3 cloud computing stocks for your March 2022 watchlist


The best cloud computing stocks for your watchlist today

As the Russian invasion of Ukraine continues, stock market investors have shown signs of caution. However, cloud computing stocks might be worth looking into now. Simply put, cloud computing is the delivery of computing services such as applications, storage, and processing power through the internet. Today, businesses can avoid the upfront costs of owning and maintaining their own IT infrastructure. Instead, they could just pay for what they need through the cloud. Additionally, all information stored in the cloud can be accessed from anywhere at any time, as long as there is an internet connection.

It’s also worth pointing out that companies in this space often collaborate to bring new solutions to customers. Take Cisco (NASDAQ: CSCO) for example, the company and Rakuten Symphony recently announced that they are entering into a partnership to help global service providers prepare the Internet for the future. Building on the success of Rakuten Mobile’s first innovative cloud-native network architecture, the two companies are joining forces to deliver solutions that will enable mobile operators to be more competitive in the cloud era.

Meanwhile, monday.com (NASDAQ: MNDY) partners with KPMG International to help businesses around the world transform digitally. The partnership will combine KPMG’s business insights with the technological innovation of monday.com’s no/low-code platform. Subsequently, he would create custom solutions and applications enabling KPMG’s global member firms to deliver an agile work operating system. In view of these developments, it is difficult to say that cloud computing will not play a significant role in the future. So here are some of the top cloud computing stocks on the stock market today.

Cloud Computing Stocks to Watch Right Now

MongoDB

MongoDB is a company that provides a general purpose database platform. Simply put, developers could use the company’s platform to build and modernize applications across a range of use cases in cloud, on-premises, or hybrid environments. MongoDB Atlas is the company’s cloud-hosted database-as-a-service offering that includes infrastructure and management for its community server offering. For now, this is available on cloud providers in North America, Europe, and Asia-Pacific.

To say the least, MDB shares are probably on many investors’ radar today. This is largely due to the company’s fourth quarter and full year 2022 financial results which were announced yesterday. Its revenue for the quarter improved to $266.5 million, representing a 56% year-over-year increase. Of this amount, MongoDB Atlas contributed 58% of total revenue and exceeded $1 billion in annualized revenue.

Well, this is a testament to the company’s modern application data platform which significantly reduces friction in the development process. Therefore, it’s incredibly easy for developers to build compelling apps with a competitive edge. Not to mention, MongoDB has continued its momentum in partnerships with hyperscale cloud providers such as AWS, Google Cloud, and Azure. As a result, there was over 80% growth in transactions from cloud providers during the fourth quarter. All in all, the tides may well be turning for MDB stocks. With that in mind, would you consider adding the stock to your watchlist?

Source: TD Ameritrade Terms of Service

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Alphabet

Another big cloud computing company right now would be Alphabet. Most would recognize the company through its Google segments which include Google Services and Google Cloud. For those unaware, Google Cloud provides infrastructure and data analytics platforms, collaboration tools, and other services for enterprise customers. Therefore, developers could build, test and deploy applications on its infrastructure. As one of the largest companies in the world, it has shown resilience despite all the volatility in the stock market. GOOGL’s stock has grown over 24% in the past year.

This week, the company announced that it had signed a definitive agreement to acquire a cybersecurity company Beggar (NASDAQ: MNDT). Upon closing of the acquisition, Mandiant will join Google Cloud to bolster its cybersecurity efforts. To date, Google Cloud offers its customers a robust set of services such as BeyondCorp Enterprise for Zero Trust and VirusTotal for malicious content and software vulnerabilities, to name a few. Therefore, the addition of Mandiant will likely enhance these offerings to provide greater cloud capabilities.

In addition, Google Cloud has also entered into a multi-year strategic partnership with India’s Flipkart. The collaboration will help accelerate Flipkart’s innovation and cloud strategies. Google Cloud will help Flipkart scale its cloud infrastructure to reach more Flipkart customers. Additionally, Flipkart would also make its data platform more efficient by deploying Google Cloud’s advanced data analytics and machine learning technologies. With all that said and done, Alphabet remains one of the leading cloud computing companies that will likely remain relevant for the foreseeable future. So, would you consider buying GOOGL stock now?

GOOGL Stock
Source: TD Ameritrade Terms of Service

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IBM

International Business Machines (IBM) shouldn’t be a stranger to most in the tech space. The company’s IBM Cloud platform combines platform as a service with infrastructure as a service to provide an integrated experience for its customers. Whether it’s a small development team or a large enterprise, the platform can scale and support both easily. So it’s understandable that IBM stock is often mentioned among the best cloud computing stocks today.

In February, IBM announced the acquisition of Neudesic. It is a leading American cloud services consultancy specializing primarily in the Azure platform. According to International Data Corporation, 69% of enterprises worldwide consider application modernization a top priority to improve operational agility. Needless to say, Neudesic would add deep expertise in Azure cloud, data engineering, and data analytics to accelerate their customers’ hybrid cloud journeys. Additionally, the addition of Neudesic would significantly expand IBM’s hybrid multi-cloud services portfolio while advancing its hybrid cloud and AI strategies.

On top of that, IBM has also invested heavily in the cybersecurity space. Last month, it announced a multi-million dollar investment to help businesses prepare for the growing threats of cyberattacks against organizations across Asia-Pacific. The investment will center on the new IBM Security Command Center. It would be the first of its kind in the region for training in cybersecurity response techniques through highly realistic and simulated cyberattacks. Given these exciting developments, would you look at IBM stocks now?

IBM stock chart
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