2 Spectacular Software Stocks You'll Wish You'd Bought on the Dip
In June, the U.S. inflation rate hit a 40-year high of 9.1%, taking a big bite out of consumers buying power at the grocery store, the gas station, and everywhere in between. The Federal Reserve is aggressively hiking interest rates in an effort to combat this, which puts further pressure on household finances. This economic climate is crushing companies that rely on consumer spending to generate revenue, particularly in the technology sector.
Investors looking for alternatives might want to consider buying shares in companies that draw their revenue from other sources, like businesses. Those that sell software designed to improve a business's operating efficiency have some advantages because saving money and generating more sales is a top priority for companies right now.
Bill.com (NYSE: BILL) and Workiva (NYSE: WK) fit that description. Share prices in each company are down between 53% and 63% from their all-time highs, thanks largely to the broader market's souring on tech stocks in 2022. But here's why these two software stocks should be near the top of every investor's wish list at the moment.
Source Fool.com
