As the spread of the Delta variant leads to increasing COVID-19 cases in several parts of the world, the software industry should witness rising demand thanks to the continuation of remote lifestyles. So, we think it could be wise now to scoop up the shares of quality software stocks Microsoft (MSFT), Adobe (NASDAQ:ADBE), and Cadence (CDNS) because these companies are well-positioned to hit fresh all-time price highs in the near term. The three stocks are rated B (Buy) in our proprietary rating system. Read on.The major stock market indexes soared earlier this week on the back of investors’ optimism surrounding the FDA’s full approval of Pfizer Inc. (NYSE:PFE) and BioNTech SE’s (BNTX) COVID-19 vaccine. On the other hand, COVID-19 cases continue to rise in several parts of the world due to the rapid spread of its Delta variant.
While the vaccine’s full approval is expected to increase the vaccination rate in the United States, the resurgence of COVID-19 cases worldwide should lead to increased demand for advanced software solutions as people extend their remote lifestyles. According to Statista, software market revenue is expected to hit $823.71 billion by 2026, growing at a 7.2% CAGR.
So, we think it could be wise to bet on quality software stocks Microsoft Corporation (NASDAQ:MSFT), Adobe Inc. (ADBE), and Cadence Design Systems, Inc. (NASDAQ:CDNS). These stocks have recently soared in price to hit new all-time highs and could continue advancing in the near term. Each of these stocks has an overall B (Buy) rating in our proprietary POWR Ratings system.