Google, Dropbox, DocuSign, Microsoft and Amazon
For immediate release
Chicago, IL – June 11, 2021 – Zacks.com announces the list of stocks featured on the Analysts Blog. Every day, Zacks Equity Research analysts discuss the latest news and events impacting stocks and financial markets. Recent actions featured in the blog include: Alphabet Inc. GOOGL, Dropbox, Inc. DBX, DocuSign, Inc. DOCU, Microsoft Corporation MSFT, and Amazon.com, Inc. AMZN.
Here are highlights from Thursday’s analyst blog:
5 stocks to watch on the continued demand for cloud computing
Cloud computing has seen rapid adoption over the years as it offers businesses and organizations certain advantages over traditional methods of storing and accessing data, such as from on-premises servers. Since, in the case of cloud computing, data and information is stored on remote servers, businesses and organizations do not have to spend extra money to install and maintain expensive hardware. Additionally, cloud computing allows businesses to remain unfazed about how much storage and other resources they need, as these requirements can be easily upgraded or downgraded in the cloud.
Another important benefit of cloud computing is the ability to collaborate more effectively on projects. It is easier for an organization’s employees to access data and information stored in the cloud from anywhere, just using an internet connection.
Additionally, employees can access this information from smart devices like a smartphone or tablet. That’s why cloud computing saw an acceleration in demand last year, as the coronavirus outbreak forced companies to shift to a remote working model.
However, even as we move beyond the pandemic, the benefits of cloud computing should also allow it to continue to be adopted in the future. In fact, Gartner estimated in a report that global end-user spending on public cloud services is expected to increase 23.1% in 2021 to $ 332.3 billion, from $ 270 billion in 2020.
Notably, Sid Nag, vice president of research at Gartner, said in the report that “emerging technologies such as containerization, virtualization and advanced computing are becoming more common and driving additional expenses. in the cloud “. Meanwhile, a separate report from Fortune Business Insights said that the global cloud computing market is expected to experience a CAGR of 17.9% from 2021 to 2028.
Interestingly, cloud computing also seems to go a long way towards securing a sustainable future. Notably, a report by the International Data Corporation said that the continued adoption of cloud computing could prevent the emission of more than one billion metric tons of carbon dioxide between 2021 and 2024, due to factors such as the ” increase in the efficiency of aggregated computing resources.
5 stocks to watch
The benefits that cloud computing offers to businesses and organizations are manifold, including affordability and the ability to access data from anywhere. Therefore, now seems like the right time to take a look at which companies can benefit from the continued adoption of cloud computing. In particular, we have selected five of these stocks which carry a Zacks Rank # 2 (Buy) or 3 (Hold). You can see The full list of Zacks # 1 Rank (Strong Buy) stocks today here.
AlphabetGoogle has its Google Cloud segment which offers infrastructure and data analytics platforms, collaboration tools, and other services for business customers. The company currently has a Zacks Rank # 2. Zacks’ consensus estimate for current year earnings has risen 29.1% in the past 60 days. The company’s expected profit growth rate for the current year is 52.6%.
Drop box provides a collaboration platform that allows individuals, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. The company currently has a Zacks Rank # 3. Zacks’ consensus estimate for current year earnings has risen 6.4% in the past 60 days. The company’s expected profit growth rate for the current year is 43%.
DocuSign offers cloud-based software and provides an electronic signature solution that enables businesses to digitally prepare, sign, apply and manage agreements. The company currently has a Zacks Rank # 3. Zacks’ consensus estimate for current year earnings has risen 25.4% in the past 60 days. The company’s expected profit growth rate for the current year is 86.7%.
Microsoft offers Azure, which is a cloud platform; Intelligent Cloud segment that licenses SQL and Windows servers, Visual Studio, System Center and associated CALs; GitHub which provides a collaboration platform and code hosting service for developers etc. The company currently has a Zacks Rank # 3. Zacks’ consensus estimate for current year earnings has risen 5.8% in the past 60 days. The company’s expected profit growth rate for the current year is 35.4%.
Amazon.com has its cloud platform, namely Amazon Web Services, which offers features like computing power, database storage, etc. The company currently has a Zacks Rank # 3. Zacks’ consensus estimate for current year earnings has risen 15.3% in the past 60 days. The company’s expected profit growth rate for the current year is 36.6%.
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