10 Best Cloud Stocks To Buy According to Hedge Funds

7. Workday Inc (NASDAQ:WDAY)

Number of Hedge Fund Investors: 84

Workday Inc (NASDAQ:WDAY) offers enterprise cloud solutions that cater to areas like Finance and HR. Guggenheim has upgraded its rating on the stock from Sell to Neutral, as the company adopts a new strategy of targeting smaller businesses. It also continues to focus on innovation by working closely with its partners and service providers.

The recent quarterly performance has been robust, with revenue growing 15.8% compared to the same period last year. Operating margin increased from 4.7% to 7.6%, with diluted net income per share at $0.72, 67% higher than the previous year. It is not surprising that it was named a leader at the Gartner Magic Quadrant for Cloud ERP for Service-Centric Enterprises. WDAY continues to capture new clients amidst a strong culture of innovation. A number of its customers have subscribed to the full suite of products offered in Workday Financial Management and Workday Human Capital Management (HCM). A newer version of Workday Assistant is set to streamline the Finance and HR process.