5 Best Long Term Growth Stocks To Invest In

3. Salesforce, Inc. (NYSE:CRM)

Number of Hedge Fund Holders: 122

P/E Ratio: 140.34

Salesforce, Inc. (NYSE:CRM), headquartered in San Francisco, California, stands as an American cloud-based software company, specializing in customer relationship management. The company provides tailored software and applications designed for sales, customer service, marketing automation, e-commerce, analytics, and application development.

On August 30, Salesforce, Inc. (NYSE:CRM) unveiled its fiscal 2024 second-quarter results, reporting earnings of $2.12 per share—a significant 78% increase from the same quarter in the previous year. Fueled by an 11% rise in revenue, surpassing $8.6 billion, the company is scheduled to release its fiscal Q3 results on November 30 after the market closes. Salesforce, Inc. (NYSE:CRM) anticipates revenue between $8.70 billion and $8.72 billion, with diluted earnings per share ranging from $1.02 to $1.03. Analysts project a 53% growth in earnings for the full fiscal year.

Within Insider Monkey’s Q3 2023 database, 122 out of 910 hedge funds had invested in the company, with Ken Fisher’s Fisher Asset Management emerging as the largest shareholder, contributing to its $2.87 billion investment during the specified time period.

Harding Loevner talked about Salesforce, Inc. (NYSE:CRM) in its second-quarter 2023 investor letter. Here is what it said:

“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.”