3 Top Software Stocks to Watch Right Now
3 Hot Software Stocks to Check Out in the Stock Market Today
Software inventory, like many other tech segments, have struggled to find their footing in the stock market this year. For most coins, there are not many changes in industry fundamentals. Some would say that software addiction in today’s world is more than ever before. A world without software can very well be considered a world without technology. In fact, many of the technological advancements we see today are software driven rather than hardware driven.
With competition in the industry, many big names in the space aren’t resting on their laurels. In April, Microsoft (NASDAQ: MSFT) surveyed more than 150 small and medium-sized enterprises (SMEs) in the United States. The company found that more than 70% of SMBs believe cyber threats are increasingly becoming a business risk. In light of this, Microsoft has announced the general availability of the standalone version of Microsoft Defender for Business. It brings enterprise-grade endpoint security to small and medium business security. This includes the detection and response capabilities of endpoints and other sophisticated cyber threats.
Apart from this, we are also seeing the increasing adoption of software in many areas of our lives. For example, Diebold Nixdorf (NYSE:DBD) and nokia (NYSE: NOK) selected Oracle (NYSE: ORCL) Merged Cloud Human Capital Management (HCM) to replace their network of on-premises human resource systems in the cloud. Naturally, this will help these companies achieve their global digitization goals. With all that has been said and done, software will likely continue to play a huge role in technological progress and in our lives. So here are three of the top software stocks to note in the stock market today.
Software Stocks to Watch Now
Amdocs is a software provider for the communications, pay television, entertainment and media industry. Simply put, the company relies on technologies and methodologies such as 5G cloud, microservices, open source, artificial intelligence (AI) and many more to deliver its products and services. This includes services such as end-to-end systems integration, digital business operations, cloud services, consulting services, and quality engineering services. DOX stocks have been attracting a lot of attention among investors lately.
Well, that could be due to its recent second quarter earnings report released yesterday. Amdocs reported record revenue of $1.14 billion, up 9.2% year-over-year and beating Wall Street estimates. Additionally, its GAAP diluted earnings per share was $1.28, well above the indicative range of $0.96 to $1.04. The company also ended the quarter with a record 12-month backlog of $3.89 billion, up nearly 10% from a year ago. All of this reflects the company’s strong business activity in building next-generation platforms for large customers such as AT&T and T-Mobile.
Along with impressive financial results, Amdocs also announced that it will extend its business relationship with Bell Canada for an additional five years. This is part of a broader strategic partnership to enrich the Bell BSS platform with a real-time, agile, cloud-ready ecosystem leveraging the latest technologies from Amdocs. Overall, these are positive developments that reinforce the company’s commitment to excellence. That said, could DOX stock be one of the best software to watch right now?
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Another software company that has entered the scene in recent years is Fortinet. Due to the growing reliance on cybersecurity, the company is likely to be on the radar of many investors. For those unaware, the company’s cybersecurity solutions cater to a variety of organizations, including enterprises, communications service providers, government organizations, and small businesses. Additionally, its Cloud Security portfolio includes securing applications such as email and the web. It is available for deployment in public and private cloud environments including Amazon Web Services, Microsoft Azure, Google Cloud and many more.
Last week, the company reported better-than-expected first-quarter results. Its revenue for the quarter improved to $954.8 million, up 34% year-over-year. The growth was largely driven by record quarterly product revenue growth of 54% year-over-year. Meanwhile, its GAAP net income was $138.4 million, compared to $107.2 million in the year-ago quarter. Overall, these results show the strong demand for its cybersecurity and networking solutions.
Not to mention, the global cybersecurity provider recently announced significant progress in its training institute programs. This is the company’s program to train one million people in cybersecurity as part of its commitment to address the talent shortage within the industry. The company committed to the program last year with a goal of training 1 million people by 2026. So far, it is ahead of its goal for the year towards that commitment. Given these encouraging developments, would you consider adding FTNT stock to your watchlist?
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let’s finally see Synopsis. This is a company that provides products and services across the spectrum from silicon to software. Synopsys believes business is at the heart of innovations that change the way people work and play. From self-driving cars to machines that learn, the company could have a pivotal role to play in this Smart Everything era. After all, this new era of innovation is powered by high-performance silicon chips and software content. Thus, investors are often on the lookout for new Synopsys developments.
In April, the company announced its new IP and toolchain for the Neural Processing Unit (NPU). The Synopsys DesignWare ARC NPX6 and NPX6FS NPU IP aim to meet the increasing performance demands of AI systems on chips. Complementing the ARC NPX6 NPU IP, it also introduced the new DesignWare ARC MetaWare MX development toolkit to provide a comprehensive build environment with automatic neural network algorithms to maximize resource usage. As a result, it can deliver the highest performance in the industry and support the latest and most complex neural network models.
Additionally, Synopsys also signed a definitive agreement to acquire WhiteHat Security last month. The addition of WhiteHat Security will provide the company with significant software-as-a-service capabilities. Additionally, it will also bolster its market-leading dynamic application security testing technology. Overall, this is a valuable addition that will help the company build trust in the software that businesses depend on today. Considering these factors, do you think that SNPS stock is a worthwhile investment?
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