Are These Top Software Stocks On Your Watchlist For Monday?
One thing that is clear from the recent earnings season is that software companies continue to flourish amidst the current pandemic. Accordingly, investors have also made big gains from the top software stocks over the past year. Now, with the recent selloffs in the broader tech industry, investors may have their eyes on the sector yet again. For one thing, I don’t blame them. This is because of how prominent software is in the world around us today. Not to mention, most booming tech fields today rely heavily on software. Whether it is cloud computing, big data analytics, or even artificial intelligence (AI), software is involved. As such, it would then make sense that the software industry still has room to grow in the long term.
Two prime examples now would be cybersecurity giant CrowdStrike (NASDAQ: CRWD) and AI-based software company Dynatrace (NYSE: DT). For starters, CrowdStrike has seen demand for its services skyrocket throughout the pandemic. In this digital age, organizations must keep their digital assets safe. This would be where CrowdStrike’s software comes into play as the company continues to innovate against modern cyberattacks today. For Dynatrace’s case, its software monitors and optimizes application performance for organizations, ensuring they stay operational at all times. Both companies hit new all-time highs last month, showing that software remains resilient in these times. In light of all this, could these software stocks be worth watching now?
Best Software Stocks To Watch
- Rimini Street Inc. (NASDAQ: RMNI)
- Sabre Corporation (NASDAQ: SABR)
- MongoDB Inc. (NASDAQ: MDB)
- Alphabet Inc. (NASDAQ: GOOGL)
Rimini Street Inc.
First up, we have Rimini. It is a global provider of enterprise software products and services. The company is a leading third-party support provider for Oracle (NYSE: ORCL) and SAP Software (NYSE: SAP). On top of that, it is also a Salesforce (NYSE: CRM) partner. In detail, Rimini offers integrated application management and support services that enable software licensees to organizations.
According to Rimini, said organizations use their products to free up resources for innovation and achieve better business outcomes. In terms of clients, Rimini caters to organizations of varying sizes across a broad array of industries. These range from Fortune 500 companies to midmarket and public sector players. More importantly, RMNI stock surged by over 16% yesterday after posting its fiscal 2020 earnings.
To begin with, Rimini posted a total revenue of $326.8 million for the fiscal year, a 16.3% year-over-year increase. The company also doubled its operating cash flow over the same period. All in all, CEO Seth Ravin mentioned that the company continues to work towards its goal of achieving $1 billion in annual revenue by 2026. If that wasn’t enough, the company also announced that the largest county council in England is now a client as well. Given all this, could it be wise to keep an eye on RMNI stock? I’ll let you decide.
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Sabre Corporation
Following that, we will be looking at travel tech company, Sabre. For some context, it is among the largest global distribution system providers for air bookings in North America. Through its software and tech, Sabre is a major player in the global travel industry. Namely, the company provides retailing, distribution, and fulfillment solutions that help optimize its clients’ operations. Via its proprietary travel marketplace, Sabre connects travel suppliers with buyers from around the globe.
According to Sabre’s estimates, the platform manages over $260 billion worth of global travel spending annually. With the travel industry seeing a new wave of investor interest, SABR stock would be in focus now. Evidently, the company’s shares are up by over 4% this week.
Aside from positive investor sentiment, Sabre has also been hard at work expanding its partnerships this week. On Wednesday, news broke of the company signing a multi-year deal with Berg-Hansen, the largest travel management company in the Nordics. Elsewhere, Sabre also entered a strategic partnership with one of Europe’s fastest-growing online travel agencies, Kiwi.com. No doubt, travel agencies around the globe are turning to Sabre in hopes of improving their market reach now. Given the eventual post-pandemic tourism boom, will you be watching SABR stock?
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MongoDB Inc.
Next, MongoDB is a software company that develops and provides commercial support for its open-source database of the same name. Through its general-purpose database platform, MongoDB empowers developers and the applications they build. Particularly, the company caters to the needs of various large corporations and bodies across numerous industries. These include but are not limited to Adobe (NASDAQ: ADBE), eBay (NASDAQ: EBAY), Verizon (NYSE: VZ), and the U.K. government. Understandably, with MongoDB enabling modern app developers, MDB stock would be on investors’ radars. To this end, MDB stock has more than tripled in value since the pandemic hit last year.
In recent news, it seems that MongoDB is not resting on its laurels just yet. Just last week, the company announced that it expanded an existing partnership with Google Cloud. Through this extension, the duo will further integrate Google Cloud products with MongoDB’s global cloud database, Atlas.
By extension, this means that joint customers get the benefit of integrating Atlas’ solutions with Google Cloud products. According to MongoDB, the company continues to see tremendous year-over-year increases in joint customer success via this collaboration. In light of this, will you be adding MDB stock to your watchlist?
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Alphabet Inc.
Last but definitely not least is the company behind the most popular search software in the world, Alphabet. Primarily, its Google subsidiary is one of the biggest names in the tech industry overall. Because of this, it comes as no surprise to see that GOOGL stock continues to show resilience now. It saw gains of over 1.1% during intraday trading yesterday while many of its peers dipped along with the broader market. Nevertheless, Google continues to innovate on the software front.
Last week, news broke regarding the company’s partnership with Spanish financial services company, Banco Bilbao Vizcaya Argentaria (BBVA). Notably, BBVA is one of the largest financial institutions in the world, managing over $878 billion in assets in 2020. It is now working with Google to develop an AI platform to predict and prevent cyberattacks. Given the scale and importance of the project, this marks another major play by Google.
Moreover, Google has also been hard at work refining its software offerings to better cater to frontline workers. In a blog post on Monday, the company revealed a major update to its productivity platform, Google Workspace. Essentially, the company has integrated its Google Assistant AI solution across Workspace applications. As Google continues to make strides with its software, could GOOGL stock be worth watching?
