Top Cloud Computing Stocks For Your Watchlist List Today
Over the past decade, we have seen the rise of many industries in the stock market. Certainly, cloud computing stocks are among the ones that have caught the attention of many investors. In today’s world, everything is transitioning to the cloud. Whether its software, services, or even operating systems, organizations around the globe are recognizing the need for cloud migration. After all, cloud computing offers almost a hundred percent uptime as servers and data centers are managed by the cloud service provider. Well, this also means that there is a lesser need for users to manage the infrastructure on their own. Not to mention, it is more easily scalable. For instance, the cloud can increase processing and resources as needed.
The cloud computing space has been filled with exciting developments this year. On Monday, we saw the confirmation from Oracle (NYSE: ORCL) that it would buy Cerner (NASDAQ: CERN) for $28.3 billion in its biggest-ever deal. This would give Oracle access to an abundance of data from one of the biggest health care IT firms in the country. Consequently, this could give Oracle an advantage and draw more health care clients to its cloud platform. Besides that, cloud-based customer engagement platform Braze (NASDAQ: BRZE) reported yesterday a lower-than-expected loss and better-than-expected revenue in its first report since going public last month. All in all, these are exciting times for cloud computing stocks. With that said, here are some of the top names to watch in the stock market today.
Best Cloud Computing Stocks To Watch Right Now
- Citrix Systems, Inc (NASDAQ: CTXS)
- International Business Machines Corporation (NYSE: IBM)
- Microsoft Corporation (NASDAQ: MSFT)
- Alphabet Inc (NASDAQ: GOOGL)
Citrix Systems
First, let us look at the enterprise software company Citrix. Put simply, the company delivers digital workspace solutions. Its Workspace solution comes with ready integrations with used business applications, including Salesforce, Workday, Microsoft Outlook, Google Workspace, and many more.
News coming out from Bloomberg claims that Elliott Management Corp has partnered with Vista Equity Partners to acquire Citrix. The deal could involve one of Vista’s portfolio companies, Tibco, which provides data analytics software. However, the sources cautioned that the talks are in an early stage and no deal is certain for now. Nevertheless, investors appear to be responding favorably to the news.
On top of that, Wrike, which is now part of Citrix, has expanded its Work Intelligence™ features to include AI Project Risk Prediction. This automatically assesses a project’s potential for success, raises red flags, and recommends adjustments to improve project planning. So, unlike other work managing solutions, the company is reducing the risk of human error and creating a better user experience. Given these exciting prospects, would you consider adding CTXS stock to your watchlist?
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International Business Machines
International Business Machines (IBM) is a technology company that provides integrated solutions and services worldwide. Its Cloud & Cognitive Software Solutions segment primarily delivers integrated and secure cloud, data, and artificial intelligence solutions to its clients. With the company’s presence in over 171 countries globally, IBM is without a doubt a tech titan in today’s world.
Last week, the company unveiled the IBM Z and Cloud Modernization Center to accelerate hybrid cloud adoption. It appears that the center aims to modernize clients’ applications, data, and processes through the value of open hybrid cloud architecture. So, clients will gain insights on maintaining their current IT estate as they maintain their focus on a strategy for core applications and data running on IBM Z to prepare for a hybrid cloud.
Not to mention, the company also announced a $73 million three-year agreement with the Irish bank AIB last week. In turn, IBM will provide AIB with a next-generation IBM z15 compute platform along with an extensive technology portfolio. So, it will help AIB to sustain its high pace of digitalization while maintaining its strong focus on security and resilience. All things considered, is IBM stock a top cloud computing stock to watch right now?
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Microsoft
Following that, we have another top cloud computing company, Microsoft. Most people would be no stranger to what the company has to offer. Essentially, the company develops and supports a range of software, services, and solutions. The company’s Azure cloud platform has more than 200 products and cloud services that help bring new solutions to life.
Earlier this month, the company announced that it is on a mission to make Azure Space the platform and ecosystem of choice for the space community. It will be forming a new partnership with Airbus to leverage the general availability of their premium satellite imagery and elevation data in Microsoft’s Azure Maps. Together, the companies can unlock new cloud computing scenarios and equip more organizations around the globe with insights that can enable innovative solutions.
Furthermore, Microsoft is also ramping up its effort to build products that cater to specific industry professionals in a bid to penetrate markets that have fallen behind when it comes to cloud modernization. For instance, it recently released its manufacturing cloud and also invested in technologies such as digital twins. Digital twins is a virtual replication of an object that holds the promise to upend many of the industrial sectors that Microsoft is focusing on. With that in mind, would you consider buying MSFT stock?
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Alphabet
To sum up the list, we will be looking at Alphabet. The company’s Google segment includes Google Services and Google Cloud. The Google Cloud Platform enables developers to build, test, and deploy applications on its infrastructure. Impressively, GOOGL stock has risen more than 60% over the past year.
Last Friday, the Biden administration recommended Google and Meta (NASDAQ: FB) get permission to use an undersea cable system to handle growing internet traffic with Asia. It urged the Federal Communications Commission (FCC) to grant licenses for the companies to send and receive data on the Pacific Light Cable Network. This cable system connects the U.S., Taiwan, Philippines, and Hong Kong. This would be a significant development as undersea cables transmit nearly all the world’s internet data traffic.
Besides that, Google cloud and IT company Minsait also recently announced an expanded strategic alliance. Together, the companies will offer Spanish public and private sector organizations sovereign cloud solutions. These solutions will allow the acceleration of digital transformation while maintaining the highest levels of trust, security, and privacy. Google Cloud will offer the elasticity and agility of a public and hybrid cloud based on open source technology. With all these in mind, would you be watching GOOGL stock?
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