Do You Have These Top 3 Software Stocks On Your Watchlist This Week?

No doubt, 2020 was a banner year for tech stocks in the

stock market

. By extension,

software stocks

were also featured heavily in the spotlight as digital acceleration trends picked up. This year, even as we approach the tail-end of the pandemic and tech-based growth stock trends cool-off, software remains relevant. After all, some would argue that software is essentially the digital glue that holds our tech-reliant world together. Without software, the tech innovations of today would not be able to function. Moreover, whether it is enterprises, consumers, or governments, software dependency is higher than ever across numerous industries.

For instance, a recent wave of high-profile cyberattacks continues to have impacts on the world today. From critical infrastructure companies and federal databases to private tech giants, everyone appears to be in danger of ransomware attacks. As a result, corporate spending on cybersecurity software would be at a high right now. Specifically, Bank of America (

NYSE: BAC

) CEO Brian Moynihan recently revealed that the company spends over $1 billion annually on cybersecurity. While that figure may seem large, Moynihan also highlights that BAC’s peers are spending similar amounts on digital safety.

At the same time, software is also an integral part of the gaming industry today. Right now, one of the largest showcase events in the industry, E3, is currently underway. Big names such as Microsoft (

NASDAQ: MSFT

) and Nintendo (

OTCMKTS: NTDOY

) are often in focus here, bringing their best software to the table. With certain parts of the world still dealing with the pandemic, gaming remains a popular pastime now. By and large, these are but two instances highlighting the relevance of the software industry. Should all this have you keen on investing in

software stocks

, here are three making waves in the

stock market today

.

Best Software Stocks To Watch Right Now

• 
  Salesforce.com Inc.
  
  (
  
  NYSE: CRM
  
  )
• 
  Alibaba Group Holding Ltd
  
  (
  
  NYSE: BABA
  
  )
• 
  Alphabet Inc.
  
  (
  
  NASDAQ: GOOGL
  
  )

Salesforce.com Inc.

Starting us off today is cloud-based software company Salesforce. For the uninitiated, the company primarily offers customer relationship management (CRM) solutions. On top of that, Salesforce also offers a comprehensive suite of CRM-related enterprise applications to organizations as well. These services include but are not limited to marketing automation, analytics, and app development. Now, as software continues to connect businesses with customers across the globe, Salesforce’s services would be crucial. This would especially be the case as organizations expand their market reach beyond more international borders. Accordingly, CRM would be an increasingly complex task. Could this make CRM stock worth investing in given its current valuation?

For one thing, the company continues to adapt its offerings to fit with changing times. Just yesterday, news broke of a recent collaboration between Salesforce, global professional services company, Accenture (

NYSE: ACN

), and digital transformation company, ISDI. Namely, the trio is actively employing the Salesforce Sustainability Cloud (SSC). Through the SSC, customers can access data-driven insights on company greenhouse gas emissions. Ideally, the SSC platform would come in handy as organizations and businesses aim to meet new sustainability goals set by governments. In turn, this would make Salesforce’s offerings more viable amidst the global green wave as well.

Elsewhere, Salesforce’s international investments appear to be paying off as well. Just last week, the company raked in a whopping $11.55 million thanks to Israeli software company Monday.com’s (

NASDAQ: MNDY

) IPO. Overall, Salesforce seems to be kicking into high gear now. Could this make CRM stock a top buy for you?

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Alibaba Group Holding Ltd.

Another major player in the software space to know now would be Alibaba. Sure, most would not immediately think of Alibaba when considering the top software stocks. However, the company is expanding in this space as well. While most know it as an e-commerce giant, Alibaba boasts one of the largest cloud computing divisions across the globe. Through its Alibaba Cloud (AC) arm, Alibaba is a leading name in the Chinese cloud market now. For the most part, AC provides cloud computing services to online businesses. It also bolsters the company’s e-commerce ecosystem across the board. With BABA stock mostly trading sideways this year, some investors could be eyeing it now.

Nevertheless, Alibaba does not appear to be slowing down anytime soon. Just last week, AC unveiled a new service to help global online merchants at its Alibaba Cloud Summit 2021. The paid service in question would allow global merchants to build live-streaming shopping platforms. According to Alibaba, it will combine “

distributed real-time video processing technology

” and “

uninterrupted signal transfer

” to optimize live shopper experiences. Notably, the company also revealed plans to deploy 1,000 autonomous delivery units across China. This would serve to further automate its e-commerce delivery services.

Overall, it seems like Alibaba is making the best of its tech expertise to bolster its core e-commerce offerings. This is an especially crucial play now as the company seeks to retain shoppers gained throughout the pandemic. Time will tell if all this can help it outperform its competitors in the industry now. In the meantime, would you consider investing in BABA stock?

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Alphabet Inc.

Next up, we have one of, if not the biggest name in tech now, Google. To begin with, the Alphabet Inc. subsidiary likely needs no introduction. From its global leading search engine to its industry-moving Android smartphone operating system, Google is a big gun in the software industry. Not to mention, the company also owns and operates YouTube, the largest video-sharing social media site in the world. Throughout all of these businesses, Google generates substantial revenue through the power of software.

A significant portion of that would be from running advertisements (ads) which Google does exceptionally well. For a sense of scale, the company posted an ad revenue of $147 billion in 2020. In its recent quarter fiscal, Google also saw green across the board. The company posted an earnings per share of $26.29 for the quarter, on revenue of $55.31 billion. To investors’ delights, this marks year-over-year surges of 166% and 34% respectively. More importantly, GOOGL stock continues to outpace the broader stock market in terms of year-to-date gains. Regardless, could it have more room to run moving forward?

If anything, Google is not resting on its laurels just yet. Earlier this week, the company announced major redesigns for its Gmail and Google Workspace services. Specifically, Google is looking to integrate these services into a one-stop platform for all of its productivity apps. Arguably, this would put its office software in the same playing field as the likes of Slack or Microsoft Teams. Given that the company is making these tools free for regular Google users, it could be looking to gain market share from its competitors. Given all of this, will you be adding GOOGL stock to your portfolio?