5 Best Big Tech Stocks to Buy Now

4. Salesforce, Inc. (NYSE:CRM)

Market Capitalization as of October 10: $155.5 billion

Current Share Price as of October 10: $144.98

Number of Hedge Fund Holders: 116

San Francisco, California-based Salesforce, Inc. (NYSE:CRM) is the world’s leading customer relationship management platform provider. Its cloud-based platform has applications for sales, service, marketing, and more, with more than 150,000 companies using the platform.

In August, Salesforce, Inc. (NYSE:CRM) reported the financial results for the quarter ended July 31, 2022. Its revenue increased by 22% y-o-y to $7.7 billion, while it generated a net income of $68 million. It reported a normalized EPS of $1.19 for the quarter, beating the consensus by $0.16.

As of October 10, Salesforce, Inc. (NYSE:CRM) shares have lost 40.86% of their value since the beginning of the year and trade at a forward P/E ratio of 26.46. Analysts maintain bullish sentiments for the stock with average price target of $222.41, representing 53% upside potential.

On September 27, Jefferies analyst Brent Thill told investors in a research note that Salesforce, Inc. (NYSE:CRM) can deliver high-teens growth while delivering margin leverage, and the analyst finds the stock “valued attractively at trough levels”. The analyst maintains a target price of $250 and a ‘Buy’ rating.

According to the Insider Monkey data on 895 leading hedge funds, 116 hedge funds were long Salesforce, Inc. (NYSE:CRM) shares as of Q2 2022, with the total shares held by hedge funds valued at $7.9 billion. Ken Fisher’s Fisher Asset Management was the largest shareholder on record with ownership of 15.7 million shares valued at $2.6 billion.