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3 Cloud Stocks to Buy Right Now

In a matter of just a few years, “the Cloud” has evolved from the new feature that your grandmother just can’t quite seem to understand to one of the main factors driving growth in the technology sector. Cloud computing is now an essential focus for software-related companies, and cloud stocks have piqued the interest of many tech-focused investors.

3 Cloud Stocks to Buy Right Now

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New technologies and changing consumer behavior have changed the shape of the technology landscape, and an industry that was once centered on the personal computer has adapted to survive in the world of mobile computing and the Cloud.

The markets have been paying attention, and some of the best tech stocks have been those that are either primarily cloud-based companies, or those that have shown growth in their cloud operations.

With this in mind, we’ve highlighted three stocks that are not only showing strong cloud-related activity, but also strong fundamental metrics. Check out these three cloud stocks to buy right now.

Cloud Stocks to Buy Right Now: Progress Software Corporation (PRGS)

Progress Software Corporation (NASDAQ:PRGS) develops software and cloud-based products that assist clients with application deployment, application management, data connectivity, web content management, and predictive analytics.

The company has shifted its focus to cloud computing and is looking to expand its cloud subscription offerings. Currently, PRGS is a Zacks Rank #1 (Strong Buy).

The firm recently surpassed earnings estimates for the fifth-consecutive quarter, inspiring several positive estimate revisions for upcoming periods. This is a stock to love based on its earnings growth, with consensus estimates calling for EPS expansion of 41% this quarter and 24% this fiscal year.

Cloud Stocks to Buy Right Now: Aspen Technology, Inc. (AZPN)

Aspen Technology, Inc. (NASDAQ:AZPN) is a recognized expert and leading provider of asset optimization and process simulation software. The company’s aspenONE Exchange platform provides a cloud-hosted repository of tools, and the firm clearly states its belief that its industry is moving to the cloud.

Aspen also recently acquired the industrial Internet of Things cloud-native software and edge connectivity assets of a smaller software firm. AZPN is currently a Zacks Rank #2 (Buy).

Earnings estimates have been trending significantly higher for the company, with our consensus estimate for its current fiscal year gaining 13 cents over the past 60 days.

Meanwhile, the stock has an “A” grade for Growth in our Style Scores system, indicating that it could be a good pick for explosive investors. Valuation metrics are stretched, but the nature of today’s tech market suggests that AZPN could continue to surge on improved analyst sentiment and a budding business.

Cloud Stocks to Buy Right Now: Adobe Systems Incorporated (ADBE)

Adobe Systems Incorporated (NASDAQ:ADBE) is a provider of graphic design, publishing, and imaging software for Web and print production.

The company’s main offering is its “Creative Cloud,” which is a software-as-a-service (SaaS) product that allows users to access all of Adobe’s tools at one monthly price. ADBE is sporting a Zacks Rank #2 (Buy).

Adobe is scheduled to report its latest financial results after the closing bell Thursday, and it looks to be another blowout quarter for the company.

Our latest Zacks Consensus Estimates are calling for adjusted earnings of $1.43 per share and revenues of $2.04 billion. These results would represent year-over-year growth of 52% and 21%, respectively.

Want more market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!

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