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3 Stocks to Invest in February 2024 Discover Three Exceptional Stocks in February 2024

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Cloud computing remains one of the fastest-growing areas of tech. The global cloud computing market is forecast to grow from about $500 billion today to $2.49 trillion by 2032.

As organizations and individuals produce more data, the need for cloud computing data storage will grow in the coming years. Further, artificial intelligence (AI) is expected to supercharge demand for cloud computing moving forward. With so much demand and growth, big opportunity are afoot for investors who want to gain exposure to cloud computing.

Investing in Salesforce (CRM)

The entrance sign of Salesforce Tower, at the American cloud-based software company Salesforce's (CRM stock) Headquarters campus in San Francisco, California.

Cloud-computing giant Salesforce (NYSE:CRM) is due to report earnings on Feb. 28., and investors are eagerly anticipating another outstanding performance from the company.

Last November, CRM stock surged 10% higher after Salesforce announced financial results that surpassed Wall Street forecasts. The company reported earnings per share (EPS) of $2.11, above the $2.05 expected by analysts, and revenue of $8.72 billion, up 11% from a year earlier and beating forecasts of $8.70 billion.

CRM has also forecast full-year revenue of $34.75 billion to $34.80 billion and profits of $8.18 to $8.19 a share. Furthermore, the company expects full-year operating cash flow growth of 30% to 33%, exceeding an earlier forecast of 22% to 23%. This, along with a $1.90 billion stock repurchase in Q3 2023 and $10 billion remaining on its current buyback program, paints a robust future ahead. CRM stock has surged 80% over the last 12 months, including a 13% gain this year.

Investing in Microsoft (MSFT)

The Microsoft logo outside a building representing MSFT stock.

Microsoft (NASDAQ:MSFT) continues to be a juggernaut in various fields, one of the most notable being cloud computing.

In its latest earnings for Q4 2023, MSFT reported exceptional performance, attributing it to its cloud-computing segment. Intelligent Cloud raked in $25.88 billion in revenue, up 20% from a year ago. Revenue from Azure and other cloud services within the segment grew an impressive 30%, exceeding analysts’ expectations of 27% growth.

With 53,000 Azure artificial intelligence (AI) customers and a significant number of commitments to spend more than $1 billion on Azure cloud services in the year ahead, Microsoft is well-positioned as a powerhouse in cloud computing. MSFT stock has grown by 60% over the past 12 months, including a 9% gain so far this year.

Investing in Cisco Systems (CSCO)

the cisco (CSCO) logo on a wall

Investors should take note of the current buying opportunity in Cisco Systems (NASDAQ:CSCO), despite recent setbacks. After news that the company will trim 5% of its workforce and with weaker-than-expected forward guidance, CSCO stock has dipped by 4% year to date (YTD) and by 3% over the past 12 months.

This decline, while disappointing, sets the stage for a purchasing opportunity, especially with its imminent $28 billion acquisition of cloud computing and security software maker Splunk (NASDAQ:SPLK). This move is poised to strengthen CSCO’s cloud computing offerings, positioning the company to compete more effectively against the likes of Salesforce and Microsoft, among others. Despite the cautious guidance provided by the company, Cisco’s Q4 2023 print was better than Wall Street expectations.

Joel Baglole, a seasoned business journalist, rounds up the article with insights gained from his 20-year career, capping the article off with wisdom and perspective.

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The post 3 Millionaire-Maker Cloud Computing Stocks to Buy in February 2024 appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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