The 4 Best Software Stocks to Buy in June
StockNews
Published Jun 04, 2021 04:38PM ET
Updated Jun 04, 2021 05:30PM ET
The 4 Best Software Stocks to Buy in June
The demand for advanced software is rising globally, with huge investments being made by businesses in cloud computing and digital transformation. Thus, we think established software companies Microsoft (MSFT), Oracle (ORCL), Salesforce (CRM), and SAP SE (DE:SAPG) (SAP) should outperform the broader market this month and beyond. Read on.Because the adoption of remote working as a measure to stay operational amid the COVID-19 pandemic has turned out to be beneficial for many businesses--delivering higher productivity and lower overhead--companies are now focusing on developing permanent hybrid working structures as several countries ease social distancing protocols. According to the 2021 Microsoft Trend Index, more than 70% of employees want flexible remote working options, and 66% of business decision makers are in the process of adopting hybrid working structures for the foreseeable future.
Consequently, the demand for software has been rising significantly to suit the needs of organizations as they redesign their operational structures. According to Statista, the global software industry is projected to grow at a 7.4% CAGR over the next four years to hit $772.45 billion by 2025.
Given this backdrop, the current tech sell off provides a fine opportunity for investors to now scoop up the shares of prominent software stocks Microsoft Corporation (NASDAQ:MSFT), Oracle Corporation (NYSE:ORCL), Salesforce.com, Inc. (NYSE:CRM), and SAP SE (SAP).
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