Our Cloud Computing SaaS Stocks Portfolio Went Up 4% In August

Image Source: DepositPhotos

An Introduction

The global cloud computing (CC) SaaS market is projected to have a CAGR of 18.4% between now and 2032, according to Fortune Business Insights, and that bodes well for CC companies.

 

Our Pure-Play Cloud Computing SaaS Stocks Portfolio

Below is a list of the 8 pure-play CC companies with market capitalizations of $20B or more presented in descending order of their performances last in the month of August, their market capitalizations, their business profiles, and any pertinent news, analyses and/or commentary where available.

1. Workday (WDAY): UP 15.9% in August
   • Company Description: provides enterprise cloud applications to help its customers manage their business and operations
   • Market Capitalization: $69B
   • News, Analyses, and Commentary:
     • Workday stock gains as software provider widens 2027 margin target
2. MongoDB (MDB): UP 15.2% in August
   • Company Description: provides general-purpose database platforms worldwide and offers professional services comprising consulting and training
   • Market Capitalization: $22B
   • News, Analyses, and Commentary:
     • MongoDB CEO on earnings: ‘We feel like we’re well positioned for the AI era’
3. Cloudflare (NET): UP 6.0% in August
   • Company Description: provides an integrated cloud-based security solution to secure a range of combination of platforms and offers website and application performance solutions
   • Market Capitalization: $28B
   • News, Analyses, and Commentary:
     • Cloudflare is Attracting Investor Attention: Here is What You Should Know
4. ServiceNow (NOW): UP 5.0% in August
   • Company Description: provides end to-end intelligent workflow automation platform solutions for digital businesses
   • Market Capitalization: $176B
   • News, Analyses, and Commentary:
     • 3 Reasons Why Growth Investors Shouldn’t Overlook ServiceNow
5. HubSpot (HUBS): UP 0.4% in August
   • Company Description: provides a cloud-based customer relationship management (CRM) platform for businesses
   • Market Capitalization: $25B
   • News, Analyses, and Commentary:
     • HubSpot Reports Q2 2024 Results
6. Datadog (DDOG): DOWN 0.2% in August
   • Company Description: operates an observability and security platform for cloud applications
   • Market Capitalization: $39B
   • News, Analyses, and Commentary:
     • We think Datadog stock is a buy after impressive Q2 results? Strong earnings and growth prospects signal opportunity
7. Atlassian (TEAM): DOWN 6.2% in August
   • Company Description: designs, develops, licenses, and maintains various software products
   • Market Capitalization: $43B
   • News, Analyses, and Commentary:
     • Atlassian acquires Rewatch as it gets into AI meeting bots
8. Snowflake (SNOW): DOWN 12.4% in August
   • Company Description: offers Data Cloud which enables customers to consolidate data into a single source to drive meaningful business insights, build data-driven applications, and share data and data products
   • Market Capitalization: $38B
   • News, Analyses, and Commentary:
     • Snowflake stock is a great buy long term, analyst says

 

Summary

The above 8 Cloud Computing stocks went UP 4.1%, on average, in August and have an average market capitalization of $54B.

---

More By This Author:

Largest Cannabis Stocks Are Down +10% In Last Two Days: Here's Why
Our AI-Focused Drug Discovery Stocks Portfolio Was Up Almost 7% Last Week
Our American Cannabis MSO Portfolio Was Down 6% Last Week