Do You Have These Top Software Stocks On Your Radar Right Now?
Where tech is present, the related software is likely in place to keep things running. Because of this, some would argue that this sector of the stock market today is more important than ever. Generally, many would agree with this statement. After all, software plays a crucial role in facilitating most of our tech-based interactions today. From the device you are reading this on to the internet connection enabling it, this would be the case. In theory, as tech grows more complex and continues to evolve, the software industry would have to follow suit. As a result, it would make sense that software stocks are in focus now.
For investors, the software industry offers plenty of viable entry points. Take pure-play software company Unity Software Inc. (NYSE: U) for example. Through the power of software, Unity allows users to create and operate real-time 3D content. Notably, this translates to possible applications across a wide array of industries worldwide. The likes of which range from game development and architecture to automotive design and even filmmaking to name a few. Meanwhile, companies like Lyft (NASDAQ: LYFT) employ software to bring vital ridesharing and food delivery services to consumers today. With all that said, check out these hot software stocks making plays in the stock market now.
Best Software Stocks To Buy [Or Sell] This Month
- PayPal Holdings Inc. (NASDAQ: PYPL)
- Nvidia Corporation (NASDAQ: NVDA)
- Alibaba Group Holding Ltd. (NYSE: BABA)
- Autodesk Inc. (NASDAQ: ADSK)
- Okta Inc. (NASDAQ: OKTA)
PayPal Inc.
PayPal is a software company that revolutionized the digital payments industry. It leverages technology to make financial services and commerce more convenient and secure. Impressively, the company’s platform is used by over 300 million consumers and merchants in more than 200 markets to join and thrive in the global economy. PYPL stock currently trades at $294.63 as of Friday’s close and has been up by over 69% in the last year.
In May, the company posted stellar first-quarter results. Firstly, its Total Payment Volume (TPV) was $285 billion, growing by 50% year-over-year. Secondly, it posted a revenue of $6.03 billion, an increase of 31% year-over-year. PayPal also reported GAAP earnings per share of $0.92 for the quarter. Besides, the company said that it added 14.5 million net new active accounts in the quarter. This quarter could definitely be a testament to the company’s momentum as the world shifts into the digital economy. It also says that its addressable market continues to grow as it launches new products and services for its customers. With that in mind, will you consider PYPL stock a buy?
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Nvidia Corporation
Nvidia is a multinational tech company that is based in Santa Clara, California. The company designs graphics processing units (GPUs) for both professional and consumer markets. Also, it innovates with AI software and data science as well. Given the potential AI has and how companies are increasingly data-driven, demand for Nvidia’s AI and software will continue to grow. NVDA stock currently trades at $726.44 as of 4:00 p.m. ET Friday.
On July 6, 2021, the company announced that it has launched the most powerful supercomputer in the UK for research in AI and health care. Dubbed the Cambridge-1, will enable top scientists and health care experts to use the powerful combination of AI and simulation to accelerate the digital biology revolution and bolster the country’s life sciences industry. The $100 million investment by Nvidia will be used by companies like AstraZeneca (NASDAQ: AZN) and GSK (NYSE: GSK). For this reason, do you think NVDA stock is worth buying right now?
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Alibaba Group Holding Limited
Alibaba is one of the biggest tech companies in China, specializing in e-commerce and technology. Its e-commerce platform is used by millions all over the world as it enables businesses to transform the way they market and operate. Aside from its e-commerce platform, the company also provides cloud computing and digital media services. BABA stock currently trades at $212.10 as of Friday’s closing bell.
In June, the company announced that Cainiao, its logistic arm, and the Hainan government have entered into a strategic partnership to develop the Hainan global smart supply chain pilot zone. In detail, the partnership would ultimately establish a comprehensive smart logistics infrastructure on Hainan’s main and outlying islands to attract duty-free merchants. It will also launch a free trade port merchant smart service center. Cainiao will be committing technological resources and expertise to develop a smart service platform that comprises a logistics and supply chain management system and digitized customs platform. With such exciting developments surrounding Alibaba, will you invest in BABA stock?
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Autodesk Inc.
Autodesk is a software corporation that makes game-changing software and products. In brief, its software is used by designers and engineers in a wide number of industries. From construction to automotive and smartphones, professionals have likely used Autodesk software to create the products we enjoy today. Shares of ADSK stock closed Friday’s trading session at $293.33 a share.
In late May, the company posted its first-quarter financials for fiscal 2022. In it, the company reported total revenue of $989 million, up by 12% year-over-year. Autodesk also posted a GAAP diluted earnings per share of $0.70 for the quarter. It says that this strong start to the new fiscal year came from an acceleration in new business and a resilient subscription business model. Given the momentum, the company says that it has raised its FY22 revenue guidance to reflect a partial year contribution from acquisitions. All things considered, will you buy ADSK stock?
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Okta Inc.
Last but not least, we will be taking a look at Okta Inc. In brief, the California-based cybersecurity company primarily offers access management services to organizations. Through Okta’s cloud software, companies can manage and secure their applications via user authentication-focused digital infrastructure. Additionally, Okta also enables developers to build identity control software right into their respective company ecosystems. Now, OKTA stock is trading at $235.67 a share as of Friday’s close. With Okta being a prominent name among cybersecurity stocks now, would it be wise to keep an eye on it?
Well, Goldman Sachs (NYSE: GS) analyst Brian Essex seems to believe so. Earlier this week, the analyst hit OKTA stock with a Buy rating and a price target of $312. This would indicate a potential upside of 30% from its aforementioned price point. Namely, Essex argues that Okta stands to benefit from growing cloud adoption and digital acceleration trends moving forward. On top of that, he also believes that Okta holds a leading position in the market for cloud-based access-management software. By and large, as Okta rides cybersecurity industry tailwinds, OKTA stock could be looking at more room to grow. Would you say the same?
