3 Software Stocks Under $20 Wall Street Predicts Will Rally More Than 50%

The software market is growing, with more businesses embracing digital transformation and rapid cloud migration. Businesses are spending billions of dollars on software upgrades to improve their business processes. And most industries worldwide—from manufacturing to transportation and healthcare—are now dependent on solutions and services offered by software companies.

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The global software market is expected to reach $823.71 billion by 2026, registering a 7.2% CAGR. And investors’ interest in the software industry is evident in the iShares Expanded Tech-Software Sector ETF’s (IGV) 28.6% returns over the past year.

Hence, we think it could be worth watching low-priced software stocks Rackspace Technology, Inc. (RXT), ON24, Inc. (ONTF), and BM Technologies, Inc. (BMTX). Wall Street analysts expect them to rally by more than 50% in price in the near term.

Rackspace Technology, Inc. (RXT)

RXT is a multi-cloud technology services company that is based in San Antonio, Tex. It designs, builds, and manages solutions across applications, data, and security. The company operates through Multicloud Services and Apps & Cross-Platform segments. Its segments offer cloud-native applications and managed applications and enables applications to run on a public cloud built on open-source technology, and many other services.

This month, RXT launched Rackspace Elastic Engineering for VMware. VMware should provide many advantages for organizations adopting a multi-cloud strategy. With these latest Elastic Engineering solutions, customers can access the exact solutions they need and help them to navigate beyond the data center.

RXT’s revenue for the third quarter, ended September 30, 2021, increased 11.9% year-over-year to $762.5 million. The company’s gross profit came in at $231.7 million. Its loss from operations decreased 80.3% from its year-ago value to $2.9 million. Also, the company’s net loss declined 65.6% from the prior-year quarter to $34.8 million.

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