5 Best Cloud Stocks To Buy Now

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In this article, we discuss the 5 best cloud stocks to buy now. If you want to read our detailed analysis of these stocks, go directly to the 13 Best Cloud Stocks To Buy Now

5. Workday, Inc. (NASDAQ:WDAY)

Number of Hedge Fund Holders: 72  

In November, Needham analyst Scott Berg raised the price target on Workday, Inc. (NASDAQ:WDAY) stock to $360 from $310 and kept a Buy rating, noting that the firm had registered “very good” third quarter results that showed accelerated subscription revenue growth. The analyst also highlighted that Workday, Inc. (NASDAQ:WDAY) had guided revenue estimates for 2023 to around 20%, above 2022 levels. 

Workday, Inc. (NASDAQ:WDAY) has enjoyed considerable hedge fund interest in the past few years. 72 hedge funds in the database of Insider Monkey were long Workday, Inc. (NASDAQ:WDAY) at the end of September 2021 with stakes worth $6.3 billion. 

In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Workday, Inc. (NASDAQ:WDAY) was one of them. Here is what the fund said:

“In addition to the new issue market, we have been tactically adding growth exposure. We took advantage of the selloff in disruptors that comprise a large portion of the portfolio to initiate a position in enterprise software maker Workday.”

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