In this article, we discuss the 5 best predictive analytics stocks to buy now. If you want to read a detailed analysis of the analysis and data industry, you can go directly to the 10 Best Predictive Analytics Stocks to Buy.
5. Salesforce, Inc. (NYSE:CRM)
Number of Hedge Fund Holders: 122
Salesforce, Inc. (NYSE:CRM), headquartered in San Francisco, California, operates as an American cloud-based software company specializing in customer relationship management. The company provides tailored software and applications for sales, customer service, marketing automation, e-commerce, analytics, and application development.
On August 30, Salesforce, Inc. (NYSE:CRM) unveiled its fiscal 2024 second-quarter results, reporting earnings of $2.12 per share. This marked a substantial 78% increase compared to the same quarter the previous year, propelled by an 11% rise in revenue, surpassing $8.6 billion. The company is scheduled to announce its fiscal Q3 results on November 30 after the market closes. Salesforce, Inc. (NYSE:CRM) anticipates revenue between $8.70 billion and $8.72 billion, with diluted earnings per share ranging from $1.02 to $1.03, according to its guidance. Analysts project a 53% growth in earnings for the full fiscal year.
Among the 910 hedge funds in Insider Monkey’s Q3 2023 database, 122 invested in the company. Notably, Ken Fisher’s Fisher Asset Management emerged as the largest shareholder during this period with a $2.87 billion investment.
Harding Loevner Global Equity Strategy made the following comment about Salesforce, Inc. (NYSE:CRM) in its Q2 2023 investor letter:
“Salesforce, Inc. (NYSE:CRM), a company we’ve owned since 2019, recently added ChatGPT-like capabilities onto its existing Al module, Einstein, to support its internal sales efforts and customer-facing software. For example, Einstein GPT can help generate marketing emails tailored to specific clients by using Salesforce’s customer database and past email correspondence to learn the most effective approach for each client. Einstein GPT is also different from off-the-shelf LLMS in three important ways: It keeps personal identifiable information private and secure, compared with external tools that retain anything a user enters. It employs the latest data in Salesforce’s system, as opposed to the sometimes-stale public data that train generic models. And generative Al capabilities can be integrated with other Salesforce offerings; the company has already introduced Slack GPT and Tableau GPT, Al-equipped versions of its workplace collaboration and analytics tools.”
4. Alphabet Inc. (NASDAQ:GOOG)
Number of Hedge Fund Holders: 163
A major player in the technology industry, Alphabet Inc. (NASDAQ:GOOG) is anchored by Google, a search engine that processes billions of daily queries. The company possesses various platforms for video streaming and productivity, with YouTube being a standout asset.
Internally, Google employs predictive analytics to analyze petabytes of data generated from its diverse services, including Search, Maps, Gmail, YouTube, and Cloud. The company possesses extensive expertise and technologies dedicated to storage, processing, analytics, and machine learning.
As of the conclusion of the third quarter in 2023, 163 hedge funds held stakes in Alphabet Inc. (NASDAQ: OOG). The most significant stake during this period was held by Ken Fisher’s Fisher Asset Management, which owns a stake valued at $5.72 billion in the company.
Ensemble Capital Management made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q3 2023 investor letter:
“Alphabet Inc. (NASDAQ:GOOG) (+9.32%): Separate from all the discussion of artificial intelligence, Google’s core Search business, having experienced a significant slowdown in 2022, now shows clear signs of reacceleration. While the future of AI and its impact on Google is still subject to a healthy debate, the company seems to have put to bed investor concerns about any rapid negative impact. With Search revenue growth accelerating, and the company rolling out lots of new AI tools, the investor panic from the beginning of the year about AI immediately hurting Google appears to have been overblown.”
3. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 180
Based in Santa Clara, California, NVIDIA Corporation (NASDAQ:NVDA) is an American multinational technology company incorporated in Delaware. Renowned for its proficiency in integrated circuit development, NVIDIA’s expertise spans a diverse range of devices, from electronic game consoles to personal computers (PCs). The graphic processing units (GPUs) offered by the company provide significant processing power, particularly advantageous for executing parallelizable workloads such as machine learning, deep learning, and analytics.
On November 21, NVIDIA Corporation (NASDAQ: NVDA) disclosed its financial results for the third quarter, concluding on October 29, 2023. The company reported a revenue of $18.12 billion, indicating a substantial increase of 206% compared to the same period last year and a notable 34% rise from the previous quarter. GAAP earnings per diluted share for the quarter were $3.71, reflecting a more than 12-fold increase from a year ago and a 50% uptick from the previous quarter. Non-GAAP earnings per diluted share were $4.02, signifying an almost 6-fold rise from a year ago and a 49% increase from the previous quarter.
Insider Monkey’s analysis of hedge fund portfolios for Q3 2023 revealed that 180 hedge funds had a stake in NVIDIA Corporation (NASDAQ: NVDA). Citadel Investment Group emerged as its largest stakeholder, holding approximately 21.85 million shares valued at about $9.5 billion in NVIDIA Corporation (NASDAQ: NVDA).
2. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 286
Amazon.com, Inc. (NASDAQ:AMZN), a major American multinational technology company, operates across various sectors, including e-commerce, cloud computing via Amazon Web Services (AWS), online advertising, digital streaming, and artificial intelligence. The company has been a trailblazer in leveraging data analytics and recommendations for e-commerce, utilizing technologies like DynamoDB, Redshift, and EMR. Additionally, AWS offers managed Big Data services such as Kinesis, Glue, Athena, EMR, Redshift, and Quicksight for cloud-based data processing.
On November 2, HSBC initiated coverage of Amazon.com, Inc. (NASDAQ:AMZN) with a “Buy” rating and a price target of $160. The analysts at the firm underscored Amazon’s significant potential in the cloud computing sector, surpassing even its robust customer loyalty in e-commerce. HSBC highlighted AWS as a compelling narrative in the technology industry, emphasizing that any short-term growth challenges do not overshadow the company’s promising long-term growth prospects.
By the end of Q3 2023, 286 out of the 910 hedge funds profiled by Insider Monkey had bought and owned Amazon.com, Inc (NASDAQ:AMZN)’s shares. As of September 2023, Ken Fisher’s Fisher Asset Management was the firm’s largest shareholder as it owned 41 million shares which were $5.2 billion.
1. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 306
Microsoft Corporation (NASDAQ:MSFT), an American multinational technology company headquartered in Redmond, Washington, is renowned for its software products, which include the Windows line of operating systems, the Microsoft 365 suite of productivity applications, and the Edge web browser. The company is investing in Big Data analytics with Azure Synapse Analytics, delivering a cloud data warehouse tailored for enterprise business intelligence (BI) and analytics on extensive datasets. It incorporates query acceleration through dedicated SQL pools.
In a recent disclosure, Microsoft Corporation (NASDAQ:MSFT) shared its financial results for the first quarter of the 2024 fiscal year. The tech giant reported impressive revenue of $56.5 billion, coupled with a net income of $22.3 billion in Q1. These figures indicate significant growth, with revenue climbing by 13%, and net income experiencing a notable surge of 27%. Although the Devices segment encountered some challenges in this quarter, there was a modest recovery observed in the Windows division. Notably, Microsoft Corporation (NASDAQ:MSFT)’s cloud services and Office suite saw substantial growth, with Cloud revenue reaching $31.8 billion, showcasing a 24% year-over-year increase.
As per Insider Monkey’s Q3 2023 database, Microsoft Corporation (NASDAQ:MSFT) emerged as the most favored stock among hedge funds, with 306 funds maintaining stakes in the company, collectively valued at nearly $72.1 billion.
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