From Bytes to Billions: 3 Software Stocks Set to Soar in 2024

One of the most impressive things about the technology sector is that it can adapt to any other existing sector. Without a doubt, a fundamental pillar for the evolution and improvement of our daily lives is the software companies that are constantly developing and implementing tools that facilitate our existence as a society and improve each of the processes that we need to execute. If you want to invest in companies that are constantly developing incredible applications and betting on our future, here are these three software stocks.

Shopify (SHOP)

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A great tool to help you streamline sales no matter if you’re a small business or a giant in the marketplace? That great tool exists and it’s called Shopify (NYSE:SHOP).

The company continued its trend of posting strong financials. During the third quarter their gross merchandise volume reached $56.2 billion, which represents a 22% increase, and their total revenue increased by 25% to reach $1.7 billion.

The corporation recently launched the Retail Plan, which combines Shopify’s features with tools to get into the online world.

In addition to that launch, which makes the world easier for their customers, they have decided to partner with Amazon(NASDAQ:AMZN) to allow Shopify merchants to offer Prime benefits directly through their checkout process.

Weave (WEAV)

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This technology company not only contributes to general technological development but also plays a role in the medical world. Let’s take a brief look at Weave Communications (NYSE:WEAV).

The firm’s latest financial report revealed a 20.2% year-over-year increase in total revenue which came to $43.5 million dollars. Weave became more efficient in its operations, improving gross margins and reducing losses.

Weave partnered with Affirm (NASDAQ:AFRM) to introduce transparent and flexible payment options, making access to healthcare easier.

But that’s not all; they have also made improvements to their Digital Forms product with over 17 million forms sent to patients. 

Furthermore, Weave has focused on enhancing the human touch by integrating 4D EMR. The product has features such as personalized appointment reminders, detailed patient profiles, and automatic review requests.

Intuit (INTU)

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There are applications that we use very often and even daily. Some of these applications — TurboTax, CreditKarma and Mailchimp — are all under the Intuit (NASDAQ:INTU) umbrella.

The firm has been in the investor spotlight lately for its strong financial performance. In the first quarter Intuit generated $3 billion in revenue, which is up by 15% year-over-year.

Among these financial achievements, there was also an 18% increase in revenue for the small business and freelance group, as well as a wonderful 20% increase in revenue for the online ecosystem.

Not only have they delivered incredible revenues, but they have also made strategic moves to increase their productivity and growth.

They have recently enabled Credit Karma and QuickBooks Online users to prepare and file their 2023 taxes easily through TurboTax. This integration takes the user experience to a whole new level and can increase retention.

As of this writing, Gabriel Osorio-Mazzilli did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines (no position)

Gabriel Osorio is a former Goldman Sachs and Citigroup employee. He possesses discipline in bottom-up value investing and volatility-based long/short equities trading.