In the IT industry, software is the most rapidly developing market segment. In 2021, spending on software is predicted to rise by 10% and close to 11% in 2022. According to Forrester Research and Advisory, cloud computing and artificial intelligence will drive this expansion. Security expenditure, custom application development, and the expansion of subscription-based models are all predicted to impact the software business in the future years. According to hedge funds, Microsoft Corporation and Salesforce.com, Inc. are two of the greatest software stocks to buy right now.
Here is Insider Monkey’s list of the 12 best software stocks to buy according to hedge funds. Hedge funds ranked Intuit Inc. tenth on the list of the top software stocks to buy. The firm sells financial management and compliance software. With a price objective of $600, Evercore ISI maintained an Outperform rating on the company’s stock. Snowflake Inc. is a cloud-based data platform owner and operator based in California. It is the eleventh best software stock to purchase according to hedge funds on the list of the top 12 software stocks to buy. The company is based in California and sells enterprise cloud applications. At the end of the second quarter of 2021, 72 hedge funds in Insider Monkey’s database had positions in Workday, Inc. worth $5.18 billion. MercadoLibre, Inc. is ranked ninth. The business operates a web-based ecommerce platform. Its headquarters are in Argentina, and it is listed on the New York Stock Exchange. Hedge funds ranked Activision Blizzard, Inc. seventh on the list of the top software stocks to purchase. Insider Monkey’s database showed 78 hedge funds with $3.5 billion in positions in the company at the end of the second quarter of 2021. For more details, click 12 Best Software Stocks To Buy According To Hedge Funds.