The cloud computing industry is expected to be worth over $600 billion in 2023. And one of its most important companies could double in the next year.
This top penny stock could pop more than 104% in just 12 months. No telling where it will climb in the years to come...
You see, the cloud is changing the way business works around the world. Last year, Cloud Security Alliance reported that 69% of enterprise organizations were in the process of migrating business-critical data to the cloud.
That means businesses are taking all of the digital applications they use, all their information, and moving it from physical hard drives to the cloud.
That's truckloads of enterprise information being trusted to the airwaves. It could be anything from a company's budget to employee medical history. It could even be government secrets - the federal government is expected to increase its expenditure on cloud computing by nearly $4 billion in the next five years, according to The Federal Times.
That means the cloud will have to at least measure up to on-premise (opposite of cloud) storage in terms of safety. People already look to the cloud for speed and convenience. But questions arise when considering the fact that so much data can be accessed remotely.
But this top penny stock today is actually one of the most trusted cloud solutions providers in the industry. It's trusted by big companies like Microsoft Corp. (NASDAQ: MSFT) and Amazon.com Inc. (NASDAQ: AMZN), both of which have provided cloud services to the federal government.
So there's little doubt this company's products deliver. And it's going to continue to be a key player in the cloud computing industry.
This industry is expected to have a whopping compound annual growth rate (CAGR) over 29% as it grows to $600 billion. For perspective, the IT services industry CAGR is 2.6%. So 29% annual growth in cloud computing is huge. And you can pick up one of the best cloud computing stocks for less than $3.
The low price of a penny stock like this enables it to make huge percentage leaps on a positive shift, either in the industry or in the broader market.
For example, Senmiao Technology Ltd. (NASDAQ: AIHS), one of our top penny stocks last November, rose 268% just because the Dow Jones had a good day.
And the cloud computing industry is certain to trend higher. The best penny stock this week is a chance to ride that wave to 104% profit...
Ribbon Communications Inc. (NASDQ: RBBN) develops communication security and software solutions for large enterprises, mobile and cable service providers.
Microsoft and Amazon are among those large enterprises they serve - two of the world's largest, most trusted cloud services. And Ribbon has partnered with both.
For Microsoft, Ribbon provides solutions and security measures to Microsoft Teams and Skype for Business.
Ribbon is also part of the Amazon Web Services partner program, which helps "APN Partners build successful AWS-based businesses or solutions." Through that partnership, it's meeting the cloud needs of various businesses associated with Amazon that want cloud-based communication.
On Jan. 28, the company launched its "Intelligent Edge Portfolio" to speed up the process of migrating company data to the cloud.
And with the growing rate of cloud adoption, it's just the time for it.
Ribbon has also achieved profitability in the last 12 months, with net income over $18 million in the green. And this can only grow with time, as more businesses migrate to the cloud.
Shares of Ribbon trade for $2.89 right now. But analysts expect it to hit $6 by the end of the year. That's 104% profit for today's investor.
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