Tech Stock Sensei

2 Software Stocks Under $10 to Buy in July

The tech industry was instrumental in leading the world to a ‘new normal’ regarding work, school and entertainment amid the COVID-19 pandemic. With large economies now in their recovery period, the need for digital transformation has become imperative as major companies adopt hybrid work structures in earnest.

The increase in enterprise data volume and the rising demand for automation in almost every industry amid the rapid adoption of hybrid working structures are the main growth drivers in the business software and services industry. The size of the global business software and services market is projected to expand at an 11.3% CAGR from 2021 – 2028.

The enterprise software market has boomed in recent years, with a significant rise in revenues. According to Statista, IT spending on enterprise software is expected to be approximately $599 billion worldwide in 2021, representing a 13.2% rise year-over-year.

Given the promising industry outlook, we believe lower-priced stocks Rimini Street, Inc. (RMNI – Get Rating) and Evolving Systems, Inc. (EVOL – Get Rating) could now be solid bets.

Click here to check out our Software Industry Report for 2021

Rimini Street, Inc. (RMNI – Get Rating)

The Las Vegas company provides enterprise software products, services, and support for various industries. In addition, RMNI offers software support services for Oracle and SAP enterprise software products.

On July 7, the company announced that the County of Fresno in California had switched to Rimini Street Support for its Oracle Database and Fusion Middleware software and PeopleSoft applications. In  June, quantiQ, a leading Brazilian distributor of chemical products based in São Paulo, and International Air Transport Association (IATA), also switched to RMNI  solutions. This demonstrates the company’s dominance in the market and its strong global presence.

RMNI’s revenue increased 12.6% year-over-year to $87.90 million in its fiscal first quarter, ended March 31. Its gross profit grew 13% from its year-ago value to $54.06 million, while its non-GAAP net income improved 9.7% year-over-year to $8.48 million over the period.

A $94.76 million consensus revenue estimate for its fiscal third quarter, ending September 2021, indicates a 14.8% improvement from the same period last year. In addition, analysts expect the company’s EPS to come in at $0.1 in the current quarter, representing  a 300% rise year-over-year.

RMNI has gained 85.3% year-to-date. The stock gained 5.9% intraday to close yesterday’s trading session at $8.21.

RMNI has an overall B rating, which equates to Buy in our proprietary POWR Ratings system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.

RMNI has an A  grade for Quality, and B for Growth and Momentum. It is ranked #6 among the 59 stocks in the Software – Business industry.

Beyond what we’ve stated above, we have also rated RMNI for Value, Sentiment, and Stability. Click here to view all RMNI ratings.

Evolving Systems, Inc. (EVOL – Get Rating)

EVOL provides real-time digital engagement solutions and services to the…

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