5 Best Long-Term Tech Stocks To Buy

4. Salesforce, Inc. (NYSE:CRM)

Number of Hedge Fund Holders: 122

Salesforce, Inc. (NYSE:CRM) is a prominent 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.

Salesforce, Inc. (NYSE:CRM) surpassed analysts’ expectations with a rapid increase in third-quarter earnings, attributed to customer migration to the company’s cloud-based services in anticipation of upcoming AI offerings. The cloud software firm reported a net income of $1.22 billion, translating to diluted earnings per share of $1.25, reflecting a significant year-over-year increase. The 11.2% surge in revenue to $8.72 billion was driven by subscription and support services. In recent months, Salesforce, Inc. (NYSE:CRM) has expressed its commitment to embracing AI by consolidating various popular products into a single cloud-based platform.

In Insider Monkey’s Q3 2023 database, 122 out of 910 hedge funds had invested in the company, with Fisher Asset Management, led by Ken Fisher, emerging as the largest shareholder with a $2.87 billion investment during the specified 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.”