Cloud Stocks: Okta Reiterates Outlook

Corporate identity management software company Okta (NASDAQ: OKTA) reported a strong first quarter recently that beat estimates. Like several cloud stocks, Okta’s stock has also benefited from the work-from-home transition following the COVID-19 pandemic outbreak.

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Zscaler Goes on an Acquisition Spree

The global lockdown conditions have resulted in organizations stepping up their spending on cyber security solutions. Enterprise cloud security company Zscaler (NASDAQ: ZS) is benefiting from this trend. It recently reported its third quarter results that sent the stock soaring to record high levels. The company is also using the current economic conditions to pick up acquisitions.

Wix Cashing in on Businesses Transitioning Online

The current global lockdown conditions have spelled a boom for cloud-based and web enabled services. One such company benefiting from this growth is Israel-based Wix (Nasdaq:WIX). Wix recently announced its first quarter results that helped push the stock to 52-week high levels.

Cloud Stocks: MongoDB Soars Even in the Crisis

According to a Research and Markets report, the global Database as a Service market is estimated to grow at 16% CAGR to reach $24.8 billion by 2025 from $12 billion in 2020. The recent market turmoil would have changed these forecasts. But despite the turmoil, MongoDB (Nasdaq: MDB) continues to soar. MongoDB’s stock has climbed 53% since the start of the year.

Cloud Stocks: Is Smartsheet’s Pullback a Buying Opportunity?

Seattle-based Smartsheet (Nasdaq: SMAR) recently announced its first quarter results that failed to impress the market. Its weaker than expected billings and a similarly weak outlook sent the stock tumbling in the after-hours session. The stock fell 14% after the result announcement – its biggest decline since listing. But it is a knee jerk reaction to a stock with a lot more potential.

Cloud Stocks: Veeva Scales New Highs

Veeva was founded in 2007 to deliver industry-specific business solutions over the cloud. The COVID-19 pandemic has driven migration to its cloud-based software for pharmaceutical and biotech companies. Veeva recently reported results for a strong first quarter that beat estimates.

Has Zoom Stock Peaked?

The current Covid crisis has been particularly beneficial for online video conferencing player Zoom Video Communications (Nasdaq: ZM). With organizations, both small and big, and educational institutions globally resorting to remote working and remote learning techniques, Zoom’s revenues have grown to record highs. The market is pleased with the company and its stock has soared more than 200% since January this year.

Cloud Stocks: Salesforce Partners with Workday to Address the New Normal

Earlier this month, Salesforce (NYSE: CRM) announced its first quarter results. While the company managed to outpace market expectations for the quarter, it failed to provide an impressive outlook. The current global economic conditions have impacted the outlook of most companies. Salesforce is no exception.

Cloud Stocks: Splunk Rides High on Cloud Initiatives

Big Data player Splunk’s (NASDAQ: SPLK) cloud bets are paying off. The company recently announced its first quarter results. While the results were not entirely impressive, the market’s pleased with the company’s continued push into cloud services.

Bill.com Counts on Partnerships Amid Covid

Bill.com (NYSE:BILL) went public in December last year. In spite of the recent market turbulence and the global economic conditions, its stock has had a strong run. Since listing, the company’s stock has soared almost 220%.