5 Tech Stocks To Buy According to Daryl Smith’s Kayak Investment Partners

4. salesforce.com, inc. (NYSE:CRM)

Value of Kayak Investment’s Stake: $48.9 million

Percentage of Kayak Investment’s 13F Portfolio: 6.91%

Number of Hedge Fund Holders: 108

salesforce.com, inc. (NYSE:CRM) is an American enterprise cloud computing provider that focuses its services on customer relationship management. Its cloud software allows customers to generate analytics for insight and fulfill various business functions such as delivering quotas and contracts.

In an investor note issued in November 2021, Morgan Stanley raised its price target to $360 per share, expressing optimism salesforce.com, inc. (NYSE:CRM)’s total addressable market. During its second fiscal quarter, the company reported $6.3 billion in revenue and $1.48 in non-GAAP EPS, beating analyst estimates on both.

salesforce.com, inc. (NYSE:CRM)’s largest investor by the third quarter was Alexander Becker’s Codex Capital who owned 32,650 shares worth $8 billion.

During the third quarter, Mr. Smith’s Kayak Investment Partners held 180,317 salesforce.com, inc. (NYSE:CRM) shares worth $48.9 million and representing 6.91% of his firm’s overall portfolio. At the same time, 108 out of the 873 hedge funds polled by Insider Monkey had held a stake in the company by the end of the second quarter.

In its third-quarter 2021 investor letter published earlier this year, investment firm Polen Capital had the following to say about salesforce.com, inc. (NYSE:CRM):

“Salesforce came under pressure earlier in the year after agreeing to purchase Slack for about $26 billion. Since then, management has articulated well the strategic rationale and integration of Slack into its other software offerings and has demonstrated continued double-digit organic revenue growth within its legacy product offerings. At its recent investor day, the company also outlined long-term growth plans in line with our estimates but probably above what others may have been expecting, especially on margin expansion.”