by Office and LinkedIn. Personal computing revenue was in turn driven by Windows and Surface and enjoyed a 14% increase to $12.9 billion.

Microsoft’s biggest winner was from its gaming division, Xbox. With more people staying at home, the company’s Xbox content and services had seen an increase in revenue of 65% from a year earlier. Gaming has become the country’s favorite hobby as most other outdoor activities were put on hold. In September, Microsoft acquired ZeniMax Media, the parent company of major gaming publisher Bethesda, demonstrating its gaming ambitions. With its next-generation Xbox scheduled for release in November 2020, Microsoft has positioned its gaming division for further gains. By taking all into consideration, is MSFT stock a good buy for the long run?

[Read More] Are These The Best Entertainment Stocks To Buy Amid The COVID-19 Pandemic?

Best Software Stocks To Buy [Or Sell] This Week: Autodesk

Another software stock that has been hot in the stock market is Autodesk (ADSK Stock Report). Autodesk makes software for people who make things. If you have ever driven a high-performance car, admired a skyscraper, or used a smartphone, chances are you have used a product that was designed by Autodesk. The software company has had a 35% increase in share price year-to-date.

Through its second-quarter fiscal posted in August 2020, the company has reported a 15% increase in revenue, to $913 million. This has beaten analyst estimates as Autodesk is gaining both profit and revenue while making a transition to the SaaS model as well. Fusion 360 is the company’s subscription-based software. This software combines industrial and mechanical design and simulation into an integrated concept-to-production toolset. This is its one-stop approach to the industry.

The company has also seen an increase in revenue in all 3 geographical centers, APAC, Americas, and EMEA. This shows the widespread adoption of its software all over the world as more users realize the potential of the company’s software. The company has recently acquired Pype, which uses machine-learning algorithms to elevate project management processes. This further strengthens Autodesk’s fundamentals in project design and management. With a steadily increasing customer base, the company expects revenue of $930-$945 million in its third-quarter fiscal. Would you include ADSK stocks to diversify your portfolio?

By Amos C

Amos is the global markets correspondent for StockMarket.com. His boots on the ground insight into emerging markets has given him the unique ability to stay ahead of new market trends and deliver timely data when it matters most. Based in Asia, Amos has made a point to monitor the foreign markets closely, dissect stock market trends and then apply them to the North American markets; in addition to global markets.

Amos has a deep-rooted background in foreign exchange and commodities. His previous experience working within the cryptocurrency arena has given him the advantage to identify the fast-moving stock market and financial trends. Amos calls Hong Kong home and has been a financial content writer for the last 3 years.

He has managed teams of international media strategists and financial writers to cover all top stories in the stock market each day. His skills include his tireless drive to find the most valid information and actionable details that investors can use to formulate valid decisions on stocks to buy or stocks to avoid. Furthermore, Amos’ ability to cover trending stories across the globe brings StockMarket.com a fresh perspective on key data and how it not only affects the North American markets but also how it could translate to the world markets alike.

Most of the time you can find him diving into corporate filings, focusing on fundamentals that could influence major market moves. One of his passions is researching technology and biotechnology stocks. Some of the most cutting-edge innovations have stemmed from these industries. While many don’t become industry blockbusters, the processes and applications of these innovations has led to some of the biggest developments known to man in the modern age. As a global correspondent, Amos has been able to see both sides of the story as it relates to world news and offers a true, personal approach, cutting through the noise of the mass media. He was integral in reporting on the Hong Kong uprising and doing first-hand research on international sentiment from the novel coronavirus.

In his free time, Amos is an avid fan of music and art and enjoys attending concerts.

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