5 Fastest Growing AI Stocks To Buy

3. Salesforce, Inc. (NYSE:CRM)

1-year stock price growth as of August 29: 32%

Number of Hedge Fund Holders: 122

Salesforce, Inc. (NYSE:CRM) provides customer relationship management (CRM) software and application services to its clients. The company’s Salesforce Einstein helps organizations’ processes and data to utilize machine learning and advanced deep learning concepts. Salesforce, Inc. (NYSE:CRM) was founded in 1999 and is headquartered in California.

Salesforce, Inc. (NYSE:CRM) reported its Q2 FY 2024 earnings on August 30. The company posted a non-GAAP EPS of $2.12, exceeding the Wall Street expectations by 24 cents. Its revenue was up 11.4% year-over-year to $8.6 billion. For the third quarter Salesforce, Inc. (NYSE:CRM) expects a revenue of $8.70 billion to $8.72 billion and raised its full year revenue guidance to the range of $34.7 billion to $34.8 billion.

In the second quarter, Salesforce, Inc. (NYSE:CRM) stock was owned by 122 hedge funds.

The Ithaka Group said the following 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.”