Top five cloud computing stocks to explore in 2022

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Top five cloud computing stocks to explore in 2022

 Top five cloud computing stocks to explore in 2022
Image source: Pixabay

Highlights

  • DigitalOcean Holdings, Inc. (NYSE: DOCN) expects its revenue to be between US$117 million and US$119 million in Q4, FY21.

  • Pure Storage, Inc. (NYSE: PSTG) expects its fourth-quarter fiscal 2022 revenue to be around US$630 million.

  • Arista Networks, Inc. (NYSE: ANET) returned 57% gains over the past 12 months.

Cloud computing is one of the rapidly growing sectors. The fast-paced digitalization and demand for 5G, IoT, and AI products and services have helped the sector grow. Most companies today rely on cloud-computing technology to manage their work. Here we explore five cloud-computing stocks that could see strong traction in the market in the coming days.

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DigitalOcean Holdings, Inc. (NYSE: DOCN)

DigitalOcean is a cloud computing company based in New York. It provides cloud infrastructure and cloud-computing services.

Its shares traded at US$51.81 at 1:57 pm ET on January 25, down 6.92% from their closing price. The stock price increased by 30.96% over the past 12 months.

It has a market cap of US$5.46 billion and a forward one-year P/E ratio of -506.00.

The 52-week highest and lowest stock prices were US$133.40 and US$35.35, respectively. Its trading volume was 3,185,419 on January 24.

The company's revenue surged 37% YoY to US$111.4 million in Q3, FY21. It reported a net loss of US$1.85 million against a loss of US$10.21 million in Q3, FY20.

For the fourth quarter of fiscal 2021, the firm expects its revenue to be between US$117 million and US$119 million. Its fiscal 2021 revenue is expected to be in the range of US$426 million to US$428 million.

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Cloud computing stocks to explore in 2022

Source: Pixabay

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Pure Storage, Inc. (NYSE: PSTG)

Pure Storage is a technology company based in Mountain View, California. It offers data storage services to clients. The stock traded at US$25.23 at 1:58 pm ET on January 25, down 4.43% from its previous close. The PSTG stock rose 13.6% over the past 12 months. Its market cap is US$7.27 billion, and the forward one-year P/E ratio is -77.65. Its EPS is US$-0.75.

The stock saw the highest price of US$35.09 and the lowest price of US$16.79 in the last 52 weeks. Its share volume on January 24 was 12,675,040.

The company's revenue rose 37% YoY to US$562.7 million in Q3, FY22. Its net loss came in at US$28.73 million, compared to a loss of US$74.22 million in Q3, FY21.

For the fourth quarter of fiscal 2022, the firm expects its revenue to be around US$630 million. Its fiscal 2022 revenue is expected to be about US$2.1 billion.

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Arista Networks, Inc. (NYSE: ANET)

Arista Networks is a computer networking firm that develops software-defined networking for cloud computing and other related services. It is based in Santa Clara, California.

Its shares traded at US$117.705 at 2:00 pm ET on January 25, down 3.14% from their previous close. The stock value increased by 57.98% over the past 12 months.

The firm has a market cap of US$35.99 billion, a P/E ratio of 47.53, and a forward one-year P/E ratio of 57.05. Its EPS is US$2.46.

The 52-week highest and lowest stock prices were US$148.57 and US$65.52, respectively. Its trading volume was 4,627,901 on January 24.

The company will report its Q4, FY21 financial results on February 14 after the closing bell.

The company's revenue increased by 23.7% YoY to US$748.7 million in Q3, FY21. Its net income came in at US$224.30 million, compared to US$168.37 million in Q3, FY20.

For the fourth quarter of fiscal 2021, the firm expects its revenue to be between US$775 million and US$795 million.

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Hewlett Packard Enterprise Company (NYSE: HPE)

Hewlett Packard is an enterprise information technology and edge-to-cloud platform-as-a-service firm. It is based in Houston, Texas.

The stock traded at US$15.89 at 2:02 pm ET on January 25, up 1.30% from its previous close. The HPE stock rose 30.89% over the past 12 months. Its market cap is US$20.42 billion, the P/E ratio is 6.17, and the forward one-year P/E ratio is 13.09. Its EPS is US$2.56.

The stock saw the highest price of US$17.60 and the lowest price of US$11.85 in the last 52 weeks. Its share volume on January 24 was 11,759,660.

The company's revenue rose 7% YoY to US$7.4 billion in Q4, FY21. Its net earnings came in at US$2.55 billion, compared to US$157 million in Q4, FY20.

In fiscal 2021, its revenue surged 3% YoY to US$27.8 billion.

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Cloud Computing Stocks: DOCN, PSTG, ANET, HPE, NTAP

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NetApp, Inc. (NASDAQ: NTAP)

NetApp is a technology firm based in Sunnyvale, California. It specializes in hybrid cloud data services and data management solutions.

The shares of the company traded at US$86.369 at 2:04 pm ET on January 25, down 0.17% from their previous closing price. The stock ticked up 31.79% over the past 12 months.

It has a market cap of US$19.16 billion, a P/E ratio of 20.93, and a forward one-year P/E ratio of 20.50. Its EPS is US$4.12. The 52-week highest and lowest stock prices were US$96.82 and US$58.83, respectively. Its trading volume was 2,951,830 on January 24.

The company's net revenue was US$1.57 billion in Q2, FY22, compared to US$1.42 billion in the year-ago quarter. Its net income came in at US$224 million against an income of US$137 million in the comparable quarter of the previous year.

For Q3, FY22, the firm expects its revenue to be between US$1.525 billion and US$1.675 billion.

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Bottomline

The S&P 500 technology sector grew 16.17% over the past 12 months, highlighting the sector’s considerable growth. However, investors should carefully evaluate the companies before investing in stocks.

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