In this piece, we will take a look at the 10 best SaaS stocks to buy now.
SaaS, also known as software as a service, is one of the biggest and most important industries in today’s high technology era. SaaS evolved along with personal computing, and initially, it allowed businesses to make use of software to manage their supply chains, manufacturing, and other business operations.
Software as a service means that a SaaS customer simply needs access to a computer and the internet to use the service. Since the post broadband internet revolution, internet speed and bandwidth have increased to such an extent that consumers can easily stream high definition videos from the comfort of their homes. Simultaneously, businesses are also able to use third party software for functions such as payroll and human resource management. Relying on SaaS for entertainment or business management allows users to access a portfolio of specialized and customized services to suit their requirements without having to invest heavily in equipment or resources.
Additionally, the boom of artificial intelligence products means that SaaS is right at the front of the technological revolution. AI is, after all, software, and most AI users are unlikely to invest in expensive GPUs or hardware to run their models. Therefore, it’s only natural that AI becomes an extension of SaaS, with models such as ChatGPT providing users globally with a novel software tool that they can use as they please.
The popularity of Software as a Service (SaaS) stocks has surged in recent years, driven by the widespread adoption of cloud-based solutions across industries. Products like Zoom have become essential tools for businesses, enhancing productivity, scalability, and cost-efficiency. This trend reflects the broader digital transformation that has been accelerated by the global shift to remote work and online services.
Marc Andreessen’s influential essay, “Why Software Is Eating the World,” published in 2011, foresaw this shift. Andreessen argued that software companies would revolutionize traditional industries by leveraging the internet’s power to deliver innovative and scalable solutions. He predicted that every company would eventually become a software company, driven by the need to adapt to the digital age. Andreessen’s vision has proven prescient as we witness the dominance of SaaS companies in the stock market. These firms offer subscription-based models that provide continuous revenue streams and foster long-term customer relationships. This business model has attracted investors due to its predictability and growth potential.
The ability of SaaS firms and stocks to benefit from the Internet also means that the sector is quite lucrative. Market research shows that the global SaaS market was worth $276 billion in 2022. From then until 2032, the sector is expected to grow at a compounded annual growth rate (CAGR) of 13.9% to be worth $1 trillion by the end of the forecast period. Individual SaaS stocks, like their broader technology peers, have also seen investors react to AI announcements. Those who have convinced Wall Street of their ability to blend AI into their product portfolios have flourished while others have floundered.
Finally, and before we head to our list of the best SaaS stocks that hedge funds are buying, it’s also important to understand how these stocks differ from others. Since SaaS is a high growth industry which prioritizes growth over profitability. Many SaaS businesses follow a “land and expand” strategy. This means acquiring a large customer base initially, even if it means sacrificing short-term profits. The idea is that once they have a sizable customer base, they can focus on increasing revenue from existing customers through upselling and cross-selling additional services. In certain competitive SaaS niches, achieving a dominant market share early on can also be crucial. By prioritizing rapid growth and user acquisition, SaaS companies can establish themselves as the leading player in their niche. This can create network effects, where the value of the platform increases as more users join, making it even more attractive to new customers. As a result, investors typically analyze SaaS firms through their revenue and enterprise value as opposed to their profitability. The enterprise value of a firm is an extension of its market value of equity as it adds the value of net debt that the firm has taken on. Net debt is total debt minus cash and equivalents, and for SaaS investors, one key metric is dividing the EV by the revenue. Generally, a higher EV/Revenue multiple suggests a more valuable company.
This multiple is also affected by interest rates. When interest rates rise, the discount rate used to value future cash flows also increases. This discount rate reflects the time value of money and the potential return investors could earn elsewhere. For high-growth stocks like SaaS companies, a large portion of their value is derived from the expectation of significant future earnings. A higher discount rate makes those future earnings less valuable in today’s dollars, leading to a lower present value for the stock. When the interest rates were reduced to historically low levels during the pandemic, SaaS companies took off and traded at median EV/Revenue multiples of nearly 20 in 2021. Before the pandemic, the media EV/Revenue multiple for the publicly traded SaaS stocks was around 11.
After the Fed increased short term interest rates to above 5% in 2022 and 2023, SaaS companies’ EV/Revenue multiples contracted sharply. For the last 18 months, the median multiple is hovering around 7. Fed’s interest rate policy shift is one reason for this decline; however, declining growth rates is another. SaaS companies used to grow their revenues by around 30% before the pandemic and this figure increased to 33% in 2021. However, we observed a sharp contraction in growth rates since then. Currently, the median revenue growth rate for publicly traded SaaS companies is around 17%.
It isn’t just a coincidence that the growth rates of SaaS companies went down as the Fed increased interest rates. Higher interest rates make cost of capital expensive, and this leads to lower demand for capital spending. Higher interest rates also force unprofitable companies into cost cutting because they can’t easily raise capital anymore. As a result, most SaaS companies, especially the ones that burn cash at high rates, switch from prioritizing growth to prioritizing profitability.
We believe we are at the end of the “SaaS winter” as the market expects the Fed to start cutting interest rates later in 2024. This means the dynamics that led to lower valuation multiples and lower growth rates for publicly traded SaaS stocks will reverse and we will see higher stock prices for SaaS stocks. The average return of hedge funds’ favorite 10 SaaS stocks is -10% in 2024 and underperformed the market by nearly 25 percentage points so far this year. We don’t know when the perfect time to buy these SaaS stocks is, but we believe this is a good time to establish entry positions in these stocks as these stocks will start to recover their losses after the Fed starts to cut interest rates.
So, with these details in mind, let’s take a look at the best SaaS stocks to buy now according to hedge funds.
Copyright: ralwel / 123RF Stock Photo
Our Methodology
To make our list of the best SaaS stocks, we first made a list of the top 30 SaaS stocks in the US by their market capitalization. They were then ranked by the number of hedge funds that had bought the shares in Q1 2024, and the top SaaS stocks were selected. Why do we care about what hedge funds do? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
10. MongoDB, Inc. (NASDAQ:MDB)
Number of Hedge Fund Investors In Q1 2024: 56
YTD Return: -44.5%
MongoDB, Inc. (NASDAQ:MDB) is a SaaS company that provides businesses with access to a digital database. The firm made the news for the wrong reasons in May 2024, when its latest earnings report disappointed analysts and investors. While Wall Street was expecting MongoDB, Inc. (NASDAQ:MDB) to guide $473 million in revenue for the current quarter, the firm’s figures shared that it expected to earn a high end of $464 million. Consequently, MongoDB, Inc. (NASDAQ:MDB)’s shares tanked by 35%. However, Keybanc remained optimistic about the firm’s shares. Its latest note, released in June, saw the firm keep an Overweight rating for MongoDB, Inc. (NASDAQ:MDB)’s shares and stick to a $278 share price target. Key to this bullishness is Keybanc’s view of MongoDB, Inc. (NASDAQ:MDB)’s strong position in the noSQL database market, which it believes is worth $106 billion.
The average of 29 one year analyst share price targets for MongoDB, Inc. (NASDAQ:MDB) is $329.58, which marks a 45% upside over the current share price of $227. The shares are rated Strong Buy on average, and MongoDB, Inc. (NASDAQ:MDB)’s average annualized three year revenue growth rate is 41.79% as of January 2024. Clearbridge Investments mentioned the firm in its Q4 2023 investor letter as it shared:
New addition MongoDB, in the IT sector, offers a leading modern database platform that handles all data types and is geared toward modern Internet applications, which constitute the bulk of new workloads. Database is one of the largest and fastest growing software segments, and we believe it is early innings in the company’s ability to penetrate this market. MongoDB is actively expanding its potential market by adding ancillary capabilities like vector search for AI applications, streaming and real-time data analytics. The company reached non-GAAP profitability in 2022, and we see significant room for improved margins as revenue scales.
9. Block, Inc. (NYSE:SQ)
Number of Hedge Fund Investors In Q1 2024: 65
YTD Return: -19.7%
Block, Inc. (NYSE:SQ) enables businesses and retailers to use its software platform to understand and analyze their transaction and payment data. The firm’s first quarter earnings, reported in May 2024, saw it beat respective analyst revenue and EPS estimates of $5.89 billion and $0.71 by posting $5.96 billion and $0.85. The firm’s announcement that it will reinvest its Bitcoin profits to buy more Bitcoin also impressed investors, with the shares soaring by as much as 9% after the results. Following the results, TD Cowen raised Block, Inc. (NYSE:SQ)’s share price target to $92 from $90 and kept a Buy rating on the shares. The firm shared that Block, Inc. (NYSE:SQ)’s 11% operating income beat and an upward guidance revision was evidence of management’s strong focus on both cost control and growth.
The average of 39 one year analyst share price targets for Block, Inc. (NYSE:SQ) is $91.09, marking an upside of 46% over the recent share price of $62.15. The shares are rated Buy on average. Clearbridge Investments mentioned the firm in its Q4 2023 investor letter. According to the firm:
The sector [financials] also contained our top individual holding during the period: Block, whose stock price maintained its upward momentum after it announced that Square retailers saw substantial increases in holiday spending trends and transactions, and greater optimism for a soft landing helped alleviate investor concerns over consumer spending.
8. Snowflake Inc. (NYSE:SNOW)
Number of Hedge Fund Investors In Q1 2024: 73
YTD Return: -36.1%
Snowflake Inc. (NYSE:SNOW) is mid sized SaaS company that enables businesses to consolidate their data under a single platform and run analytics and other operations. The firm has had a busy June when it comes to AI as it announced a slew of deals. One of these will see Snowflake Inc. (NYSE:SNOW) partner up with AI giant NVIDIA to enable customers to build custom AI applications on Snowflake Inc. (NYSE:SNOW)’s platforms by using NVIDIA’s AI capabilities. These announcements came after the firm’s latest earnings which saw it miss analyst adjusted EPS estimates of $0.18 by posting $0.14 in the segment. Citi’s latest analyst note saw it maintain a Buy rating on Snowflake Inc. (NYSE:SNOW)’s shares along with a $236 share price target. The confidence followed Snowflake Inc. (NYSE:SNOW)’s latest Summit where it announced partnerships with more than a dozen customers.
The average of 37 one year analyst share price targets for Snowflake Inc. (NYSE:SNOW) is $209.97, marking a 65% upside over the recent closing price of $127.17. Its three year average annualized growth rate is 67.98%. Its CEO talked quite a bit about AI during the latest earnings call where he shared:
“What is resonating most with our customers is that we are bringing differentiation to the market. Snowflake delivers enterprise AI that is easy, efficient, and trusted. We’ve seen an impressive ramp in Cortex AI customer adoption since going generally available. As of last week, over 750 customers are using these capabilities. Cortex can increase productivity by reducing time consuming tasks. For example, Sigma Computing uses Cortex language models to summarize and categorize customer communications from their CRM. In the quarter, we also announced Arctic, our own language model. Arctic outperformed leading open models such as LLaMA-2-70B and Mixtral 8x7B in various benchmarks. We developed Arctic in less than three months at one-eighth the training cost of peer models.
AI is a bridge between structured and unstructured data. We see this with Document AI, customers find value in extracting features on the fly from piles of documents. We’re making meaningful progress on Snowpark Container Services being generally available in the second half of the year, and dozens of partners are already building solutions that will leverage container services to serve their end customers. We view Snowpark and other new features as our emerging businesses. These are in the early days of revenue contribution, but we’re seeing very healthy demand. More than 50% of customers are using Snowpark as of Q1. Revenue from Snowpark is driven by spark migrations. In Q1, we began the process of migrating several large Global 2,000 customers to Snowpark.”
7. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)
Number of Hedge Fund Investors In Q1 2024: 76
YTD Return: 51%
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a cybersecurity SaaS company that allows businesses to manage and monitor their platforms for threats. June 2024 has been an important month for the SaaS stock since it is slated to be included in the illustrious S&P 500 index. The shares jumped by 9.6% when the news hit the wires, and it came after a strong earnings report. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)’s latest earnings saw it report $921 million in revenue and $0.93 in adjusted earnings per share. Not only did the revenue mark a 33% annual growth, but it also saw CrowdStrike Holdings, Inc. (NASDAQ:CRWD) beat revenue and EPS estimates of $905 million and $0.89, respectively. Following the report, FBN Securities raised the share price target to $400 from $390 and maintained an Outperform rating on the stock.
The average of 45 one year analyst share price targets for CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is $399.69. This marks a modest 3.6% upside over the recent closing price of $385.44. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)’s three year annualized revenue growth rate is a strong 51.75%. Carillon Tower Advisors mentioned the firm in its Q1 2024 investor letter. Here is what the firm said:
CrowdStrike Holdings, a security software provider, reported strong earnings results, driven by strength in endpoint security, cloud security, and identity protection. Revenue growth and profitability metrics exceeded investor expectations for the quarter, and the forward guidance was ahead of expectations as well. The cyber threat environment remains elevated, and it is likely that the rise of artificial intelligence will make it easier for criminals and threat actors to design and launch sophisticated attacks, increasing the need for CrowdStrike.
6. Datadog, Inc. (NASDAQ:DDOG)
Number of Hedge Fund Investors In Q1 2024: 77
YTD Return: -2.9%
Datadog, Inc. (NASDAQ:DDOG) is a diversified enterprise SaaS company that enables customers to monitor their systems performance, threat logs, and other aspects. The firm’s shares slipped by 11% in May after its latest earnings report presented a mixed bag of results. It saw Datadog, Inc. (NASDAQ:DDOG) beat analyst EPS estimates of $0.34 by posting $0.44 and revenue estimates of $590 million by posting $611 million. However, investors were disappointed as billings of $618 million missed estimates of $623 million and it announced a leadership transition in the form of a new president. Goldman Sachs kept a $143 share price target and a Buy rating in June 2024, after it was impressed by CEO Olivier Pomel’s belief that Datadog, Inc. (NASDAQ:DDOG) stands to benefit from AI due to increasing IT complexity which can drive a 20% long term growth rate.
The average of 34 one year analyst share price targets for Datadog, Inc. (NASDAQ:DDOG) is $147.34. This marks an upside of 25% over the recent closing price of $117.84. The three year annualized revenue growth rate is 52.22%. Baron Funds mentioned Datadog, Inc. (NASDAQ:DDOG) in its Q4 2023 investor letter where it shared:
Many of our companies have been reporting on customer consolidation trends and rising win rates against competitors. In its their most recent quarterly conference call, Datadog described a customer who replaced seven different tool providers with the Datadog platform and another one who replaced a dozen different tools and moved to Datadog.
5. Intuit Inc. (NASDAQ:INTU)
Number of Hedge Fund Investors In Q1 2024: 77
YTD Return: -4.4%
Intuit Inc. (NASDAQ:INTU) is a large and diversified SaaS company that enables businesses to manage their payrolls, payments, and other business operations. Its shares tanked by more than 8% in late May after Intuit Inc. (NASDAQ:INTU)’s latest earnings report revealed that its popular TurboTax SaaS software lost one million users. The results also saw Intuit Inc. (NASDAQ:INTU) report $6.74 billion in revenue and $9.88 in earnings per share. These beat analyst estimates of $6.65 billion and $9.37. Jefferies kept a $770 share price target for Intuit Inc. (NASDAQ:INTU) and a Buy rating for the shares in June 2024. The research firm believes that Intuit Inc. (NASDAQ:INTU)’s decision to increase prices for its popular QuickBooks platform could lead to higher revenue guidance for 2025 which could surpass the market consensus of 12.2%.
The average of 24 one year analyst share price targets for Intuit Inc. (NASDAQ:INTU) is $707.58. This marks an 18% upside over the recent closing price of $595.70. Intuit Inc. (NASDAQ:INTU)’s three year annualized revenue growth rate is 23.22%. Baron Funds mentioned the firm in its Q4 2023 investor letter and shared:
Intuit Inc. is the leading provider of accounting software for small businesses and tax preparation software for individuals and tax professionals. Shares increased after the company reported quarterly financial results that exceeded Street expectations, with 15% revenue growth and 49% EPS growth. Intuit is benefiting from the sale of higher- value services and is well positioned to capitalize on increasing adoption of artificial intelligence (AI) given its vast data sets. The company recently launched Intuit Assist, a generative AI-powered digital assistant that improves productivity and unlocks valuable insights for customers. We continue to own the stock due to Intuit’s strong competitive position and numerous growth opportunities.
4. Workday, Inc. (NASDAQ:WDAY)
Number of Hedge Fund Investors In Q1 2024: 83
YTD Return: -24.1%
Workday, Inc. (NASDAQ:WDAY) provides SaaS software to enable businesses to manage their human resources, contract management, and other operations. June 2024 has been an important month for the firm. It has seen Workday, Inc. (NASDAQ:WDAY) land itself on the illustrious Fortune 500 list of America’s biggest companies, and announce a deal with AI giant Google to develop a new AI application. However, the tail end of May was a bad one for its investors, as it saw Loop Capital join other analysts in cutting Workday, Inc. (NASDAQ:WDAY) ‘s share price target. Loop Capital reduced the share price target to $240 from $280 and kept a Hold rating on the shares. While the firm admitted that Workday, Inc. (NASDAQ:WDAY) commands several advantages in the multi billion dollar human capital management market, the price target cut reflected Loop Capital’s belief that spending in this segment will be tight. The latest round of price target cuts came after the shares tanked by 15% following the latest earnings report due to a miss in billings.
The average of 33 one year analyst share price targets for Workday, Inc. (NASDAQ:WDAY) is $276.69. This marks a 32% upside over the recent closing share price of $209.48. Workday, Inc. (NASDAQ:WDAY)’s three year annualized growth rate is modest when compared to other SaaS stocks on our list since it is 18.90%. Clearbridge Investments mentioned the firm in its Q1 2024 investor letter. Here is what the firm said:
During the first quarter, we continued to trim IT stocks into strength to manage risk while also adding to high-conviction positions. For example, we trimmed our active weight in Palo Alto Networks after the information security software maker lowered its guidance in part due to a new emphasis on providing short- term discounts on product bundles to pursue its consolidation opportunity more aggressively. While this strategy should position the company more strongly in the future, it potentially increases volatility in operating results in the near-to-medium term. Part of the proceeds were redeployed into enterprise resource planning and finance software maker Workday, as we believe its products are well-positioned for consistent, robust subscription growth with potentially further upside as new investment initiatives scale.
3. ServiceNow, Inc. (NYSE:NOW)
Number of Hedge Fund Investors In Q1 2024: 90
YTD Return: 3.1%
ServiceNow, Inc. (NYSE:NOW) is a diversified SaaS company that enables businesses to run analytics, automate software processes, and manage risk among other applications. Its latest earnings report in late May continued a trend of cloud providers missing analyst billing estimates. ServiceNow, Inc. (NYSE:NOW) missed analyst billings estimates by 0.5% and subscription revenue guidance by 3%. Following the results, TD Cowen maintained a Buy rating for ServiceNow, Inc. (NYSE:NOW)’s shares and an $870 share price target. The cautious optimism was based on comments by ServiceNow, Inc. (NYSE:NOW)’s chief operations officer, which led TD Cowen to believe that the firm’s workflow management product has the right set of tools to attract customer spending in today’s constrained environment.
The average of 17 analyst share price targets for ServiceNow, Inc. (NYSE:NOW) is $802.94. This marks a 10% upside over the recent closing price of $728.58%. The firm’s three year annualized revenue growth rate is 25.68%. Lakehouse Capital mentioned ServiceNow, Inc. (NYSE:NOW) in its Q1 2024 investor letter. According to the firm:
US-based software company, ServiceNow, provided another strong result, continuing its long and consistent track record of 20%-plus revenue growth combined with healthy profitability. Subscription revenues grew 25% year-on-year to $2.5 billion and free cash flow grew 47% year-on-year to $1.2 billion. The company’s core operating metrics were also impressive with remaining performance obligations growing 26% year-on-year to $17.7 billion (i.e. roughly 2x 2023 revenue) and renewal rates holding steady at 98%. Performance was evenly spread across segments, products, and geographies, with notable strength in the US federal government. The company now boasts 1,933 customers generating in excess of $1 million in Annual Contract Value (ACV), which is pleasing to see as it implies multiple solutions are involved and that the company’s platform model is increasingly resonating with customers. In our view, ServiceNow is one the highest quality software businesses globally as the combination of consistent growth at scale, robust free cash flow generation and a large addressable market make it a compelling opportunity.
2. Adobe Inc. (NASDAQ:ADBE)
Number of Hedge Fund Investors In Q1 2024: 108
YTD Return: -11.9%
Adobe Inc. (NASDAQ:ADBE) is one of the biggest enterprise software companies in the world. The firm reported a blockbuster set of first quarter earnings in June 2024 which sent its shares soaring by a whopping 17%. The results saw Adobe Inc. (NASDAQ:ADBE) report $5.3 billion in revenue and $4.48 in earnings. These beat analyst estimates of $5.29 billion and $4.40, respectively. Investors were also impressed by Adobe Inc. (NASDAQ:ADBE)’s digital media revenue of $487 million, which beat analyst estimates of $434 million and its guidance of $460 million for the division also beat estimates of $435 million. Following the results, Barclays raised Adobe Inc. (NASDAQ:ADBE)’s share price target to $650 from $630 keeping an Overweight rating on the shares. At the heart of the upgrade was the bank’s optimism for Adobe’s AI platform, which it believes can prove to be a boon for the SaaS platform.
The average of 32 one year analyst share price targets for Adobe Inc. (NASDAQ:ADBE) is $569.58. This marks an 8.4% upside over the recent closing share price of $525.31. Adobe Inc. (NASDAQ:ADBE)’s three year annualized revenue growth rate is 14.68%. Aristotle Capital Management mentioned the firm in its Q1 2024 investor letter. Here is what the firm said:
Adobe, the content creation and publishing software provider, was the leading detractor for the quarter. The company continues to benefit from its shift to a subscription model, with almost 95% of its record $19.4 billion in fiscal year 2023 revenue coming from subscriptions, while continuing to invest in innovation that expands its addressable market. Nevertheless, investors seem concerned with some of the lower-cost alternatives entering the market, including Sora, an OpenAI platform that produces videos from text. While much attention has also been placed on Adobe’s Firefly, a generative AI service that has already produced more than 6.5 billion images since launch in March 2023, we will take our time to understand Adobe’s AI monetization strategy. In the meantime, we continue to believe that the combination of Express, Firefly, Creative Cloud, Acrobat and Experience Cloud provides a unique solution to address all the content and data needs of clients and their management of the customer experience. In addition to innovation, Adobe continues to generate and return cash to shareholders, exemplified most recently by its new $25 billion stock repurchase program.
1. Salesforce, Inc. (NYSE:CRM)
Number of Hedge Fund Investors In Q1 2024: 154
YTD Return: -11.7%
Salesforce, Inc. (NYSE:CRM) provides customer relationship management software. The firm’s shares tanked by 20% in May, for the worst drop in two decades after its earnings report for the first quarter hit the wires. The results saw Salesforce, Inc. (NYSE:CRM) post $9.13 billion in revenue, which fell short of analyst estimates of $9.17 billion. As if this weren’t enough, Salesforce, Inc. (NYSE:CRM)’s guidance for the current quarter also fell short of analyst estimates. While the analysts were expecting the firm to guide $9.37 billion in revenue and $2.40 in earnings, Salesforce, Inc. (NYSE:CRM)’s high end guidance of $9.25 billion in revenue and $2.36 in earnings fell short by a wide margin. Following the historic earnings, Oppenheimer remained optimistic as it kept an Outperform rating and a $280 share price target for Salesforce, Inc. (NYSE:CRM)’s shares. The optimism was based on Oppenheimer’s assessment of Salesforce, Inc. (NYSE:CRM)’s executives’ plans to monetize its generative AI products and its strong position in the market due to a solid customer base.
The average of 42 one year analyst share price targets for Salesforce, Inc. (NYSE:CRM) is $296.04. This marks a 27.6% upside over the recent closing price of $231.94. Salesforce, Inc. (NYSE:CRM)’s three year annualized revenue growth rate is 17.93%. Vulcan Value Partners mentioned the firm in its Q1 2024 investor letter. Here is what the firm said:
Salesforce is the world’s leading SaaS vendor for customer relationship management (CRM) and salesforce automation (SFA) software. Free cash flow for FY2024 came in significantly better than expected, and Salesforce guided free cash flow growth to again be very strong in FY2025. The company also pointed to several things with the potential to accelerate future growth including pricing, artificial intelligence, and a better buying environment.
While CRM is one of the top SaaS stocks on the hedge fund radar, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than AMD but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None.
