Top Cloud Computing Stocks For Your Watchlist Today
As the Russian invasion of Ukraine continues, investors of the stock market have been showing signs of caution. However, cloud computing stocks could be worth looking at right now. In simple terms, cloud computing is the delivery of computing services such as applications, storage, and processing power through the Internet. Companies today can avoid the upfront cost of owning and maintaining their own IT infrastructure. Instead, they could just pay for what they need through the cloud. In addition, all information that is stored on the cloud is accessible from anywhere at all times, as long as there is an Internet connection.
It’s also worth pointing out that companies in this space often collaborate to offer new solutions to clients. Take Cisco (NASDAQ: CSCO) as an example, the company and Rakuten Symphony recently announced that they are entering a partnership to help global service providers prepare the Internet for the Future. Building upon the success of Rakuten Mobile’s industry-first innovative cloud-native network architecture, both companies are combining their efforts to offer solutions that will allow mobile operators to compete more effectively in the cloud era.
Meanwhile, Monday.com (NASDAQ: MNDY) is partnering with KPMG International to help businesses around the world transform digitally. The partnership will combine KPMG’s business insights with the technological innovation of monday.com’s no/low-code platform. Subsequently, it would build customized solutions and applications that empower global KPMG member firms to deliver an agile work operating system. Looking at these developments, it is difficult to argue that cloud computing would not play a significant role in the future. Thus, here are some of the top cloud computing stocks in the stock market today.
Cloud Computing Stocks To Watch Right Now
- MongoDB, Inc (NASDAQ: MDB)
- Alphabet Inc (NASDAQ: GOOGL)
- International Business Machines Corporation (NYSE: IBM)
MongoDB
MongoDB is a company that provides a general-purpose database platform. Put simply, developers could utilize the company’s platform to build and modernize applications across a range of use cases in the cloud, on-premise, or hybrid environments. The MongoDB Atlas is the company’s cloud-hosted database-as-a-service offering that includes infrastructure and management of its community server offering. For now, this is available on cloud providers in North America, Europe, and the Asia Pacific.
To say the least, MDB stock is likely on the radar of many investors today. This is largely driven by the company’s fourth-quarter and full-year 2022 financial results that were announced yesterday. Its revenue for the quarter improved to $266.5 million, representing an increase of 56% year-over-year. Out of which, MongoDB Atlas contributed 58% of the total revenue and surpassed $1 billion in annualized revenue.
Well, this is a testament to the company’s modern application data platform that dramatically reduces friction in the development process. Hence, making it incredibly easy for developers to build compelling applications with a competitive advantage. Not to mention, MongoDB continued its momentum in partnerships with hyperscale cloud vendors such as AWS, Google Cloud, and Azure. As a result, there was more than 80% growth in deals sourced by the cloud vendors within the fourth quarter. All in all, the tides may well be turning for MDB stock. With that in mind, would you consider adding the stock to your watchlist?
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Alphabet
Another top cloud computing company right now would be Alphabet. Most would recognize the company through its Google segments that include Google Services and Google Cloud. For those unaware, Google Cloud provides infrastructure and data analytics platforms, collaboration tools, and other services for enterprise customers. Therefore, developers could build, test, and deploy applications on its infrastructure. As one of the largest companies in the world, it has shown resilience despite all the volatility in the stock market. GOOGL stock has risen more than 24% over the past year.
This week, the company announced that it has signed a definitive agreement to acquire cybersecurity company Mandiant (NASDAQ: MNDT). Upon the close of the acquisition, Mandiant will be joining Google Cloud to boost its cybersecurity efforts. As of today, Google Cloud offers customers a robust set of services such as BeyondCorp Enterprise for Zero Trust and VirusTotal for malicious content and software vulnerabilities, to list a few. Hence, the addition of Mandiant will likely enhance these offerings to provide greater capabilities across the cloud.
Furthermore, Google Cloud has also entered into a multi-year strategic partnership with India’s Flipkart. The collaboration will help fast-track Flipkart’s innovation and cloud strategies. Google Cloud will help Flipkart scale on its Cloud infrastructure to reach more Flipkart customers. Additionally, Flipkart would also make its data platform more efficient by deploying Google Cloud’s advanced data analytics and machine learning technologies. With all said and done, Alphabet remains one of the top cloud computing companies that will likely remain relevant in the foreseeable future. Thus, would you consider buying GOOGL stock now?
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IBM
International Business Machines (IBM) should be no stranger to most in the technological space. The company’s IBM Cloud platform combines platform as a service with infrastructure as a service to provide an integrated experience for its customers. Regardless of whether it is a small development team or a large enterprise business, the platform could scale and support both with ease. So, it is understandable that IBM stock is often mentioned among the top cloud computing stocks today.
In February, IBM announced the acquisition of Neudesic. This is a leading U.S. cloud services consultancy specializing primarily in the Azure platform. According to International Data Corporation, 69% of companies worldwide view application modernization as a top priority to improve operational agility. Needless to say, Neudesic would add deep Azure cloud, data engineering, and data analytics expertise to accelerate its clients’ hybrid cloud journeys. Also, the addition of Neudesic would significantly expand IBM’s portfolio of hybrid multi-cloud services while further advancing its hybrid cloud and AI strategies.
Besides that, IBM has also been investing heavily in the cybersecurity space. Last month, it announced a multi-million dollar investment to help businesses prepare for the growing threats of cyberattacks to organizations across the Asia Pacific. The investment will be centered around the new IBM Security Command Center. This would be the first of its kind in the region for training cybersecurity response techniques through highly realistic and simulated cyberattacks. Given these exciting developments, would you be watching IBM stock now?
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