DOCN - 3 Top Cloud Stocks to Buy in August
2023-08-08 05:10:00 ET
The Nasdaq composite is up by approximately 35% this year, which is primarily thanks to cloud stocks. The cloud market, which reached more than $480 billion last year, is expected to grow to about $1.55 trillion by 2030, according to Grand View Research, a compound annual growth rate of 14%.
As we begin August, many investors -- particularly risk-averse ones -- might lean toward the megacaps in the field, such as Amazon or Microsoft . While investors can certainly choose that option, there could be more profit potential in smaller stocks such as CrowdStrike (NASDAQ: CRWD) , DigitalOcean (NYSE: DOCN) , or Snowflake (NYSE: SNOW) .
The cloud cannot exist without cybersecurity, as limiting network access is critical to its success. While numerous companies compete in this space, CrowdStrike, which earned its name with its ability to leverage crowdsourced data, has attracted attention because of its ability to secure endpoints, laptops, servers, smartphones, and other devices that access networks.
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3 Top Cloud Stocks to Buy in August