<div id="readability-page-1">Software-as-a-service (SaaS) stocks are gaining traction as the cloud computing revolution reshapes the way businesses operate. Leading this transformative wave, SaaS companies offer subscription-based access to essential applications and services. This model provides numerous advantages for businesses, including scalability, cost-efficiency, and automatic updates. As more companies migrate their operations to the cloud, the demand for robust SaaS solutions is skyrocketing. In recent years, the SaaS model has become a dominant force in technology and business. Explosive growth in the SaaS market is driven by digital transformation and data-driven decision-making. Moreover, the integration of artificial intelligence, AI, in SaaS is revolutionizing entire industries. Recent research projects that the global SaaS market will quadruple in size, exceeding a staggering $1.2 trillion by 2032. With that information, here are three high-growth SaaS stocks to watch in the rest of 2024. <h2>HubSpot (HUBS)</h2> <div id="1421621"><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="300" height="169" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/>Source: rafapress / Shutterstock.com</div>First up on our list of high-growth SaaS stocks is HubSpot (NYSE:HUBS), which provides a cloud-based customer relationship management (CRM) platform. This platform includes integrated applications such as marketing, sales, service, and content management systems. HubSpot’s first quarter 2024 earnings showed solid financial performance. The company reported a 23% year-over-year (YOY) revenue growth, reaching $617.4 million. This growth was driven by a 22% increase in total customers, bringing the total to over 215,000 globally. Diluted EPS surged 38% YOY to $1.68. Yet, HubSpot shares fell sharply on July 10, after the news that Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) halted discussions regarding a potential acquisition. Despite investor disappointment and the decline in stock price, HubSpot remains poised for substantial growth. Its AI-driven tools consistently improve customer performance metrics, demonstrating the platform’s effectiveness in driving business growth. According to numbers released by HubSpot, within a year of using HubSpot, customers typically acquire 129% more leads and close 36% more deals. Despite a 17% year-to-date (YTD) decline in HUBS stock’s price, it is trading at a rich valuation level of 66.7 times forward earnings and 10.8 times sales. However, Wall Street is optimistic, projecting a 12-month median price forecast of $679.00 for HubSpot stock, suggesting more than 40% upside potential. <h2>Salesforce (CRM)</h2> <div id="2297586"><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="300" height="169" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/>Source: Sundry Photography / Shutterstock.com</div>We continue our discussion of SaaS stocks with Salesforce (NYSE:CRM), a member of the Dow Jones Industrial Average. With a strong market presence and reliability, Salesforce serves major companies like IBM (NYSE:IBM), Toyota (NYSE:TM), and Walmart (NYSE:WMT). The latest earnings report by Salesforce raised eyebrows. Revenue increased 11% YOY to reach $9.1 billion, while diluted EPS surged 45% to $2.24. The company maintained its fiscal year 2025 revenue guidance of $37.7-$38 billion, representing an 8-9% YOY growth. However, Salesforce missed its revenue target and investors were not pleased. Despite the question marks about the rest of the year, Salesforce is continuing its growth efforts. In May, it was ranked the #1 CRM provider by the International Data Corporation for the 11th consecutive time. Wall Street has also noted the AI integration within its Einstein platform. In addition, the Data Cloud Vector Database and its first AI Center in London are likely to drive future growth. However, CRM stock has dropped 5% in 2024, mainly due to a disappointing sales forecast. Shares are now trading at 25.8 times forward earnings and 7 times sales. Analysts have set a 12-month median price target of $300.00 for CRM, signaling a nearly 20% upside potential from the current levels. <h2>Workday (WDAY) </h2> <div id="1437560"><img src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="300" height="169" original-src="https://imageproxy.pbkrs.com/https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif"/>Source: Sundry Photography / Shutterstock.com</div>As we conclude our article, Workday (NASDAQ:WDAY) stands out among high-growth SaaS stocks with its cloud-based corporate management solutions. Leveraging machine learning and augmented analytics, Workday offers businesses real-time insights and operational efficiencies. In its first quarter of fiscal year 2025, Workday released numbers that showed mixed financial performance. Total revenues grew 18.1% YOY to $1.99 billion, with diluted EPS rising 31% to $1.74. The company also reported an 18% increase in its 12-month backlog. However, Workday’s stock faced challenges as it provided a lower full-year subscription revenue forecast due to heightened sales scrutiny and slower customer growth. Nevertheless, Workday continues to innovate, acquiring HiredScore for its AI-powered talent solutions and partnering with Google Cloud to expand product availability on the Google Cloud Marketplace. At Workday DevCon 2024, the company unveiled AI advancements through Workday AI Gateway and AI Marketplace, aimed at enhancing app development and expanding AI adoption. So far in 2024, WDAY stock has declined around 16%, while the shares are changing hands at 35.1 times forward earnings and 8.3 times sales. Analysts have a 12-month median price target of $275.00 for Workday stock. Such an advance suggests a potential 19% upside, highlighting Workday’s growth prospects in the competitive SaaS landscape. On the date of publication, Tezcan Gecgil did not have (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. On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article. Tezcan Gecgil, PhD, began contributing to InvestorPlace in 2018. She brings over 20 years of experience in the U.S. and U.K. and has also completed all 3 levels of the Chartered Market Technician (CMT) examination. Publicly, she has contributed to investing.com and the U.K. website of The Motley Fool.Software, Technology </div>

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The article discusses the growth of software-as-a-service (SaaS) stocks in the cloud computing industry. It highlights three high-growth SaaS stocks to watch: HubSpot, Salesforce, and Workday. The article provides financial performance information for each company and mentions their potential for future growth. The abstract does not contain information category information.

3 High-Growth SaaS Stocks to Watch in July