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Time to Buy Soaring Coronavirus Cloud Stocks Cloudera, DocuSign & Slack?
On today’s episode of Full Court Finance here at Zacks, Ben Rains looks at the continued market rally and discusses why the coronavirus economic recovery might be quick. The episode then dives into three cloud-focused stocks, Cloudera, DocuSign, and Slack, which have been coronavirus stay-at-home standouts, ahead of their upcoming earnings releases.
The stock market’s rally has once again gained steam over the last few weeks as economies around the world and U.S. states roll back coronavirus lockdown measures. The recent protests and unrest have not seemed to deter investors so far. And there are signs that the economic recovery could be quick (also read: Three Reasons Why the Coronavirus Economic Recovery will be Quick).
Meanwhile, technology stocks like Facebook and Apple (AAPL - Free Report) have shined during the coronavirus comeback. Stay-at-home style stocks such as Zoom (ZM - Free Report) and the three cloud-focused companies that we looked at today have soared as well, as Wall Street pours into stocks that appear immune to the current economic downturn.
Cloudera is set to report its first quarter fiscal 2021 earnings results after the market closes on Wednesday, June 3. The enterprise data cloud firm’s shares have skyrocketed over 100% since March 18 and it still rests under $11 per share. But the question is can Cloudera prove to Wall Street that it’s more than a coronavirus play?
DocuSign (DOCU - Free Report) has soared 95% in 2020 and the company’s offerings seem poised to remain highly valuable in our digital-focused world. DocuSign is currently a Zacks Rank #2 (Buy) that hit new highs Tuesday, just two days before its quarterly release.
Slack shares have surged over 65% in 2020 and popped another 6% on Monday. The cloud-based work communications platform that competes against Microsoft (MSFT - Free Report) , Google (GOOGL - Free Report) , and others has added larger customers recently, with its fiscal 2020 revenue up 57%.
5 Stocks to Soar Past the Pandemic: In addition to the companies you learned about above, we invite you to learn about 5 cutting-edge stocks that could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of the decade.
See the 5 high-tech stocks now>>