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4 Hot Cloud Computing Stocks For Your Watchlist Now

Like it or not, the cloud computing industry continues to grow by the day. Accordingly, with the current shift towards digital workspaces, cloud computing stocks are also gaining traction in the stock market now. If anything, the demand, and possible use cases for cloud computing are rapidly increasing in our world today. Before we dive into the details, what exactly is this upcoming tech field might you ask? Well, in essence, cloud computing is a suite of computing services that can be delivered over the Internet or the cloud. This can range from data storage, networking, analytics, and database services among other computing functions.

Notably, cloud computing serves a wide variety of purposes across numerous industries. We only need to take a look at the largest name in the industry today Amazon (NASDAQ: AMZN) to see this. Just this week, the companys Amazon Web Services (AWS) division announced two major plays on the operational front. Firstly, General Electrics (NYSE: GE) Healthcare section is now moving several of its software platforms onto the AWS cloud. Secondly, news broke the day after that AWS also won a $10 billion cloud contract from the U.S. Defense Department.

Meanwhile, other names in the industry also continue to thrive amidst the current uptick in enterprise software spending. Last week, Datadog (NASDAQ: DDOG) smashed consensus estimates in its second-quarter fiscal. The company reported a total revenue of $233.5 million, marking a whopping 67% year-over-year increase. With all this activity in the cloud computing business now, I can understand if investors are keen to jump on. Should you be one of them, here are four to consider in the stock market today.

Best Cloud Computing Stocks To Buy [Or Sell] This Month

Microsoft Corporation

First off, we have Microsoft Corporation, a multinational tech company whose products and services are used by billions all over the world. Namely, its computer software and consumer services are immensely popular. For instance, its Microsoft Windows operating system is used by over 1.5 billion users worldwide. MSFT stock currently trades at $291.46 as of 11:22 a.m. ET and is up by over 35% in the past year. In late July, the company announced very strong fourth-quarter results.

To begin with, its revenue for the quarter was $46.2 billion, an increase of 21% year-over-year. The company also reported an operating income of $19.1 billion, up by 42% from a year earlier. Net income was $16.5 billion for the quarter, increasing by 49% year-over-year.

In fact, the company notes that its revenue this quarter is driven by cloud services. Impressively, revenue from its Intelligent Cloud segment was $17.4 billion, increasing by 30% year-over-year. Given the impressive financials, will you consider buying MSFT stock?

Alibaba Group Holding Ltd

Alibaba is a company that specializes in cloud computing and e-commerce. Its Alibaba Cloud, also known as Aliyun, provides cloud computing services to online businesses and also the companys own e-commerce ecosystem. Also, the company has a digital media and entertainment business. BABA stock currently trades at $187.92 as of 11:22 a.m. ET. On August 3, 2021, the company reported a stellar quarter. Firstly, it delivered a revenue of $31.86 billion for the quarter, an increase of 34% year-over-year. Secondly, annual active consumers of the Alibaba Ecosystem across the world reached approximately 1.18 billion users.

This includes 912 million consumers in China and 265 million consumers overseas served by Lazada, AliExpress, Trendyol, and Daraz. The company also reported a net income of $6.63 billion and diluted earnings per share was $0.32. Alibaba says that it has multiple engines driving its long-term growth, expanding upon its consumer and industrial internet segments.

Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group had this to say, We believe in the growth of the Chinese economy and long-term value creation of Alibaba, and we will continue to strengthen our technology advantage in improving the consumer experience and helping our enterprise customers to accomplish successful digital transformations. All things considered, will you add BABA stock to your watchlist?

Salesforce is a cloud-based company with headquarters in San Francisco, California. The company is the worlds No. 1 customer relationship management (CRM) platform. Also, its cloud-based CRM applications are used for sales, service, marketing, and do not require IT, experts, to set up or manage. The company boasts more than 150,000 companies that use its platform to grow their businesses by strengthening customer relationships. CRM stock currently trades at $250.66 as of 11:23 a.m. ET.

On Tuesday, the company announced Salesforce+, a new streaming service for live experiences and original content series. The new service will include live experiences, original series, podcasts, and other programming. In detail, Salesforce+ will bring the magic of Dreamforce to viewers across the globe with speakers, success stories, and groundbreaking innovations.

Furthermore, with engaging stories and expert advice, Salesforce+ will illuminate the future of technology in the digital-first, work anywhere world. For these reasons, will you consider CRM stock a top cloud computing stock to watch?

Snowflake Inc.

Next up, we will be taking a look at Snowflake. In brief, it identifies itself as a cloud computing-based data warehousing company. Through Snowflakes Data Cloud, organizations across the globe can make the most of their digital assets. According to Snowflake, it helps customers unite siloed data, discover and securely share data, and execute diverse analytic workloads. Among its thousands of clients spanning various industries, Snowflake now serves 187 of the Fortune 500 companies.

As it stands, SNOW stock currently trades at $290.08 a share as of 11:23 a.m. ET. Could the company have more room to grow moving forward? Well, for one thing, Snowflake continues to make strategic partnerships in the tech world. Just last month, the company announced support for The Trade Desks (NASDAQ: TTD) Unified ID 2.0. (UID 2.0).

Namely, this would be a strategic play by Snowflake as more companies shift from conventional third-party ad trackers to TTDs ad tool. With UID 2.0 on the Snowflake Data Marketplace, customers can now optimize their conventional ad businesses to be more privacy-conscious. Overall, Snowflake appears to be catering to the shifting needs of its users. Could all this make SNOW stock a top pick in the stock market for you?

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4 Top Cloud Computing Stocks To Watch Today | National | fwbusiness.com - FW Business