Software stocks were among the market’s biggest losers in 2022 amid drastic shifts in Fed policy. But amid signs of cooling inflation over the past few months, the pace of interest rate hikes has slowed. With inflation collapsing, it seems likely that interest rates will continue falling through 2023. If they do, then it could be up, up, and away for certain software stocks, such as our stock recommendation for today. If you are looking for rapid growth potential from a company with a solid balance sheet, look no further.
Pure Storage (PSTG)
The next-generation data storage market is predicted to grow by 8.5% to $81 billion by 2025. All-flash data storage hardware and software products developer Pure Storage (PSTG) has upward solid top and bottom-line results, a healthy balance sheet, and growing cash flow. PSTG investors benefit from its subscription-based model, which is now at over $1 billion in annual recurring revenue. With a growing customer base in a market with substantial long-term growth potential, investors may want to take a bullish stance on this company.
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