Are These The Top Software Stocks To Invest In Today?
With the stock market going through bouts of volatility this week, software stocks could be worth noting. Sure, tech stocks, in general, are experiencing a downturn in markets today. For the most part, this is thanks to Netflix (NASDAQ: NFLX), a notable Nasdaq component, taking heavy losses. The streaming goliath’s shares are tumbling as a result of its decreasing quarterly subscriber count. Nevertheless, where there is weakness, some investors could see opportunity.
After all, the software industry has been and remains a vital aspect of our tech-driven world today. With software being the lifeblood behind most of today’s modern tech, we could be seeing some top players trading at more attractive prices now. Take Shopify (NYSE: SHOP) for instance. Through its online platform, the company enables over a million businesses from across 175 countries worldwide. After accounting for Shopify’s presence in the growing global e-commerce market, I could see investors being keen to buy on the current dips. Not to mention, the company is planning for a 10-to-1 stock split on June 28.
At the same time, some of the biggest tech firms have hands in the software space as well. From the FAANG stocks to legacy names such as IBM (NYSE: IBM) this is apparent. Evidently, IBM posted strong figures in its latest quarterly release, citing strong demand for its hybrid cloud platform business. Having read this far, you might be keen on software stocks yourself. Should that be the case, here are three to check out in the stock market now.
Software Stocks To Buy [Or Sell] This Week
- Coinbase Global Inc. (NASDAQ: COIN)
- Alibaba Group Holding Ltd. (NYSE: BABA)
- Nokia Corporation (NYSE: NOK)
Coinbase Global Inc.
Coinbase is a software company that continues to build a more fair, accessible and efficient financial system that enables crypto. In fact, the company started in 2012 with the idea that anyone should be able to easily and securely send and receive Bitcoin. It also continues to offer a trusted and easy-to-use platform for accessing the broader crypto-economy.
Today, it announced that its Coinbase NFT, a Web3 social marketplace for NFTs, is now in beta. Starting today, its users can check out the first version of Coinbase NFT at nft.coinbase.com and explore a wide collection of NFTs on the Ethereum blockchain. Accordingly, beta testers will be able to create a Coinbase NFT profile to buy and sell NFTs using any self-custody wallet. This could be either a Coinbase Wallet or something else. Also, the rise of NFT communities has shown that online conversations extend far beyond the moments around transactions. The company also says that in the coming weeks and months, more features will be gradually added to bring its vision for a Web3 social marketplace to life.
The company also posted a blog post last week highlighting how the digital economy is permanently changing the nature of financial services globally. Digital assets also continue to be at the center of this rapid change. At the retail level, for instance, Coinbase’s own research reveals that about a third of people in the U.K. who are aware of crypto own or have owned digital currency. Twice that number of people intend to increase their holdings, a sign that more people are adopting crypto. All things considered, should investors be looking out for COIN stock?
Alibaba Group Holding Ltd.
Following that, we have Alibaba, a company that enables businesses to transform the way they market, sell, and operate. In essence, it also provides the technology infrastructure and marketing reach to help merchants, brands, and retailers engage with their users and customers more efficiently.
Today, Alibaba Cloud and VMware (NYSE: VMW) announced the next-generation Alibaba Cloud VMware Service, a jointly-developed public cloud service. With Alibaba Cloud VMware Service, enterprises across China can accelerate enterprise cloud transformation to support digital innovation with lower costs and risk. “In today’s app-driven economy, more and more Chinese enterprises are adopting a hybrid cloud model to accelerate their digital transformation,” said Mark Lohmeyer, senior vice president, and general manager, Cloud Infrastructure Business Group at VMware. “Alibaba Cloud VMware Service helps customers modernize applications, infrastructure and operations faster with demonstrable economic benefits and less risk.”
In February, the company also announced its fourth-quarter financials. Diving in, revenue for the quarter was $38.06 billion, an increase of 10% year-over-year. This was primarily driven by the revenue growth of its China commerce segment. Its Cloud segment also grew by a commendable 20% year-over-year to $3.1 billion. Furthermore, the company’s annual active customers across the Alibaba Ecosystem reached approximately 1.28 billion, with an addition of approximately 43 million users from the previous quarter. With that being said, is BABA stock a buy right now?
[Read More] Top Stock Market News For Today April 20, 2022
Nokia Corporation
Last but not least, we will be taking a look at the Nokia Corporation. In essence, Nokia is a Finnish multinational telecommunication, IT, and consumer electronics company. Through its portfolio, the company provides critical network solutions to customers across mobile, fixed, and cloud environments. Thanks to the company’s latest announcement, NOK stock appears to be gaining traction.
In detail, Nokia is now working with tech goliath, Microsoft (NASDAQ: MSFT). Through their current partnership, Nokia is providing data center switching solutions for Microsoft. In practice, this will serve to support and facilitate the bandwidth expansion to Microsoft’s Azure cloud computing platform. According to Nokia, it is accomplishing this by delivering “additional networking scale and capacity.” Overall, the current deal serves to further deepen the ongoing collaboration between the two firms.
In the larger scheme of things, this would highlight the proficiency of Nokia’s next-generation data center switching portfolio. Moreover, David Maltz, the corporate VP of Microsoft Azure Networking hails Nokia’s platform as a “natural choice,” for the current job. All in all, it seems like Nokia is making steady strides in the booming data center industry now. With this in mind, would you consider NOK stock a top pick in the stock market today?
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