Cramer's lightning round: Now is not the time to buy cloud stocks—wait for a dip

• It's that time again! "Mad Money" host Jim Cramer rang the lightning round bell, which means he gave his take on callers' favorite stocks at rapid speed.

Nutanix Inc.: "Enterprise cloud is under pressure right now. My favorite in this group is Salesforce. I feel best about that because we were just with them last week. I see all these stocks coming down. It's not necessarily the right moment to buy. Let them come in a little bit more and then buy, buy, buy."

Lam Research Corp.: "We did have to get negative on Lam because we did feel that … flash and [dynamic random-access memory chip]s got oversaturated. We're still not ready to call a bottom."

Proofpoint Inc.: "A lot of people feel that Microsoft has gotten religion and is really competing against Proofpoint. I think the price is right [for] Proofpoint. I'd pull the trigger."

Patterson Companies, Inc.: "I do not like the dental business. I do not like it and I would say sell. I've got to tell you, I think that business is cutthroat and not a place to be."

Noble Midstream Partners LP: "I don't like the midstream group. I think if you're going to be in the midstream group, you're going to have to be paid more than [a] 5 percent yield, which is all that one gives you. I'm going to have to say ix-nay."

PayPal Holdings Inc. and Square Inc.: "Comparisons are odious, as my mom would say. Now, I've got to tell you, PayPal's been a great long-term winner. We've been telling members of the ActionAlertsPlus.com club that it was time to sell a little bit. We sold some in the $90s. I don't think it's worth selling the rest. Square is just, what can I say? It's one of the great stories. Square is expensive, but Square is really good. And we had Sarah Friar on, the CFO, and she told a great story. I think both are good. They are both fintech."

Cypress Semiconductor Corp.: "This stock has fallen out of bed. I think it's kind of ridiculous. I think at the level of $14 after we just spoke with the company recently, it's just a plain out-and-out buy and I think you should take some down at $14."

Watch the full lightning round here:

Disclosure: Cramer's charitable trust owns shares of Salesforce.com, Microsoft and PayPal.

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