The software industry has grown significantly amid the COVID-19 pandemic. Even with considerable progress on the vaccination front this year, the need to work remotely and the ongoing digitalization of almost…
every industry have increased the demand for advanced software. Furthermore, consistent innovations by software companies are also increasing the industry’s relevance.
According to Statista, software market revenue is expected to reach $581.18 billion this year. The industry’s revenue is expected to grow at a 7.22% CAGR over the next five years to reach $823.71 billion by 2026. Also, investors’ interest in software stocks is evident in the SPDR S&P Software & Services ETF’s (XSW) 8.1% gains over the past six months.
So, we think it could be wise to add software stocks UiPath Inc. (PATH – Get Rating), ZoomInfo Technologies Inc. (ZI – Get Rating), and Five9, Inc. (FIVN – Get Rating) to one’s watchlist because analysts have recently upgraded them.
Click here to check out our Software Industry Report for 2021
UiPath Inc. (PATH – Get Rating)
Enterprise automation software company PATH, in New York City, offers an end-to-end automation platform that provides a range of robotic process automation (RPA) solutions. In addition, its products include UiPath Studio, UiPath Robots, UiPath Studio, and UiPath Orchestrator. Barclays recently upgraded the stock’s rating to ‘Overweight’ from ‘Equal-Weight.’
PATH announced on July 27 that dentsu, one of the world’s largest advertising agency networks, would migrate to the UiPath Automation Cloud to deliver automation and artificial intelligence (AI) capabilities at scale across its enterprise. This business success represents the increasing demand for PATH’s solutions.
For its fiscal second quarter, ended July 31, 2021, PATH’s net revenue increased 40.3% year-over-year to $195.52 million. The company’s gross profit came in at $159.93 million, up 28.3% year-over-year. Its total assets were $2.35 billion for the period ended July 31, 2021, compared to $866.46 million for the period ended January 31, 2021.
PATH’s revenue is expected to be $1.15 billion in its fiscal year 2023, representing a 32.9% year-over-year rise. It closed yesterday’s trading session at $51.89.
ZoomInfo Technologies Inc. (ZI – Get Rating)
ZI operates a cloud-based go-to-market intelligence platform for sales and marketing teams worldwide. Its portfolio of solutions combines B2B intelligence and company contact data with engagement software and dynamic workflows. ZI is headquartered in Vancouver, Wash. Barclays recently upgraded the stock’s rating to ‘Overweight’ from ‘Equal-Weight.’
On September 9, ZI acquired RingLead, a Data Orchestration Leader. ZI’s founder and CEO, Henry Schuck, said, “The acquisition of RingLead allows our customers to marry ZoomInfo intelligence with other data sources to create a unified view of their customers and shorten the path from data to engagement.”
ZI’s total revenue increased 56.9% year-over-year to $174 million for its fiscal second quarter, ended June 30, 2021. The company’s net income came in at $9.30 million, compared to a $34.4 million loss in the year-ago period. In addition…
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