5 software stocks for your July 2021 watchlist


Do you have these top software stocks on your radar right now?

Where the technology is present, the associated software is probably in place to keep things working. For this reason, some would say that this sector of the scholarship today is more important than ever. In general, many would agree with this statement. After all, software today plays a crucial role in facilitating most of our technological interactions. From the device you’re reading this on to the internet connection activating it, it would. In theory, as technology becomes more complex and continues to evolve, the software industry should follow suit. Accordingly, it would be logical that software stocks are in focus now.

For investors, the software industry offers many viable entry points. Take the pure-play software company Unity Software Inc. (NYSE: U) for example. Using the power of software, Unity enables users to create and operate 3D content in real time. This translates into possible applications in a wide range of industries around the world. Tastes range from game development and architecture to automotive design and even movie making to name a few. Meanwhile, companies like Lyft (NASDAQ: LYFT) use software to provide consumers with vital ridesharing and food delivery services. With that said, take a look at these hot software stocks that are playing in the stock Exchange now.

Best Software Stocks To Buy [Or Sell] This month

PayPal Inc.

PayPal is a software company that has revolutionized the digital payments industry. It leverages technology to make financial services and commerce more convenient and secure. Impressively, the company’s platform is used by over 300 million consumers and traders in over 200 markets to join and thrive in the global economy. PYPL stock is currently trading at $ 294.63 at Friday’s close and has risen more than 69% in the past year.

In May, the company reported excellent results for the first quarter. First, its total payment volume (TPV) was $ 285 billion, up 50% year-on-year. Second, it posted revenue of $ 6.03 billion, a 31% year-over-year increase. PayPal also reported GAAP earnings per share of $ 0.92 for the quarter. Additionally, the company said it added 14.5 million new net asset accounts during the quarter. This quarter could certainly be a testament to the company’s momentum as the world shifts to the digital economy. It also says its addressable market continues to grow as it launches new products and services for its customers. With that in mind, will you view PYPL stock as a buy?

Source: TD Ameritrade CGU

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Nvidia Company

Nvidia is a multinational technology company based in Santa Clara, California. The company designs graphics processing units (GPUs) for the professional and consumer markets. Besides, it also innovates with AI software and data science. Given the potential of AI and the way businesses are increasingly data-driven, the demand for AI and Nvidia’s software will continue to grow. NVDA stock is currently trading at $ 726.44 at 4 p.m. ET on Friday.

On July 6, 2021, the company announced the launch of the UK’s most powerful supercomputer for AI and healthcare research. Dubbed Cambridge-1, it will enable top scientists and health experts to use the powerful combination of AI and simulation to accelerate the digital biology revolution and strengthen the country’s life science industry. Nvidia’s $ 100 million investment will be used by companies like AstraZeneca (NASDAQ: AZN) and GSK (NYSE: GSK). For this reason, do you think NVDA stock is worth buying right now?

best software stocks (NVDA stock)Source: TD Ameritrade CGU

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Alibaba Group Holding Limited

Alibaba is one of the largest technology companies in China, specializing in e-commerce and technology. Its e-commerce platform is used by millions of people around the world as it enables businesses to transform the way they market and operate. Besides its e-commerce platform, the company also provides cloud computing and digital media services. BABA stock is currently trading at $ 212.10 at Friday’s close.

In June, the company announced that Cainiao, its logistics arm, and the Hainan government had entered into a strategic partnership to develop the Hainan Global Smart Supply Chain Pilot Zone. In detail, the partnership would eventually establish a complete intelligent logistics infrastructure on the main and peripheral islands of Hainan to attract duty-free merchants. It will also launch a smart service center for traders in the free trade port. Cainiao will engage technology resources and expertise to develop an intelligent services platform comprising a logistics and supply chain management system and a digital customs platform. With such exciting developments around Alibaba, will you be investing in BABA stocks?

NYSE BABASource: TD Ameritrade CGU

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Autodesk Inc.

Autodesk is a software company that makes breakthrough software and products. In short, its software is used by designers and engineers in a large number of industries. From construction to automobiles and smartphones, professionals have likely used Autodesk software to create the products we love today. ADSK shares closed Friday’s trading session at $ 293.33 per share.

At the end of May, the company released its first quarter financial results for fiscal 2022. The company reported total revenue of $ 989 million there, up 12% year-over-year. Autodesk also reported diluted GAAP earnings per share of $ 0.70 for the quarter. He says this strong start to the new fiscal year is the result of an acceleration in new business and a resilient subscription business model. Given the momentum, the company said it had raised its revenue forecast for fiscal 22 to reflect a partial annual contribution from acquisitions. All things considered, will you buy ADSK shares?

software stocks (ADSK stock)Source: TD Ameritrade CGU

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Okta Inc.

Finally, let’s take a look at Okta Inc. In short, the California-based cybersecurity company primarily provides access management services to organizations. With Okta’s cloud software, businesses can manage and secure their applications through a digital infrastructure focused on user authentication. Additionally, Okta also allows developers to build identity control software directly into their respective business ecosystems. Now, OKTA stock is trading at $ 235.67 a share at Friday’s close. With Okta being an important name among cybersecurity actions now would it be wise to keep an eye on it?

Well, Goldman Sachs (NYSE: GS) analyst Brian Essex seems to believe so. Earlier this week, the analyst hit OKTA stock with a buy rating and a price target of $ 312. This would indicate a potential rise of 30% from its aforementioned price. Namely, Essex argues that Okta is expected to benefit from growing cloud adoption and digital acceleration trends going forward. On top of that, he also believes Okta holds a leading position in the cloud-based access management software market. Overall, as Okta benefits from headwinds in the cybersecurity industry, OKTA’s stock may have more room for growth. Would you say the same?

NASDAQ OKTASource: TD Ameritrade CGU

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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