5 Best SaaS Stocks To Buy Now

In this piece, we will take a look at the five best SaaS stocks to buy now. If you want to take a deeper look at the SaaS industry, then check out 14 Best SaaS Stocks To Buy Now.

5. Datadog, Inc. (NASDAQ:DDOG)

Number of Hedge Fund Investors In Q2 2023: 78

Datadog, Inc. (NASDAQ:DDOG) is a New York based software company that enables firms to manage and monitor their technology infrastructure. Its shares are rated Buy on average and analysts have set a $105 average share price target for the stock.

As of Q2 2023 end, 78 out of the 910 hedge funds part of Insider Monkey’s database had held a stake in the company. Datadog, Inc. (NASDAQ:DDOG)’s largest hedge fund shareholder is Karthik Sarma’s SRS Investment Management due to its $231 million stake.

4. Intuit Inc. (NASDAQ:INTU)

Number of Hedge Fund Investors In Q2 2023: 86

Intuit Inc. (NASDAQ:INTU) is a financial SaaS firm whose products allow businesses to manage their payroll, their accounting books, and customer relationship services among others. The firm expanded its marketing services portfolio in October by teaming up with another SaaS company to allow for better email marketing.

After digging through 910 hedge funds for their June quarter of 2023 shareholdings, Insider Monkey discovered that 86 had invested in Intuit Inc. (NASDAQ:INTU). Ken Fisher’s Fisher Asset Management is the biggest investor among these due to its $1.2 billion stake.

3. ServiceNow, Inc. (NYSE:NOW)

Number of Hedge Fund Investors In Q2 2023: 93

ServiceNow, Inc. (NYSE:NOW) is a diversified SaaS company that provides businesses with tools to manage data analytics, procurement functions, automation, and other functions. The firm’s second quarter earnings saw it grow revenues by a strong 23% annually which was fueled by a 25% growth in its subscription revenue.

Insider Monkey’s second quarter of 2023 research covering 910 hedge funds revealed that 86 had bought and owned the firm’s shares. ServiceNow, Inc. (NYSE:NOW)’s largest stakeholder among these is Rajiv Jain’s GQG Partners since it owns $859 million worth of shares.

2. Adobe Inc. (NASDAQ:ADBE)

Number of Hedge Fund Investors In Q2 2023: 109

Adobe Inc. (NASDAQ:ADBE) is another productivity software provider that has expanded its products as of late to offer them under the Adobe Creative Suite to offer a SaaS platform. The firm made a big AI announcement in October when it revealed its ‘object aware’ generative AI engine to allow for better content creation.

As of June 2023, 109 out of the 910 hedge funds part of Insider Monkey’s database were Adobe Inc. (NASDAQ:ADBE)’s investors. Ken Fisher’s Fisher Asset Management is the biggest shareholder in our database through its $2.3 billion investment.

1. Salesforce, Inc. (NYSE:CRM)

Number of Hedge Fund Investors In Q2 2023: 122

Salesforce, Inc. (NYSE:CRM) is one of the largest SaaS companies in the world, particularly within its niche of customer relationship management software products. The firm is currently shifting its operations from the CentOS software to Red Hat Enterprise Linux, and as part of this shift, it is using AI for monitoring any anomalies.

122 out of the 910 hedge funds surveyed by Insider Monkey had bought the firm’s shares in Q2 2023. Out of these, the firm’s largest investor is Ken Fisher’s  Fisher Asset Management since it owns 13.8 million shares that are worth $2.9 billion.

Disclosure: None. You can also take a look at Top 15 Cloud Computing Companies in the World and 15 Best Ex-Cop Jobs for Former Police Officers.

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