10 Best Stocks To Invest In According to Billionaires

8. Salesforce, Inc. (NYSE:CRM)

Number of Billionaire Investors: 23

Salesforce, Inc. (NYSE:CRM), a leading IT company based in San Francisco, specializes in Customer Relationship Management (CRM) technology. The company’s flagship AI offering, Data Cloud, leverages 8 trillion data points to enhance CRM, delivering smarter insights and improved client interactions.

On September 20, BofA Securities reaffirmed its Buy rating on Salesforce, Inc. (NYSE:CRM) with a price target of $325. This followed the company’s Dreamforce conference, where the IT leader introduced Agentforce, formerly known as Einstein Copilot, a key addition to its AI suite. This new autonomous agent strengthens Salesforce’s AI capabilities, working alongside tools like Data Cloud and Agent Builder for data management and custom agent development.

Salesforce, Inc. (NYSE:CRM) reported strong second-quarter results, with earnings per share at $2.56, exceeding the consensus estimate of $2.36. The company also posted an 8% increase in sales, driven by a 9% growth in subscription and support revenues. Additionally, Salesforce, Inc. (NYSE:CRM)has agreed to acquire Own Company, a data protection and management solutions provider, for $1.9 billion in cash.

At the close of the second quarter of 2024, 23 billionaire investors held stakes in Salesforce Inc. (NYSE:CRM), with a combined total value of $6.2 billion.

Ithaka US Growth Strategy stated the following regarding Salesforce, Inc. (NYSE:CRM) in its Q2 2024 investor letter:

“Salesforce, Inc. (NYSE:CRM) is the largest pure-play cloud software company, holding a leading market share in customer relationship management applications and a top-five market share position in the company’s other clouds (Marketing, Service, Platform, Analytics, Integration, and Commerce). The company’s software subscription term-license model differs from the traditional perpetual-license software model in two respects: (1) the software is hosted on centralized servers and delivered over the internet, as opposed to traditional enterprise software that is loaded directly onto customers’ hard drives or servers; and (2) the revenue model is subscription-based, typically charging monthly fees per user as opposed to charging one-time licensing fees. The stock’s weak relative performance followed its fiscal first quarter earnings announcement, where the company missed top-line and cRPO (current remaining performance obligations) estimates while also issuing weak forward guidance.”