5 Best Software Stocks to Buy Now

Salesforce sells Cloud-based customer relationship management software that helps small and large businesses keep track of their customers, leads, invoicing, billing and communications. Evercore ISI recently named Salesforce stock as one of its top picks for 2021 on the back of an increased digital spending worldwide. The firm believes that the growth in the IT sector would not recede even after the pandemic. Salesforce made headlines in 2020 after it bought communications application Slack for $27.7 billion, striking a major deal in the history of the industry.

As of the end of the third quarter, Ken Fisher’s Fisher Asset Management owns 11.89 million shares of Salesforce. Overall, 106 hedge funds in Insider Monkey’s database held long positions in Salesforce entering the fourth quarter. Here is what Alger Spectra Fund said:

“Salesforce.com is a leading software-as-a-service company with turnkey salesforce productivity and customer relationship management applications as well as a cloud-based development environment. Increased spending on technology by corporations digitizing their business models supported the performance of salesforce.com shares. We believe the return on investment (ROI) from deploying salesforce.com technology is compelling because the company’s products make enterprises more productive and profitable while fostering growth. This attractive ROI has resulted in the company’s continuing high unit volume growth.”