This Billionaire is Buying These 5 Bargain Stocks Amid Selloff

2. Salesforce, Inc. (NYSE:CRM)

Number of Hedge Fund Holders: 114

YTD Share Price Decline as of May 26: 36.01%

Salesforce, Inc. (NYSE:CRM) is a California-based technology firm that offers customer relationship management software. Paul Tudor Jones purchased 13,423 shares of Salesforce, Inc. (NYSE:CRM) in Q1 2022, worth $2.85 million. Salesforce, Inc. (NYSE:CRM) is one of the most prominent bargain stocks the billionaire purchased amid selloff. 

On May 23, Jefferies analyst Brent Thill cut the price target on Salesforce, Inc. (NYSE:CRM) to $260 from $330 and kept a Buy rating on the shares. The analyst has lowered forecasts across 28 software companies he covers due to challenging economic headwinds and the risk of recession. He believes multiples could shrink beyond the 25% decline already embedded in his new price targets if fundamentals weaken further.

Among the hedge funds tracked by Insider Monkey, 114 funds were long Salesforce, Inc. (NYSE:CRM) at the end of March 2022, compared to 110 funds in the prior quarter. Ken Fisher’s Fisher Asset Management held the biggest position in the company, with 15.2 million shares worth $3.2 billion.  

Here is what Vulcan Value Partners has to say about Salesforce, Inc. (NYSE:CRM) in its Q1 2022 investor letter:

“Salesforce.com Inc. is the dominant provider of customer relationship management software and technology. Salesforce has high retention rates, pricing power, high free cash flow, and a competitive moat. The company continues to execute well. Margins decreased slightly during the fourth quarter but continue to be on path for material expansion over the long term. Salesforce is seeing increased spending as employees are returning to the office, and we believe the global pandemic has only improved its prospects.”