5 Best Edge Computing Stocks to Buy Now

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1. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 300

Microsoft Corporation (NASDAQ:MSFT) is an American multinational technology company headquartered in Redmond, Washington. The company is most renowned for its software products, including the Windows line of operating systems, the Microsoft 365 suite of productivity applications, and the Edge web browser. When it comes to the realm of edge computing, Microsoft Azure has rapidly gained prominence by actively supporting edge initiatives in both hardware and software.

In a recent announcement, Microsoft Corporation (NASDAQ:MSFT) revealed its financial results for the first quarter of the 2024 fiscal year. The tech giant posted impressive revenue of $56.5 billion, accompanied by a net income of $22.3 billion in Q1. These figures represent substantial growth, with revenue increasing by 13% and net income surging by 27%. Although the Devices segment faced some challenges during this quarter, there was a modest recovery observed in the Windows division. Notably, Microsoft Corporation (NASDAQ:MSFT)’s cloud services and Office suite enjoyed significant growth, with the company’s Cloud revenue reaching $31.8 billion, demonstrating a 24% year-over-year growth.

Microsoft Corporation (NASDAQ:MSFT) also distributed a quarterly dividend of $0.75 per share and recently raised this dividend by 10% in September of the current year. This marks the 17th consecutive year of dividend growth for the company. As of November 4, MSFT stock offers a dividend yield of 0.85%.

According to Insider Monkey’s Q2 2023 database, Microsoft Corporation (NASDAQ: MSFT) was the most popular stock among hedge funds, with 300 funds holding stakes in the company, collectively valued at nearly $70 billion.

You can also take a look at Jim Cramer’s Top 10 Bank Stock Picks This Year and Top 10 Oil and Gas Stocks To Buy

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