Top 5 Trending Stocks Today

1. Salesforce, Inc. (NYSE:CRM)

Number of Hedge Fund Holders: 116

Salesforce, Inc. (NYSE:CRM) delivered better-than-expected results for its fiscal second quarter. However, its financial outlook for the current quarter was below expectations, sending its shares down about 8 percent in pre-market trading Thursday.

Salesforce, Inc. (NYSE:CRM) earned $1.19 per share on an adjusted basis, beating the estimates of $1.02 per share. Revenue for the quarter advanced 26 percent on a year-over-year basis to $7.72 billion, ahead of the consensus of $7.69 billion.

For its fiscal third quarter, Salesforce, Inc. (NYSE:CRM) projected adjusted earnings of $1.20 – $1.21 per share on revenue of $7.82 – $7.83 billion. The outlook was below the consensus of $1.29 per share for earnings and $8.07 billion for revenue. The disappointing guidance suggests that Salesforce, Inc. (NYSE:CRM) is taking a hit from dropping IT spending.

Meanwhile, a number of research firms cut their price target for Salesforce, Inc. (NYSE:CRM) following its latest quarterly performance. For instance, Raymond James slashed its price target for the cloud-based software company from $250 per share to $225 per share.

You can also take a peek at 10 Dividend Stocks of All Time and 10 Best Cyclical Stocks for Inflation.

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