This means, of course, that cloud stocks might have even more to offer investors as the years go on. Besides offering cloud infrastructure for small businesses to test and host web-based services and apps, it also offers services for the non-tech-savvy outfit. It acquired a company called Cloudways that offers website building and hosting.
Alphabet (GOOG, GOOGL)
With The Trade Desk, Green has developed a platform that not only helps agencies book ad dollars but justify their spending to clients. In May, DataDog reported 87% year-over-year growth in first-quarter revenues and said the number of customers spending more than $100,000 apiece doubled to 960. DataDog now features 400 third-party integrations for software with security, program development and operations.
- Today, cloud computing is a $445.3 billion industry, according to market data firm ReportLinker.
- Microsoft’s (MSFT 1.07%) stock is down more than 11% over the last month, brought down by multiple factors.
- The stock has fallen since then, and revenue growth has moderated a bit, but Snowflake is now much more reasonably valued.
DigitalOcean
Salesforce, Inc. provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. DOCN was founded in 2012, and is an up-and-comer in the cloud computing space. To be more specific, DigitalOcean offers a cloud computing platform for developers, start-ups and small-to-medium size businesses. Its customers Cloud stocks use the platform for everything from web and mobile applications to website hosting, e-commerce, media and gaming, personal web projects, managed services and more. Additionally, many of these cloud computing companies are innovating – bypassing a global semiconductor shortage by making their own chips, according to The Wall Street Journal.
NASDAQ: AMZN
Snowflake is listed on the NYSE, has a trailing 12-month revenue of around USD$3 billion and employs 7,296 staff. Crowdstrike is listed on the NASDAQ, has a trailing 12-month revenue of around USD$3.3 billion and employs 8,429 staff. Datadog is listed on the NASDAQ, has a trailing 12-month revenue of around USD$2.3 billion https://investmentsanalysis.info/ and employs 5,200 staff. Salesforce-com is listed on the NYSE, has a trailing 12-month revenue of around USD$35.7 billion and employs 72,682 staff. The stock is rated an overall Strong Buy by Koyfin’s survey of 48 analysts. Fifteen of them rate shares a Strong Buy, 32 rate GOOGL a Buy and one rates it a Hold.
Investing in the best cloud computing stocks of 2024
Meanwhile, CodeWhisperer can produce code for developers, with HealthScribe providing a note-taking service for doctors and patients. According to Reuters, the new services have attracted thousands of businesses to AWS this year. These companies are well positioned to profit substantially as the cloud market develops. As the tech industry expands and the demand for servers grows, SMCI has seized this opportunity to meet the increasing market demands. DocuSign, Inc. provides electronic signature solution in the United States and internationally.
With all these strategies and promising financial prospects, GOOG stands out as one of the best cloud computing stocks to buy in August 2024. Investors looking for smaller cloud companies should also consider Fastly. Fastly has benefited from edge computing, a technology that brings the benefits of cloud computing closer to the end user.
The company has formed lucrative partnerships with Microsoft and Alphabet, powering their respective cloud services with its hardware. In fiscal 2022, AMD’s data center revenue rose 64% year over year, hitting $6 billion. As a leading chipmaker, Nvidia (NVDA 6.13%) spent years powering the data centers that make cloud computing possible. The company has collaborated with AWS for over a decade, being the platform’s leading supplier of graphics processing units (GPUs). The cloud market hit $434 billion in 2022 and is projected to expand at a compound annual growth rate of 14% through 2030.
With plenty to look forward to in this high-growth industry, here are seven of the best cloud stocks to buy for 2022. Included on this list are some of the biggest users and providers of cloud services, as well as some relative newcomers. And all of the names featured here are well-liked by the analyst community. In addition to cloud computing and productivity services, Microsoft has a consistently expanding personal computing business that posted sales growth of 14% year over year in the company’s latest quarter.
Zendesk’s revenue rose 26% to $1.04 billion in fiscal 2020 and increased 27% year over year to $616 million in the first half of 2021. It ended the second quarter with a dollar-based net expansion rate of 120%, which indicates its revenue from its existing customers rose 20% year over year. For the full year, Zendesk expects its revenue to rise 28% to $1.31 billion. Microsoft is home to a thoroughly diverse business, which allows it to give areas like cloud computing time to flourish in AI. Outperforming estimates in Q illustrate the reliability of Microsoft’s business and leading role in tech.