5 Famous Tech Stocks Trading At Discount Today

4. Salesforce.com, Inc. (NYSE:CRM)

Number of Hedge Fund Holders: 110  

Decline in Share Price Over Past Six Months: 20.35%

Salesforce.com, Inc. (NYSE:CRM) is an application software firm. The company posted earnings for the fourth quarter of 2021 on March 1, beating market estimates on earnings per share and revenue by $0.09 and $80 million. The company also raised the guidance of the 2023 fiscal year to $32 billion against consensus estimates of $31 billion. As work from home trends grow, the company looks best positioned among peers in the tech industry to take advantage of digital workflows as it boosts a variety of top products, like Slack, in this regard. 

On March 2, Wedbush analyst Daniel Ives kept an Outperform rating on Salesforce.com, Inc. (NYSE:CRM) stock with a price target of $275, appreciating the solid earnings beat of the firm and underlining that the risk/reward on the stock was very compelling owing to “cloud stalwart status and margin trajectory over the next few years”. 

Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Salesforce.com, Inc. (NYSE:CRM) with 14.5 million shares worth more than $3.7 billion.

In its Q4 2021 investor letter, Polen Capital, an asset management firm, highlighted a few stocks and Salesforce.com, Inc. (NYSE:CRM) was one of them. Here is what the fund said:

“Salesforce.com, Inc. (NYSE:CRM) reported solid revenue growth, including accelerated growth in the company’s largest and most mature product, Sales Cloud. However, shares underperformed due to unexpected weakness in the company’s MuleSoft application integration business that we believe is attributable to temporary missteps in the company’s selling efforts. The company also provided slightly weak guidance for billed but not earned business growth. In our experience, this metric can be influenced by timing issues and is often not fully representative of underlying demand for the company’s offerings.”