4 Top Cloud Computing Stocks To Watch This Week
Amid the current volatility in the stock market, some may be looking for bargains among beaten down growth stocks. And the list would likely include cloud computing stocks. Put simply, cloud computing is the delivery of various services via the Internet. These would include tools and applications like data storage, servers, databases, networking, and software. Companies can now access these solutions via the cloud, instead of having to procure and maintain the physical infrastructure. Thus, cloud computing is seeing increasing popularity and adoption from startups to enterprises.
Just yesterday, Oracle (NYSE: ORCL) announced that it has achieved FedRAMP High Provisional Authority to Operate (P-ATO) from the Joint Authorization Board. This is specifically for an expanded set of Oracle Cloud Infrastructure services. Therefore, it will be easier for government organizations to bring their most important systems to the cloud.
Elsewhere, Amazon (NASDAQ: AMZN) Web Services announced earlier this month the general availability of Amazon Elastic Compute Cloud (Amazon EC2) Hpc6a instances. The Hpc6a instances could make it even more cost-efficient for customers to run their most compute-intensive workloads like genomics and computational fluid dynamics. With all said and done, cloud computing stocks would likely play an important role in how technology evolves. So, here is a list of some of the top cloud computing stocks in the stock market today.
Cloud Computing Stocks To Buy [Or Sell] This Week
- International Business Machines (NYSE: IBM)
- Microsoft Corporation (NASDAQ: MSFT)
- salesforce.com, inc (NYSE: CRM)
- Palo Alto Networks Inc (NASDAQ: PANW)
International Business Machines
First, let us look at the tech giant International Business Machines (IBM). In detail, the company’s segments include Cloud & Cognitive Software, Global Business Services, Systems, and Global Financing. Its Cloud & Cognitive Software Solutions segment delivers integrated and secure cloud solutions to its clients. Yesterday, IBM announced its fourth-quarter earnings, which exceeded analysts’ expectations yet again on several fronts.
Its revenue came in at $16.7 billion, an increase of 8.6% at constant currency year-over-year. Meanwhile, it reported earnings of $3.35 per share, exceeding the expected $3.30 per share, according to Refinitiv. These figures are largely driven by increasing hybrid cloud adoption in software and consulting. In light of this, the company now believes that it will be able to deliver its objectives of sustained mid-single-digit revenue growth and strong free cash flow in 2022.
Furthermore, we can also see that IBM is focusing more of its resources on hybrid cloud and artificial intelligence (AI) strategies. Recently, IBM and Francisco Partners announced that they have signed a definitive agreement whereby Francisco will acquire health care data and analytics assets from IBM. The assets will include extensive and diverse data sets and products, including Health Insights, MarketScan, and many more. Given these exciting developments, would IBM stock be a buy right now?
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Microsoft
Another top name in the cloud computing space right now would be Microsoft. The company is traditionally recognized as a tech company that develops a range of software products, services, and solutions. That said, its Azure cloud platform is now one of the leading cloud platforms in the world. It provides more than 200 products and cloud services that would help bring new solutions to life. Well, there have been plenty of exciting developments surrounding the company right now.
For starters, Microsoft shook the gaming world by announcing its plans to acquire Activision Blizzard (NASDAQ: ATVI) last week. The company sees great potential within the gaming industry that boasts more than three billion people playing games daily. Hence, this acquisition would naturally accelerate the growth in Microsoft’s gaming business across a multitude of platforms. Also, it can serve as a building block for the highly anticipated metaverse.
On top of that, Microsoft and FedEx (NYSE: FDX) announced yesterday the next solution as part of their multi-year collaboration to transform e-commerce. The two companies will bring together FedEx network intelligence with capabilities from Microsoft Dynamics 365 to introduce a cross-platform “logistics as a service” for retailers, merchants, and brands. Well, as commerce continues to evolve, customer needs and expectations are also shifting across the industry. Hence, both companies believe they could bring new insights to help improve customer experiences. All things considered, would you invest in MSFT stock?
Salesforce
Salesforce is a company that focuses on customer relationship management (CRM) technology. Essentially, its Customer 360 platform delivers a source that connects customer data across systems, applications, and devices. In turn, it helps companies sell, service, market, and conduct commerce from anywhere. So, it is understandable that CRM stock will often be mentioned among the top cloud computing stocks today.
Earlier this month, the company announced a series of new innovations and partnerships to power the future of commerce. These would allow companies to modernize their systems, develop more digital strategies while connecting with their customers anywhere. Salesforce believes that consumers today have different expectations and it is transforming how commerce operates as a whole. Hence, retailers need to adapt quickly to meet customer demands.
With that said, Salesforce will be adding PayPal (NASDAQ: PYPL) to their checkout experience with a simple click-based configuration. So, Salesforce Payments will now have more options to reduce checkout friction. Also, the company is introducing salesforce commerce for B2B wholesale retail. Leveraging Commerce Cloud by ISV partner XCentium, this digital portal will help wholesale apparel companies support preseason ordering and fully automated interactions across the self-service and sales team. With that in mind, would you consider adding CRM stock to your portfolio?
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Palo Alto Networks
Palo Alto Networks serves the cloud computing industry through its leading cyber security solutions. For those unfamiliar, it offers a multi-tenant, cloud-based security infrastructure with a pay-as-you-go subscription model and pay-per-use licensing options. Thus, data centers of any size have scalable options to accommodate growth demands and achieve security throughout their computing environments.
The company started the year by making a significant leadership change. Palo Alto has appointed Mr. Helmut Reisinger as the CEO for Europe, the Middle East and Africa (EMEA), and Latin America. So, he will be working closely with the company’s President BJ Jenkins to drive the acceleration of the company’s global growth strategies. The company also believes that Mr. Reisinger’s understanding of the international business ecosystem would be a huge boost to drive its robust business for future growth.
Furthermore, the company recently announced that it has joined the Microsoft 365 Networking Partner Program. By doing so, it will provide direct and efficient connectivity for Microsoft 365 users through the industry-leading Prisma Access service. Besides that, it will also facilitate an optimal user experience that aligns with Microsoft’s connectivity principles. Needless to say, this would help its customers feel confident in the security of their cloud environments and applications. Given all these factors, would PANW stock be a top cloud computing stock to buy now?
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