Over the last few years, cloud software firms have experienced tremendous growth. In 2021, global cloud services spending is estimated to reach $332 billion. This expansion was aided by the COVID-19 epidemic, which pushed an enterprise push toward digital. Emerging technologies such as containerization, virtualization, and edge computing, according to Gartner, are becoming more popular and driving additional cloud investment. Software-as-a-service (SaaS) will be the most valuable segment of cloud computing in 2021, with a market value of about $122 billion.
Here is Insider Monkey’s list of the 10 cloud software stocks with strong growth potential. Cloudflare, Inc. is ranked tenth. The firm owns and operates a network services cloud platform. With 57 million shares worth more than $165 million, Citadel Investment Group is the largest stakeholder. RingCentral, Inc. is ranked ninth. The company is based in California and offers commercial software solutions. With 3.9 million shares worth more than $1.1 billion, Tiger Global Management LLC is the largest stakeholder. Dynatrace, Inc. is a Waltham-based firm that supplies enterprises with a software intelligence platform. On the list of 10 cloud software stocks with high growth potential, it ranks eighth. Truist kept his Buy recommendation and increased the price objective to $72 from $60. Anaplan, Inc. is ranked seventh. A cloud-based connected planning platform is owned and operated by the company. Truist kept Anaplan’s stock at a Buy rating and boosted the price objective to $80 from $75. Oracle Corporation is ranked sixth. The company is based in Texas and deals with enterprise IT environments. Oracle Corporation’s stock maintains an Equal Weight rating from Barclays, with a price objective of $85 up from $83. For more details, click 10 Cloud Software Stocks With Strong Growth Potential.
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