5 Best Cloud Stocks To Buy Now

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In this article, we discuss 5 best cloud stocks to buy now. If you want to see more stocks in this selection, check out 11 Best Cloud Stocks To Buy Now

5. Workday, Inc. (NASDAQ:WDAY)

Number of Hedge Fund Holders: 71

Workday, Inc. (NASDAQ:WDAY) is a California-based company that provides enterprise cloud applications in the United States and internationally. On August 26, the company posted Q2 results that analysts described as “strong”, while also reaffirming its guidance for the rest of the fiscal year, despite concerns of a slowdown in the cloud sector. Workday, Inc. (NASDAQ:WDAY) is one of the best cloud stocks to buy now. 

On September 14, Canaccord analyst David Hynes noted that Workday, Inc. (NASDAQ:WDAY) hosted its annual Investor Day, which reinforced his conviction in the view that most of HCM and Financial systems will ultimately move to the cloud, and Workday, Inc. (NASDAQ:WDAY) is a prominent category leader among mid-market and large buyers when it comes to the ability to execute. The analyst reiterated his Buy rating and a $200 price target on Workday, Inc. (NASDAQ:WDAY) shares.

According to Insider Monkey’s data, 71 hedge funds were bullish on Workday, Inc. (NASDAQ:WDAY) at the end of June 2022, compared to 87 funds in the previous quarter. Stephen Mandel’s Lone Pine Capital is the leading position holder in the company, with 5 million shares valued at $700.5 million. 

Here is what ClearBridge Investments Sustainability Leaders Strategy has to say about Workday, Inc. (NYSE:WDAY) in its Q4 2021 investor letter:

“We believe the weakness created an opportunity for us to add to an exceptionally high-quality payments franchise with an attractive growth and free cash flow profile and little credit or interest rate exposure. It also supported our efforts to maintain diversified IT exposure in a narrowing market; additions to our software-as-aservice (SaaS) holding Workday during the quarter also bolstered this diversification, in which we seek to balance exposure to more widely owned mega cap names…”

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