It's been a brutal six months for investors in software-as-a-service (SaaS) stocks. Even the best SaaS companies, growing rapidly and producing real profits, have seen their stocks tumble. The sky-high valuation multiples awarded to software stocks during the pandemic appear to be a thing of the past as interest rates rise and recession fears grow.
Cloudflare (NYSE: NET) and Autodesk (NASDAQ: ADSK) are two SaaS stocks I've got my eye on. I think they're still too expensive, but if this sell-off continues, I'll be happy to add both to my portfolio at lower prices.
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2 SaaS Stocks I'm Itching to Buy at the Right Price