In this article, we discuss 13 best growth stocks to invest in for the next 5 years.
Despite facing fluctuations and pressures, the U.S. stock market has shown remarkable resilience in 2024. Following a robust performance in 2023, the broad-based S&P 500 index has delivered a 6.91% return thus far in 2024. Although concerns about a potential pullback due to high-interest rates and geopolitical risks have emerged among investors, there are still opportunities for profit in the market.
Toward the end of 2023, the Federal Reserve expressed optimism about the US economy, with chairman Jerome Powell highlighting progress toward the Fed’s 2% inflation target. A report by Confluence Technologies in January of this year indicated that this rally favored growth and volatility in the equity markets. As reported by CBS News, economists anticipate 2024 to be a year of accelerated growth, reduced inflation, and robust job creation in stark contrast to the recession concerns prevalent in 2023. The National Association for Business Economics (NABE) predicts a 2.2% increase in gross domestic product (GDP) for 2024, a notably more optimistic outlook than their projections from just two months ago. Inflation, which impacts expenses like groceries, rent, and insurance, is also anticipated to further decelerate this year, with NABE forecasting a decline in the Consumer Price Index (CPI) to an annual rate of 2.4%, down from 4.1% in 2023 and 8% in 2022.
As Q2 commences, investor sentiment towards the stock market has shifted, with expectations leaning towards a resilient economic backdrop. This adjustment comes as recent economic indicators reveal that while inflation has moderated from its 2022 peaks, it remains above the Federal Reserve’s desired levels. The market’s attention turned to Tesla, Inc. (NASDAQ:TSLA) following the company’s first-quarter earnings, marking the beginning of the earnings season among the “Magnificent Seven” stocks that drove much of last year’s S&P 500 gains. surged by as much as 8% in after-hours trading following its announcement regarding plans to introduce more affordable models in its future vehicle lineup. Despite falling short of earnings expectations on both revenue and profit, Tesla, Inc. (NASDAQ:TSLA) exceeded estimates for gross margins, achieving 17.4% compared to the anticipated 16.5%. Given the automaker’s significant weighting in the S&P 500 index, its earnings performance is expected to serve as a significant catalyst for the broader market. While hopes for lower interest rates emerged after last year’s inflationary pressures eased, recent data indicating persistent inflation concerns has tempered such expectations. Therefore, the welcomed news of a slowdown in overall business activity across the nation on April 23 could provide room for the Federal Reserve to implement the one or two interest rate cuts that many traders are currently anticipating.
See Also: 11 Hot Growth Stocks To Buy Right Now.
In times ripe for substantial returns, many investors turn to growth stocks as a favored approach. These stocks typically boast higher share prices relative to their earnings per share, reflecting expectations of robust future growth. A key metric often utilized to identify such stocks is the price-to-earnings ratio (P/E ratio), comparing the current share price to earnings per share and indicating the premium investors are willing to pay for a stock’s future earnings potential. In the previous year, growth stocks notably outpaced the S&P 500. Bloomberg in January highlighted that the S&P 500 Growth Index surged by 30% in 2023, surpassing the broader benchmark index’s gain of 22% for the same period. This performance surprised many investors, especially given the Federal Reserve’s consistent rate-hiking stance throughout the year. Over the past few years, certain growth stocks have not only reshaped industries but also left a significant mark on history. A prime illustration of this phenomenon is Advanced Micro Devices, Inc. (NASDAQ:AMD), a semiconductor designer, whose shares have surged by an impressive 443.84% over the last five years on the back of the Artificial Intelligence (AI) and semiconductor chip craze.
Furthermore, Brandywine Global highlighted in its Quantitative Review of US Equities for the fourth quarter of 2023 that growth stocks within the Russell 1000 Growth Index substantially outpaced their value counterparts in the Russell 1000 Value Index. By the close of 2023, the growth index boasted returns of 42.7%, whereas the value index significantly trailed with a gain of only 11.5%.
In addition, Matt Orton, the chief market strategist at Raymond James Investment Management, advises investors to look beyond concerns about high valuations of U.S. stocks and instead focus on growth opportunities. Here is what he said:
“I fully think that the market could push 20, 21 times, and that’s a perfectly fair multiple for us to pay. It’s all about earnings growth and it’s all about leaning into where those fundamentals are, and trying to avoid the parts of the market where you don’t have a positive inflection in earnings. And if you do that, no matter what the valuation is, you can grow into it, and I think that’s the main message for investors, is ‘find growth.’”
Among the standout companies on our roster of promising growth stocks to consider are Salesforce, Inc. (NYSE:CRM) and Advanced Micro Devices, Inc. (NASDAQ:AMD), and Uber Technologies, Inc. (NYSE:UBER), among others detailed below.
Our Methodology
For our list of the best growth stocks to invest in for the next 5 years, we employed stock screeners to pinpoint stocks meeting particular criteria as of April 22. Our selection process involved identifying stocks with a P/E ratio surpassing 50. Furthermore, we integrated a quarterly revenue growth rate exceeding 10% as another determinant for inclusion in our list. Finally, we offered insights into the number of hedge funds invested in each stock, offering a glimpse into growth stocks favored by hedge funds.
13. Palantir Technologies Inc. (NYSE:PLTR)
P/E Ratio: 232.23
Quarterly Revenue Growth: 19.61%
Number of Hedge Fund Holders: 44
Palantir Technologies Inc. (NYSE:PLTR) functions as a software enterprise focusing on data fusion platforms, catering to both machine-assisted and human-driven data analysis. Its product portfolio encompasses Palantir Gotham, Palantir Apollo, and Palantir Foundry.
Insider Monkey’s scrutiny of 933 hedge fund portfolios for the December quarter of 2023 unveiled that 44 of them harbored stakes in Palantir Technologies Inc. (NYSE:PLTR). D. E. Shaw emerged as the foremost investor, possessing 20.75 million shares valued at $356.39 million.
Carillon Scout Mid Cap Fund stated the following regarding Palantir Technologies Inc. (NYSE:PLTR) in its fourth quarter 2023 investor letter:
“Second was another technology stock, Palantir Technologies Inc. (NYSE:PLTR), which rallied earlier in the quarter before pulling back. Sentiment remains positive on Palantir as it has successfully rolled out a new marketing effort called “boot camps” where customers can demo the company’s new artificial intelligence platform (AIP) product. These events have been popular with potential clients, and in many cases it has been reported that customers can develop an artificial intelligence use case in just a few hours. The stock rallied as some expected this successful marketing effort could translate into faster revenue growth. Palantir also landed the coveted National Health Services account in the UK, long rumored, but the delay in the award had weighed on investor sentiment.”
Palantir Technologies Inc. (NYSE:PLTR) joins the ranks of Salesforce, Inc. (NYSE:CRM) and Advanced Micro Devices, Inc. (NASDAQ:AMD), and Uber Technologies, Inc. (NYSE:UBER) as one of the best growth stocks to invest in.
12. Elastic N.V. (NYSE:ESTC)
P/E Ratio: 214.81
Quarterly Revenue Growth: 19.45%
Number of Hedge Fund Holders: 45
Elastic N.V. (NYSE:ESTC), headquartered in San Francisco, California, specializes in providing a premier platform for search-powered solutions. The company offers comprehensive, cloud-based, AI-driven solutions for enterprise security, observability, and search, all built on the Elasticsearch platform.
Insider Monkey’s analysis of 933 hedge fund portfolios for the fourth quarter of 2023 revealed that 45 of them held stakes in Elastic NV (NYSE:ESTC). The largest shareholder during this period was Alex Sacerdote’s Whale Rock Capital Management, which possessed a $273 million stake in Elastic NV (NYSE:ESTC).
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Elastic N.V. (NYSE:ESTC) in its Q3 2023 investor letter:
“Across the Information Technology universe, we seek companies possessing differentiated capabilities, products, and services. Turning to positives, Elastic N.V. (NYSE:ESTC) is a data analytics company, engaged in open-source search and analytics engine services. Its shares jumped 27% on strong fiscal first quarter results with beats across billings, revenues, and earnings. Management noted they are benefiting from the trend of vendor consolidation.”
11. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)
P/E Ratio: 796.56
Quarterly Revenue Growth: 32.63%
Number of Hedge Fund Holders: 62
Based in Austin, Texas, USA, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) operates as a cybersecurity technology firm, specializing in cloud workload and endpoint security, threat intelligence, and cyberattack response services, crucial for protecting digital assets.
On March 14, analysts at Cantor Fitzgerald reaffirmed their Overweight rating for CrowdStrike Holdings, Inc. (NASDAQ:CRWD) and set a price target of $400.
In the fourth quarter of 2023, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) attracted investments from 62 out of the 933 hedge funds tracked by Insider Monkey. Notably, the largest hedge fund investor in the company is Jim Simons’s Renaissance Technologies, holding shares valued at $450 million.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding CrowdStrike Holdings, Inc. (NASDAQ:CRWD) in its fourth quarter 2023 investor letter:
“Across the Information Technology universe, we seek companies possessing differentiated capabilities, products, and services. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) provides cloud-delivered protection across endpoints and cloud workloads. Their stock rallied 53% on the heels of solid fiscal third quarter results, with net new annualized recurring revenues accelerating sequentially.”
10. Shopify Inc. (NYSE:SHOP)
P/E Ratio: 783.89
Quarterly Revenue Growth: 23.58%
Number of Hedge Fund Holders: 68
Shopify Inc. (NYSE:SHOP) is a leading provider of internet infrastructure for commerce, offering a comprehensive suite of tools that empower businesses to establish, expand, market, and manage retail operations globally. With its services utilized by millions of businesses across 175 countries, Shopify Inc. (NYSE:SHOP) plays a pivotal role in supporting a diverse range of enterprises.
Insider Monkey’s analysis of 933 hedge fund portfolios as of December 2023 revealed that 68 of them held shares of Shopify Inc. (NYSE:SHOP). Notably, Arrowstreet Capital, led by Peter Rathjens, Bruce Clarke, and John Campbell, emerged as the largest shareholder with shares valued at $1.6 billion.
Artisan Mid Cap Fund stated the following regarding Shopify Inc. (NYSE:SHOP) in its fourth quarter 2023 investor letter:
“Among our top contributors were Chipotle, DexCom and Shopify Inc. (NYSE:SHOP). We got a chance to initiate a position in Shopify during the 2022 growth stock selloff, with the view that this is a leading e-commerce franchise that will continue to benefit from key secular tailwinds. Like many market participants, we were concerned about the company’s capital-intensive fulfillment investments in the face of a slowing e-commerce market and welcomed the news that it decided to exit the logistics business in favor of a capital-light partnership model. This change in strategy significantly narrows the downside range of outcomes, and allows us to focus on what it does so well: develop great e-commerce software solutions for brands of all sizes. We have been encouraged by Shopify’s subsequent pace of innovative new product enhancements, which include the use of AI assistants to help brands run their businesses.”
9. Vertiv Holdings Co (NYSE:VRT)
P/E Ratio: 67.30
Quarterly Revenue Growth: 12.74%
Number of Hedge Fund Holders: 75
Headquartered in Columbus, Ohio, Vertiv Holdings Co (NYSE:VRT), formerly known as Emerson Network Power Inc., specializes in critical digital infrastructure technology. The company’s product lineup includes embedded computing systems, power and UPS systems, thermal management systems, and data center solutions such as racks and enclosures.
On February 21, Vertiv Holdings Co (NYSE:VRT) unveiled its fourth-quarter results. Adjusted earnings per share for the period stood at $0.56, surpassing estimates by $0.03. However, revenue for the quarter experienced a 12.7% year-over-year increase, reaching $1.87 billion, slightly missing estimates by $0.03.
In Q4 of 2023, 75 hedge funds held positions in Vertiv Holdings Co (NYSE:VRT), with their total stakes reaching $3.101 billion. As of the fourth quarter of 2023, Philippe Laffont’s Coatue Management emerged as the most dominant shareholder in the company, holding a position valued at $663.383 million.
Artisan Mid Cap Fund stated the following regarding Vertiv Holdings Co (NYSE:VRT) in its first quarter 2024 investor letter:
“During the quarter, we initiated new GardenSM positions in DoorDash, GoDaddy and Vertiv Holdings Co (NYSE:VRT). Vertiv is an industrial power equipment company primarily serving the data center market with a global supply chain in cooling, power, controls and services. Rising AI-driven GPU use in data centers has spiked the need for efficient thermal management solutions, an area where Vertiv is particularly strong. Cooling, which consumes ~25% of data center energy, is a significant, recurring operational cost. We believe Vertiv is well positioned to benefit from a multiyear profit cycle in data center construction activity and a mix shift toward GPU-based data centers (which consume 2X–3X more power).”
8. Block Inc (NYSE:SQ)
P/E Ratio: 12344.83
Quarterly Revenue Growth: 24.13%
Number of Hedge Fund Holders: 75
Block Inc. (NYSE:SQ), formerly known as Square Inc., is a publicly traded American company established in 2009 by Jack Dorsey and Jim McKelvey. Operating within various sectors of the financial technology industry, Block boasts a significant presence with nearly 4 million merchants and 51 million users as of 2023, reflecting robust network growth.
On March 11, Jefferies analyst Trevor Williams upped the price target for Block, Inc. (NYSE:SQ) shares from $90 to $100 while reiterating a ‘Buy’ rating. This revised target implies a potential upside of 17.69% based on the most recent share price.
In the fourth quarter of 2023, Block Inc. (NYSE:SQ) attracted interest from 75 out of the 933 hedge funds monitored by Insider Monkey, indicating a noteworthy uptick from the 60 hedge funds in the preceding quarter.
7. Mercadolibre, Inc. (NASDAQ:MELI)
P/E Ratio: 70.35
Quarterly Revenue Growth: 41.94%
Number of Hedge Fund Holders: 81
MercadoLibre, Inc. (NASDAQ:MELI) stands out as a prominent e-commerce technology firm headquartered in Buenos Aires, Argentina, catering to the Latin American market. Since its establishment in 1999, the company has operated through its core platforms, MercadoLibre.com and MercadoPago.com, offering a wide array of solutions for online transactions, including buying, selling, advertising, and payments.
In the fourth quarter of 2023, MercadoLibre, Inc. (NASDAQ:MELI) reported a revenue of $4.3 billion, marking a notable 41.9% increase year-over-year and an impressive 83.2% surge on an FX neutral basis. The company’s strategic emphasis on technology and innovation has been a key driver of its growth, with unique buyers witnessing the fastest year-on-year acceleration since 2020, reaching nearly 85 million for the full year.
Insider Monkey’s analysis of 933 hedge fund portfolios revealed that 81 investors had stakes in MercadoLibre, Inc. (NASDAQ:MELI) by the end of Q4 2023. Notably, Generation Investment Management, led by David Blood and Al Gore, held the largest stake in the company with a $673 million investment.
Baron Global Advantage Fund stated the following regarding MercadoLibre, Inc. (NASDAQ:MELI) in its fourth quarter 2023 investor letter:
“MercadoLibre, Inc. (NASDAQ:MELI), Latin America’s leading e-commerce company, contributed to performance in the fourth quarter with shares rising 23.9% and closing the year up 85.7% after reporting third quarter earnings that beat Street expectations across the board. It had 59% constant-currency year-over-year growth in GMV, 69% growth in commerce revenues, 121% growth in total payments volume, and a 720bps increase in operating margins year-over-year. The company is generating above-market GMV growth across its major Latin American markets and is increasingly outperforming its peers in e-commerce, particularly in Brazil thanks to its broad selection and differentiated logistics capabilities, which enable the company to deliver items faster than its competitors. Over the last several quarters, MercadoLibre has also benefited from product innovation in fintech and solid underwriting in the growing credit business, which we believe will drive continued margin expansion and earnings growth as e-commerce in the region continues maturing over the next decade.”
6. ServiceNow, Inc. (NYSE:NOW)
P/E Ratio: 85.78
Quarterly Revenue Growth: 25.62%
Number of Hedge Fund Holders: 91
Headquartered in Santa Clara, California, ServiceNow, Inc. (NYSE:NOW) is a prominent systems software company offering comprehensive solutions for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, and beyond.
On March 21, analysts at Keybanc initiated coverage on ServiceNow, Inc. (NYSE:NOW) with an Overweight rating and set a price target of $1000.
In the fourth quarter, 91 hedge funds held long positions in ServiceNow, Inc. (NYSE:NOW), collectively accounting for a total stake value of $5.7 billion.
Baron Funds mentioned ServiceNow, Inc. (NYSE:NOW) in its fourth-quarter 2023 investor letter:
“ServiceNow, Inc. (NYSE:NOW) offers cloud-based solutions that improve workflow efficiency through automation and digitalization. The stock rose 26.4% in the fourth quarter, finishing the year up 82.0%. Stock appreciation was supported by strong quarterly results above expectations with 24.5% year-over-year subscription revenue growth in constant currency and 30% non-GAAP operating margins despite ongoing macro complexities. In addition, the stock benefited from growing investor expectations that the company would benefit from the integration of GenAI technology into its products, and a rise in software stocks more broadly. Management noted that key business drivers included strong traction with government customers, improving momentum with new customers, and budget consolidation into platforms like ServiceNow. In addition, the company launched its GenAI-supported product line, sold under a new higher-priced Pro Plus sku, at the end of the quarter and has already signed on multiple customers with hundreds more in the pipeline. The new product line should generate material efficiencies for customers as it improves their ability to automate and digitize, and hence we expect broader adoption of the Pro Plus sku, creating an additional growth engine for ServiceNow, supporting the company’s long duration of growth.”
Much like Salesforce, Inc. (NYSE:CRM) and Advanced Micro Devices, Inc. (NASDAQ:AMD), and Uber Technologies, Inc. (NYSE:UBER), ServiceNow, Inc. (NYSE:NOW) is one of the best growth stocks to invest in.
5. Merck & Co., Inc. (NYSE:MRK)
P/E Ratio: 961.50
Quarterly Revenue Growth: 13.82%
Number of Hedge Fund Holders: 98
Merck & Co., Inc. (NYSE:MRK), an esteemed American multinational pharmaceutical giant headquartered in Rahway, New Jersey, boasts a storied legacy dating back to the Merck Group’s inception in Germany in 1668. Serving as the American branch, the company operates under the name Merck Sharp & Dohme (MSD) outside the United States and Canada, maintaining a prominent position within the pharmaceutical landscape. Its core pursuits encompass the development of pharmaceuticals, vaccines, biologic therapies, and animal health products.
In the fourth quarter of 2023, Insider Monkey’s tracking of hedge fund activity revealed that 98 out of the 933 surveyed hedge funds held shares of Merck & Co., Inc. (NYSE:MRK). Notably, among these investors, Ken Fisher’s Fisher Asset Management emerged as the foremost shareholder in the company, boasting holdings valued at $1.4 billion.
4. Eli Lilly and Company (NYSE:LLY)
P/E Ratio: 130.71
Quarterly Revenue Growth: 28.10%
Number of Hedge Fund Holders: 102
Established in 1876, Eli Lilly and Company (NYSE:LLY) is a prestigious American pharmaceutical firm headquartered in Indianapolis, Indiana. Named after its founder, Colonel Eli Lilly, a distinguished pharmaceutical chemist and Civil War veteran, the company boasts a global presence, with operations spanning 18 other countries.
Eli Lilly and Company (NYSE:LLY) attracted attention on April 2 when Citi analyst Andrew Baum raised its shares’ price target to $895 from $675, maintaining a Buy rating.
Insider Monkey’s analysis of hedge fund activity in December 2023 revealed that out of the 933 profiled hedge funds, 102 held shares of the company. Among these, Ken Fisher’s Fisher Asset Management had the largest stake in Eli Lilly and Company (NYSE:LLY), valued at $2.6 billion.
3. Advanced Micro Devices, Inc. (NASDAQ:AMD)
P/E Ratio: 292.68
Quarterly Revenue Growth: 10.16%
Number of Hedge Fund Holders: 120
Based in Santa Clara, California, Advanced Micro Devices, Inc. (NASDAQ:AMD) is a renowned global semiconductor company specializing in the development of computer processors and associated technologies, catering to both business and consumer markets.
On March 11, Cantor Fitzgerald analysts reaffirmed their Overweight rating on Advanced Micro Devices, Inc. (NASDAQ:AMD) and set a price target of $190.
Insider Monkey’s analysis of hedge fund activity in the fourth quarter of 2023 revealed that out of the 933 surveyed hedge funds, 120 had holdings in Advanced Micro Devices, Inc. (NASDAQ:AMD). The largest hedge fund shareholder of the company is Ken Fisher’s Fisher Asset Management, boasting ownership of 28 million shares valued at $4.1 billion.
Meridian Funds stated the following regarding Advanced Micro Devices, Inc. (NASDAQ:AMD) in its fourth quarter 2023 investor letter:
“Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global semiconductor chip maker specializing in central processing units (CPUs), which are considered the core component of most computing devices, and graphics processing units (GPUs), which accelerate operations running on CPUs. We invested in 2018 when it was a mid-cap value stock plagued by many years of underperformance due to lagging technology and lost market hi share versus competitors Intel and Nvidia. Our research identified that changes and investments made by current management under CEO Lisa Su had, over several years, finally resulted in compelling technology that positioned AMD as a stronger competitor to Nvidia and that its latest products were superior to Intel’s. We invested on the the belief that AMD’s valuation at that that time did not reflect the potential for its technology leadership to generate significant market share gains and improved profits. This thesis has been playing out for several years. During the quarter, AMD unveiled more details about its upcoming GPU products for the AI market. The stock reacted positively to expectations that AMD’s GPU servers will be a viable alternative to Nvidia. Although we pared back our exposure to AMD into strength as part of our risk-management practice, we maintained a position in the stock. We believe AMD will continue to gain share in large and growing markets and is reasonably valued relative to the potential for significantly higher earnings.”
2. Uber Technologies, Inc. (NYSE:UBER)
P/E Ratio: 81.09
Quarterly Revenue Growth: 15.44%
Number of Hedge Fund Holders: 129
Based in San Francisco, California, Uber Technologies, Inc. (NYSE:UBER) operates as a technology platform connecting consumers with independent ride service providers, offering a range of transportation options including public transit, bikes, and scooters. Moreover, Uber provides on-demand food delivery, freight services, business fleet solutions, and same-day delivery, catering to more than 142 million monthly active platform consumers across 70 countries.
In a significant move on February 14, Uber Technologies, Inc. (NYSE:UBER) announced its inaugural share repurchase program, authorizing its Board of Directors to buy back up to $7 billion of the company’s common stock.
As revealed by Insider Monkey’s Q4 2023 database encompassing 933 hedge funds, 129 had acquired and retained shares of Uber Technologies, Inc. (NYSE:UBER). Among them, D. E. Shaw’s D E Shaw emerged as the largest hedge fund shareholder, with an investment valued at $886 million.
Uber Technologies, Inc. (NYSE:UBER) was mentioned in RiverPark Advisors’ fourth quarter 2023 investor letter:
“Uber Technologies, Inc. (NYSE:UBER): UBER was a top contributor in the quarter following better than expected 3Q23 earnings and 4Q23 guidance. Gross bookings of $35.3 billion were up 21% year over year. Mobility gross bookings of $17.9 billion grew 30% over last year driven by a combination of product innovation and driver availability. Delivery gross bookings of $16 billion were up 16% from last year and continued to be strong throughout the quarter. 1Q Adjusted EBITDA of $1.1 billion, up $576 million year over year, was better than management’s guidance of $1 billion, and the company generated $900 million of free cash flow, up from $358 million last year. Management guided to continuing growth in 4Q Gross Bookings (23.5% growth) and Adjusted EBITDA (of $1.2 billion).
UBER remains the undisputed global leader in ride sharing, with a greater than 50% share in every major region in which it operates. The company is also a leader in food delivery, where it is number one or two in the more than 25 countries in which it operates.1 Moreover, after a history of losses, the company is now profitable, delivering expanding margins and substantial free cash flow. We view UBER as more than a ride sharing and food delivery service; we also see it as a global mobility platform with 142 million users (by comparison, Amazon Prime has 200 million members) and the ability to penetrate new markets of on-demand services, such as package and grocery delivery, travel, and hourly worker staffing. Given its $5.2 billion of unrestricted cash and $5.1 billion of investments, the company today has an enterprise value of $128 billion, indicating that UBER trades at 21x our estimates of next year’s free cash flow.”
1. Salesforce, Inc. (NYSE:CRM)
P/E Ratio: 65.07
Quarterly Revenue Growth: 10.77%
Number of Hedge Fund Holders: 131
Salesforce, Inc. (NYSE:CRM) stands out as a leading American provider of cloud-based software, focusing on customer relationship management solutions. Its comprehensive suite of tailored software and applications covers various aspects including sales, customer service, marketing automation, e-commerce, analytics, and application development, catering to a wide range of business needs.
Insider Monkey’s tracking of hedge fund activity in the fourth quarter of 2023 revealed that 131 hedge funds held positions in Salesforce, Inc. (NYSE:CRM), marking an increase from 122 funds in the previous quarter.
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Disclosure: None. 13 Best Growth Stocks To Invest In For the Next 5 Years is originally published on Insider Monkey.
