In this article, we discuss 5 best stocks to invest in, according to AI. If you want to read our detailed discussion on how valuable AI can prove to be in the financial and stock trading industry, head over to 13 Best Stocks To Invest In According to AI.
5. Salesforce Inc. (NYSE:CRM)
Number of Hedge Fund Holders: 122
Share price performance from May 30 to September 7: 1.26%
Salesforce Inc. (NYSE:CRM) provides CRM technology to facilitate global business-customer interactions, including sales and customer service solutions. Their services cover data management, analytics, and personalized support, enhancing overall customer engagement and operational efficiency. On August 30, Salesforce Inc. (NYSE:CRM) reported a Q2 non-GAAP EPS of $2.12, beating Wall Street estimates by $0.24. The revenue of $8.6 billion increased 11.4% year-over-year, surpassing market prediction by $70 million.
As of May 30, the share price performance of Salesforce Inc. (NYSE:CRM) has seen an increase of 1.26%. This, coupled with the elevated revenue imply that this can be a good stock to invest in, as indicated by AI. According to Insider Monkey’s second quarter database, 122 hedge funds were bullish on Salesforce Inc. (NYSE:CRM), as compared to 136 in the last quarter. Ken Fisher’s Fisher Asset Management is the most prominent stakeholder of the firm, with almost 13.9 million shares, worth approximately $3 billion.
Ithaka US Growth Strategy made the following comment about Salesforce, Inc. (NYSE:CRM) in its first quarter 2023 investor letter:
“Salesforce, Inc. (NYSE:CRM) is the largest pure-play cloud software company, holding a leading market share in customer relationship management applications and a top-five market share position in the company’s other clouds (Marketing, Service, Platform, Analytics, Integration, and Commerce). The company’s software subscription term-license model differs from the traditional perpetual-license software model in two respects: (1) the software is hosted on centralized servers and delivered over the internet, as opposed to traditional enterprise software that is loaded directly onto customers’ hard drives or servers; and (2) the revenue model is subscription-based, typically charging monthly fees per user as opposed to charging one-time licensing fees. The stock’s strong relative performance followed a strong F4Q23 earnings release that easily beat Street expectations on the top- and bottom-lines. In addition to the beat, management announced a number of initiatives that activist investors have been clamoring for, specifically a halt to large M&A transactions and a focus on operating profitability.”
