5 Best Cloud Computing Stocks Heading into 2024

In this article, we will be taking a look at the 5 best cloud computing stocks heading into 2024. To read our detailed analysis of the cloud computing industry, you can go directly to see the 15 Best Cloud Computing Stocks Heading into 2024.

5. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 112

Alibaba Group Holding Limited (NYSE:BABA) is a broad-line retail company based in China. Its cloud segment provides scalable, secure, and reliable cloud computing services globally.

Shyam Patil at Susquehanna reiterated a Positive rating and a $160 price target on Alibaba Group Holding Limited (NYSE:BABA) on August 31.

There were 112 hedge funds long Alibaba Group Holding Limited (NYSE:BABA) in the second quarter, with a total stake value of $4.1 billion.

L1 Capital said the following about Alibaba Group Holding Limited (NYSE:BABA) in its second-quarter 2023 investor letter:

“Alibaba Group Holding Limited (NYSE:BABA) (Long -18%) shares weakened in recent months as Chinese reopening strength faded and macro-economic datapoints began sequentially declining. Nevertheless, we believe the Chinese government will use consumption as a key lever to reinvigorate the economy post-COVID lockdowns. Alibaba remains a high-quality business with leading positions in both eCommerce and Public Cloud, and management is taking proactive steps to unlock shareholder value. It has announced plans to split into six major business groups – Cloud Intelligence, Taobao Tmall, Local Services, Global Digital, Cainiao Smart Logistics and Digital Media, and Entertainment Group. Each group will be managed independently, with a separate CEO and board, have the flexibility to raise external capital and potentially pursue separate IPOs. We believe this restructure will be a strong positive catalyst to unlock the sum-of-the-parts valuation upside in the company.”