5 SaaS Stocks To Watch In The Stock Market Now
As the stock market continues to experience turbulence going into June, Software-as-a-Service (SaaS) stocks continue to be in focus. For the most part, the current momentum in the industry would be thanks to the immense reliance on SaaS firms. Namely, businesses across the board are increasingly relying on the SaaS industry to run their online services. While the world learns to live with the Covid-19 pandemic, companies are also leaning on SaaS companies now. Rightfully so as businesses are interacting with customers and employees online more than ever. As such, it would make sense that investors are looking for the top SaaS stocks in the stock market today.
For instance, we could look at industry heavy-hitters like The Trade Desk (NASDAQ: TTD) and Amazon (NASDAQ: AMZN). On one hand, ad-tech firms like The Trade Desk continue to serve companies relying on ad revenue today. With the emergence of new ad-supported subscriptions from Netflix (NASDAQ: NFLX) and Disney (NYSE: DIS), TTD stock could be worth noting. On the other hand, Amazon’s industry-leading cloud computing arm remains hard at work as well. Just last month, Amazon Web Services (AWS) revealed the third iteration of its Graviton processor. Through Graviton3, AWS notes that it is delivering 25% better overall performance and up to three times the machine learning workload performance. With all this in mind, could one of these SaaS stocks be your next big investment?
SaaS Stocks To Buy [Or Sell] Today
- Salesforce.com Inc. (NYSE: CRM)
- Upstart Holdings Inc. (NASDAQ: UPST)
- Microsoft Corporation (NASDAQ: MSFT)
- Adobe Inc. (NASDAQ: ADBE)
- Coinbase Global Inc. (NASDAQ: COIN)
Salesforce.com Inc.
To begin with, we will be taking a look at Salesforce, a leading name in the customer relationship management (CRM) space. Through its SaaS and application solutions, the company serves a vast array of organizational clients. The likes of which rely on Salesforce for services relating to sales, customer service, marketing automation, analytics, and app development. Thanks to the company’s latest quarterly update, CRM stock seems to be coming into focus today.
Overall, according to the company’s financial release, its quarterly earnings per share for the quarter is $0.98. Additionally, Salesforce’s total revenue for the quarter is $7.41 billion. For reference, this is versus consensus figures of $0.94 and $7.38 billion respectively. On top of this commendable financial performance, investors could also be considering Salesforce’s key operational metrics. Among which, co-CEO Marc Benioff highlights is its remaining performance obligation (RMO) of $42 billion. Simply put, this represents Salesforce’s future revenue under contract. As Salesforce continues to power forward, would CRM stock be a top buy in your opinion?
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Upstart Holdings Inc.
Following that, we have Upstart Holdings, an AI lending platform that partners with banks and credit unions to provide consumer loans. The company uses its AI platform to improve access to affordable credit while also reducing the risks and costs of lending to its bank partners. Its platform utilizes sophisticated machine learning models to more accurately identify risk and approve more applicants than traditional, credit-score-based models. On May 18, 2022, the company announced the Sharonview Federal Credit Union announced a partnership with Upstart.
The credit union serves more than 100,000 members in the Carolinas and nationwide. “With Sharonview’s focus on improving the financial standing of our members, we are proud to partner with Upstart to provide a better all-digital, AI-powered lending experience to benefit new members across the communities we serve,” said David Brand, Senior Vice President of Lending Operations at Sharonview. “With Upstart, we will be able to serve more credit-worthy members and provide access to capital to those who need it most.” Given this piece of news, is UPST stock worth investing in right now?
Microsoft Corporation
Microsoft Corporation is a tech company that enables digital transformation for the era of the intelligent cloud and intelligent edge. The company’s software-as-a-service includes Microsoft Azure, and supports many different programming languages, tools, and frameworks. Microsoft Office, on the other hand, is the company’s productivity tool that is used by hundreds of millions of users and companies around the globe.
In May, the company announced new capabilities from its Microsoft Cloud for Sustainability. It will enable faster and broader transformation for organizations at varying stages of their sustainability journey. The software will allow companies to more effectively manage their environmental footprint and also embeds sustainability through their organizations and value chains. The company says that organizations will need more accessible and centralized data intelligence to make tough decisions that are required now to address complex issues. They will be able to utilize the new capabilities from Microsoft Cloud to do so. With that being said, is MSFT stock a top pick for you today?
Adobe Inc.
Next, we have Adobe, one of the largest and most diversified software companies in the world. In essence, the company allows its users to design and deliver exceptional digital experiences through its suite of software. This would include Adobe Photoshop for photo editing and Adobe Acrobat for viewing and editing portable document formats. On April 12, 2022, the company announced that it is bringing Frame.io’s industry-leading video collaboration platform to its millions of Creative Cloud customers.
It has also released updates to its After Effects and Premiere Pro software and includes native M1 support for After Effects. With the introduction of Frame.io for Creative Cloud, video editors and key project stakeholders can collaborate seamlessly in the cloud. This is the industry’s first integrated review and approval workflow for post-production, allowing editors to get to final approval faster and easier than ever before. This comes at a time when demand for video collaboration solutions is on the rise in a digital economy. Furthermore, more content is being created than ever before and remote teamwork has become the new normal. All things considered, is ADBE stock a buy?
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Coinbase Inc.
Coinbase is a cryptocurrency company that operates a crypto trading platform. Its platform allows users to easily send and receive Bitcoin. Furthermore, it has over 95 million verified users and boasts $256 billion in assets on its platform. The company is also available in over 100 countries and is used by over 13,000 institutions worldwide. On May 10, 2022, the company reported its first-quarter financials for 2022.
Firstly, it reported a net revenue of $1.16 billion for the quarter. This comes as it has a trading volume of $309 billion with 9.2 million monthly transacting users. Despite the volatility in the crypto market, the company says that it believes that it will not be permanent. In the meantime, it continues to make good progress with the launch of its Coinbase NFT. It also has grown in the adoption of its Coinbase Wallet and the expansion of its staking offering through the addition of Cardano. With its improving fundamentals, is COIN stock worth watching right now?
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