Jim Cramer’s Bold Predictions About These 10 SaaS Stocks

8. Palantir Technologies Inc. (NASDAQ:PLTR)

Number of Hedge Fund Holders In Q3 2024: 43

Date of Cramer’s Comments: 9-18-24

Performance Since Then: 113.6%

Palantir Technologies Inc. (NASDAQ:PLTR) is one of the hottest SaaS stocks in the market right now. Its shares are up by 367% year-to-date on the back of a couple of factors. Firstly, Palantir Technologies Inc. (NASDAQ:PLTR) has significantly grown its US commercial revenue in 2024. The sales grew by 70% in Q2 as the firm’s operating model of working closely with customers for AI integration yielded results. Secondly, Palantir Technologies Inc. (NASDAQ:PLTR) is a new-age government contractor that stands to not only introduce AI into the US government’s operations but also benefit from a push towards optimizing defense spending. The stock boomed by 34% after the November election as the firm also raised its revenue forecast. Here’s what Cramer said about Palantir Technologies Inc. (NASDAQ:PLTR) in September:

“Well, Palantir is a speculative stock. It’s a meme stock; it has momentum because individual investors keep piling into it. It’s not really even a stock in the traditional sense; it’s just a barometer of enthusiasm for some business that may or may not be doing well. I wish there were more to it.”