5 Best Cloud Computing Stocks Heading into 2024

4. salesforce.com, inc. (NYSE:CRM)

Number of Hedge Fund Holders: 122

On September 21, Patrick Walravens at JMP Securities reiterated a Market Outperform rating on salesforce.com, inc. (NYSE:CRM) alongside a $275 price target.

Based in San Francisco, California, salesforce.com, inc. (NYSE:CRM) is a cloud-based software company. It provides customer relationship management technology, among more.

We saw 122 hedge funds long salesforce.com, inc. (NYSE:CRM) in the second quarter, with a total stake value of $7.2 billion.

This is what Harding Loevner said about salesforce.com, inc. (NYSE:CRM) in its second-quarter 2023 investor letter:

“Salesforce, Inc. (NYSE:CRM), a company we’ve owned since 2019, recently added ChatGPT-like capabilities onto its existing Al module, Einstein, to support its internal sales efforts and customer-facing software. For example, Einstein GPT can help generate marketing emails tailored to specific clients by using Salesforce’s customer database and past email correspondence to learn the most effective approach for each client. Einstein GPT is also different from off-the-shelf LLMS in three important ways: It keeps personal identifiable information private and secure, compared with external tools that retain anything a user enters. It employs the latest data in Salesforce’s system, as opposed to the sometimes-stale public data that train generic models. And generative Al capabilities can be integrated with other Salesforce offerings; the company has already introduced Slack GPT and Tableau GPT, Al-equipped versions of its workplace collaboration and analytics tools.”