10 Best Innovative Stocks to Invest in According to Hedge Funds

8. Salesforce, Inc. (NYSE:CRM)

Number of Hedge Fund Holders: 117

Salesforce Inc (NYSE:CRM) is a leading cloud provider and one of the best innovative stocks to buy according to hedge funds. The company has one of the world’s most trusted customer relationship management platforms. What started as a collaborative cloud company is now an AI powerhouse that boasts advanced technological capabilities.

Salesforce Inc (NYSE:CRM) is committed to expand and innovate. MuleSoft, Salesforce’s software company that provides integration software to connect data and applications, launched AsyncAPI capable of building AI-powered customer experiences in real-time. The launch will facilitate the widespread adoption of event-driven infrastructures, allowing businesses to respond to real-time events faster. Fast forward to October 29, Salesforce Inc (NYSE:CRM) announced the general availability of Agentforce, a new feature on the Salesforce platform, that will help companies develop and deploy autonomous AI agents.

As Salesforce Inc (NYSE:CRM) transcends to making AI a reality, new bookings for its AI products more than doubled during Q2 2024 sequentially. In addition to that, the company signed 1,500 AI deals during the same period. The company’s Data Cloud saw a 130% increase in paid customers and the number of customers spending more than $1 million in a year has more than doubled.

Overall, Salesforce Inc (NYSE:CRM) claims that this is its first step to becoming an AI enterprise and is expecting a major tailwind in revenue due to AI adoption in the coming years. Analysts are also bullish on the stock and their median price target of $317.5 implies an upside of 8%.