5 High Growth IT Stocks to Buy

3. Salesforce, Inc. (NYSE:CRM)

P/E Ratio: 99.30

Number of Hedge Fund Holders: 122

Based in San Francisco, California, Salesforce, Inc. (NYSE:CRM) is 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.

Salesforce, Inc. (NYSE:CRM) surpassed analysts’ expectations, reporting accelerated third-quarter earnings, driven by increased customer migration to the company’s cloud-based services in anticipation of upcoming AI offerings. The cloud software firm disclosed a net income of $1.22 billion, resulting in diluted earnings per share of $1.25, representing a substantial year-over-year increase. The revenue saw a notable surge, up by 11.2% to $8.72 billion, propelled by subscription and support services.

As per Insider Monkey’s Q3 2023 database, 122 out of 910 hedge funds had invested in the company. Fisher Asset Management, under the guidance of Ken Fisher, emerged as the largest shareholder with a $2.87 billion investment during the specified period.

Harding Loevner talked about Salesforce, Inc. (NYSE:CRM) in its second-quarter 2023 investor letter. Here is what it said:

“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.”