5 Best Cloud Computing Stocks To Buy Now

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In this article, we will be taking a look at the 5 best cloud computing stocks to buy now. To go through our detailed analysis of the cloud computing industry, you can go directly to see the 16 Best Cloud Computing Stocks To Buy Now.

5. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 116

Alibaba Group Holding Limited (NYSE:BABA) stands as a prominent figure in Chinese e-commerce, with Alibaba.com emerging as one of the industry’s largest platforms. Beyond its core e-commerce operations, Alibaba Group Holding Ltd – ADR (NYSE:BABA) has made significant investments across diverse markets, including cloud computing, digital media, and entertainment. Alibaba Cloud, the company’s cloud computing division, ranks among the world’s largest and offers a comprehensive suite of services spanning infrastructure, security, and data analytics.

In December, Baird analyst Colin Sebastian suggested that Alibaba Group Holding Limited (NYSE:BABA) could potentially benefit in 2024 from advancements in artificial intelligence (AI) and enhanced operational efficiencies. Despite this optimistic outlook, the analyst revised the stock’s price target down to $95. Sebastian highlighted various potential catalysts for the company, including factors such as intensified e-commerce competition, corporate restructuring, shareholder returns, initiatives related to generative AI, and developments within Alicloud, Alibaba Group Holding Ltd – ADR (NYSE:BABA)’s cloud computing division.

According to Insider Monkey’s fourth quarter database, 116 hedge funds were bullish on Alibaba Group Holding Limited (NYSE:BABA), compared to 110 funds in the last quarter.

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