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Are these the best software stocks to invest in today?
While the broader stock market appears to be advancing after this strong week, tech stocks are booming. Due to the current momentum of the high tech Nasdaq composite, investors may want to look into the major software stocks of the moment. Why? Well, on the one hand, the software industry has and continues to grow at breakneck speed. Essentially, this would be due to the growing dependence on software services in all areas.
We could take a look at industrial software publishers such as UiPath (NYSE: PATH) for example. Thanks to advances in modern technology, companies like UiPath now offer robotic process automation services to manufacturers around the world. This week alone, PATH stock is already up more than 14%. At the same time, there are also many emerging names in the field to consider. Just yesterday Nerdwallet (NASDAQ: NRDS), a personal finance platform, went public through an Initial Public Offering (IPO). The company’s shares have jumped more than 50% throughout its first day of trading. All of this could suggest that investors are already watching the best software stocks.
Not to mention companies such as Alphabet (NASDAQ: GOOGL) and Microsoft (NASDAQ: MSFT) are also seeing their software divisions flourish. With all of that in mind, could any of these software stocks be the number one choice in the stock market today?
Best Software Stocks To Buy [Or Sell] In November 2021
Cloudflare
We start today is Cloudflare. In short, the company is a provider of web infrastructure and website security solutions. Cloudflare primarily offers a content delivery network and DDoS attack mitigation services. Simply put, the business acts as a mediator between website visitors and businesses. Notably, the importance of Cloudflare’s services as customer interactions in the digital space increase shouldn’t be overlooked. Investors seem to be well aware of this given that NET stock has risen 169% since the start of the year.
To stress, the latest growth catalyst for the company’s shares would be its latest quarterly earnings figures. Yesterday, Cloudflare posted total revenue of $ 172.3 million for the quarter. This is a solid increase of 51% year over year. By comparison, analysts predicted total revenue of $ 165.7 billion.
Throughout the quarter, Cloudflare also saw strong customer growth. In retail, it added a record 170 large customers to its customer list in the quarter, a 71% year-over-year increase. Whose likes essentially contribute up to $ 100,000 in annualized sales each. Given Cloudflare’s strong growth this quarter, will you be adding NET stocks to your portfolio?
Source: TD Ameritrade CGU
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Another company shaking things up in the software space now would be Meta-platforms. Formerly known as Facebook, Meta is a multinational tech conglomerate leading the industry into the metaverse. As the name suggests, the tech giant is actively focused on creating virtual spaces where people can interact in a number of ways. It ranges from casual social gatherings to games and even business interactions. All of this, Meta hopes to deliver via a combination of artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) technology.
Now, FB action is currently looking at gains of over 120% from its pandemic low. Naturally, the company’s social media portfolio would be the center of attention as consumers turn to social media. Going forward, Meta seems to want to provide more ways for content creators to monetize content on Facebook. Namely, creators can now create community fundraisers, activate ecommerce stores within their groups, and offer subscription packages for special subgroups. All things considered, will you be investing in FB stocks soon?
Source: TD Ameritrade CGU
Subsequently, we will examine Pinterest. Similar to our previous entry, the company’s software expertise also lies in the realm of social media. The company’s flagship social media platform of the same name serves as a virtual bulletin board for users. Thanks to Pinterest, users can compile inspirations and ideas for virtually any project they undertake. Whether it’s vacations, occasions, or home furnishings, Pinterest provides an ideal platform for people to think about.
More importantly, PINS stock appears to be gaining traction among stock investors this week. As a result, it could be due to the company’s quarterly earnings update yesterday. Diving in, Pinterest posted earnings per share of $ 0.28 on revenue of $ 633 million for the quarter. That beats Wall Street’s estimates of $ 0.23 and $ 630.9 million respectively. Could all of this make PINS stock a buy for you?
Source: TD Ameritrade CGU
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Mercadolibre
After it is Free Mercado. It is an Argentinian e-commerce company with a market capitalization of over $ 77.38 billion. As you can imagine, the company primarily operates through its proprietary online marketplaces. MercadoLibre’s digital commerce platforms are among the largest in the Latin American market to date. In addition, MercadoLibre currently operates in 18 countries. That said, could the MELI action be worth watching right now?
To help answer that question, we might take a look at the company’s latest quarterly report released yesterday. In essence, MercadoLibre posted solid numbers across the board. The company saw its net revenue and total payment volume increase by 73% and 59% year-over-year, respectively. Additionally, MercadoLibre also reported a record gross merchandise volume of $ 7.3 billion. As the company seems to be pulling all cylinders, would you consider buying MELI stock?
Source: TD Ameritrade CGU
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Fortinet
Topping our list today is Fortinet, a major player in the booming cybersecurity sector. In short, the company is primarily focused on the development and commercialization of cybersecurity solutions. Through its Fortinet Security Fabric (FSF) platform, businesses and organizations of all sizes can access comprehensive enterprise digital security services. FSF provides comprehensive protection on digital attack surfaces and critical devices. In addition, it also secures connections between data centers, cloud and home offices.
Overall, given the relevance of Fortinet’s offerings in today’s digital workplace, investors may now turn to FTNT stocks. This is evident as the company’s shares are sitting on cumulative gains of over 130%. Through its third quarter earnings report following yesterday’s closing bell, we might see this trend continuing. To point out, the company reported earnings per share of $ 0.99 on revenue of $ 867.2 million for the quarter.
For reference, these are the consensus projections of $ 0.94 million and $ 809.9 million respectively. In the long term, CEO Ken Xie sees the total addressable network security market grow rapidly. As a result, Fortinet remains focused on leveraging its current momentum to “drive long-term growthâ€. Overall, would you consider FTNT’s stock to be the best software stock to invest in?
Source: 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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