5 Best Cloud Computing Stocks To Buy Now

4. Salesforce, Inc. (NYSE:CRM)

Number of Hedge Fund Holders: 131

Salesforce, Inc. (NYSE:CRM) stands as a prominent American cloud-based software company specializing in customer relationship management. Offering a suite of customized software and applications spanning sales, customer service, marketing automation, e-commerce, analytics, and application development, Salesforce, Inc. (NYSE:CRM) caters to a diverse array of business requirements.

On January 30, BofA designated Salesforce, Inc. (NYSE:CRM) as one of their top picks for 2024. Analyst Brad Sills highlighted Salesforce’s strategic positioning to further expand its market share in the cumulative $200 billion market. Notably, Sills emphasized Salesforce’s competitive advantage, boasting a market share of only 15% and a robust moat derived from its extensive installed base of over 150,000 customers in the core sales/front office category.

As of the end of the fourth quarter of 2023, 131 hedge funds tracked by Insider Monkey had stakes in Salesforce, Inc. (NYSE:CRM), up from 122 funds in the previous quarter. This indicates a surge in hedge fund sentiment for Salesforce, Inc. (NYSE:CRM).