Billionaires Are Crazy About These 5 Stocks

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In this article, we discuss 5 stocks that billionaires love. If you want to see more stocks in this selection, check out Billionaires Are Crazy About These 10 Stocks

5. Salesforce, Inc. (NYSE:CRM)

Number of Hedge Fund Holders: 136

Number of Billionaire Investors: 26

Salesforce, Inc. (NYSE:CRM) is a global provider of customer relationship management (CRM) technology. The company’s services encompass a range of capabilities such as storing and managing sales data, tracking leads and progress, predicting potential opportunities, utilizing analytics and relationship intelligence for insights, and facilitating the creation and delivery of quotes, contracts, and invoices. It is one of the stocks that billionaires are crazy about. 

On May 31, Salesforce, Inc. (NYSE:CRM) reported a Q1 non-GAAP EPS of $1.69 and a revenue of $8.25 billion, topping Wall Street estimates by $0.08 and $80 million, respectively. During the first quarter, Salesforce, Inc. (NYSE:CRM)’s shareholders received a total of $2.1 billion through share repurchases.

According to Insider Monkey’s first quarter database, 136 hedge funds were bullish on Salesforce, Inc. (NYSE:CRM), compared to 117 funds in the last quarter. Billionaire Thomas Steyer’s Farallon Capital is a prominent stakeholder of the company, with a position worth $700 million.

Vulcan Value Partners made the following comment about Salesforce, Inc. (NYSE:CRM) in its Q1 2023 investor letter:

“Salesforce, Inc. (NYSE:CRM) was a material contributor during the quarter. The company has taken numerous positive steps to increase profitability more quickly than expected. Salesforce also improved its corporate governance by recommending three new board members. The company is focused on improving margins, deemphasizing acquisitions, and has expanded its stock buyback plan from $10 billion to $20 billion. We believe Salesforce can pursue these opportunities while continuing to increase its competitive position.”

Follow Salesforce Inc. (NYSE:CRM)

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