5 Best Cloud Computing Stocks For 2022

Page 5 of 5

1. Salesforce.com inc. (NYSE:CRM)

Number of Hedge Funds: 119 

Salesforce.com inc. (NYSE:CRM) is known for providing cloud-based software products and services. The San Francisco, California-based company founded in 1999 is one of the pioneers in the cloud computing industry and has been able to grow through acquisitions and from innovation within.

Salesforce.com inc. (NYSE:CRM) reported mixed Q3 2021 results on November 30. Revenue was $6.86 billion compared to the consensus estimate of $6.8 billion. Adjusted EPS for the quarter was $1.27, as opposed to the analysts’ forecast of 92 cents. Salesforce.com inc. (NYSE:CRM) anticipates revenue to be around $7.22 billion to $7.23 billion and an adjusted EPS of 72 cents to 73 cents in Q4 2021.

Of the 867 hedge funds in Insider Monkey’s database, 119 owned a stake in Salesforce.com inc. (NYSE:CRM) at the end of Q3, up from 108 in the preceding quarter.

In a research note issued on December 1, Brent Thill at Jefferies highlighted that Salesforce.com inc. (NYSE:CRM) reported “solid results” for Q3 2021 as it outperformed CRPO, revenue, and EPS estimates. The analyst reiterated a Buy rating with a $360 price target.

Vulcan Value Partners discussed its stance on Salesforce.com inc. (NYSE:CRM) in its Q3 2021 investor letter. Here’s what the investment management firm said:

“Salesforce.com Inc., a material contributor for the quarter, is the dominant provider of customer relationship management (CRM) software and technology. Salesforce has high retention rates, pricing power, a large and growing addressable market, high free cash flow, and a competitive moat. The company continues to execute well, and we believe the global pandemic has only improved its prospects and future returns.”

You can also take a peek at the 15 Best Stocks to Buy for 2022 According to Analysts and 20 Best Boxers of All Time.

Page 5 of 5