5 Best Cloud Computing Stocks to Invest In

3. Alphabet, Inc. (NASDAQ: GOOGL)

No of HFs: 179

Total Value of HF Holdings: $21.9 Billion

Securing the 3rd spot on the 14 best cloud computing stocks list to invest in is Alphabet Inc. The tech giant operates the cloud computing software, Google Cloud Platform (GCP), which has over 4 million paying customers. In 2020, with $13 billion in sales, the GCP accounted for 7.2 percent of Google’s overall revenue. Google Cloud recently collaborated with Varian, a radiation oncology treatments and software company, to develop an artificial intelligence (AI) based platform to help in the battle against cancer.

The company’s total revenue in 2020 came in at $182 billion. The stock jumped 87.6% over the last twelve months. An insider recently purchased 2 shares worth $2,253 in April 7. The stock is 0.7% since then. Analyst Argus Research Company gave Alphabet a Buy ranking with a target price of $2,500 and an upside potential of 10.10%.

Weitz Investment Management mentioned that GOOGL was the most significant contributor for the fund in its Q4 2020 investor letter:

“Despite mounting regulatory scrutiny, Alphabet was the Fund’s largest contributor for the year. The stock rose materially as Google’s digital advertising businesses continued to chug along.”