5 Best Blue Chip Stocks To Buy

4. Salesforce, Inc. (NYSE:CRM)

No. of Hedge Fund Holders: 116

Salesforce, Inc. (NYSE:CRM), headquartered in San Francisco, California, is a cloud-based software company that offers customer relationship management software and tools with a focus on sales, customer service, marketing automation, analytics, and application development.

Given its scale, Salesforce, Inc. (NYSE:CRM) is one of the leaders in the cloud industry. If it continues to grow earnings, shares of Salesforce, Inc. (NYSE:CRM) could offer upside to long term investors despite the company’s forward P/E earnings ratio of over 27.

According to Insider Monkey’s data, Salesforce, Inc. (NYSE:CRM) was part of 116 hedge fund portfolios at the end of June 2022, compared to 114 funds in the last quarter. Fisher Asset Management is the leading stakeholder of the company, with more than 15 million shares worth $2.6 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.”