Do You Think Salesforce (CRM) Will be Able to Increase Profitability by Lowering Costs?

Harding Loevner, an asset management company, released its “Global Equity Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy returned 6.25% net of fees compared to a 7.44% return for the MSCI All Country World Index and 7.88% for the MSCI World Index. Exposure to the banking sector detracted the relative and absolute performance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Harding Loevner Global Equity Strategy highlighted stocks like Salesforce, Inc. (NYSE:CRM) in the first quarter 2023 investor letter. Headquartered in San Francisco, California, Salesforce, Inc. (NYSE:CRM) designs and develops cloud-based software for customer relationship management. On June 6, 2023, Salesforce, Inc. (NYSE:CRM) stock closed at $212.85 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was 3.91%, and its shares gained 12.51% of their value over the last 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $207.316 billion.

Harding Loevner Global Equity Strategy made the following comment about Salesforce, Inc. (NYSE:CRM) in its Q1 2023 investor letter:

“It also signaled lower capital expenditures and increased share repurchases. Other tech companies, including Salesforce, Inc. (NYSE:CRM), similarly benefited from plans to lower costs and increase profitability. Meanwhile, NVIDIA, the graphic-chips designer, surged amid investor enthusiasm over the potential commercial applications of artificial-intelligence technologies, such as ChatGPT, which requires the use of many chips.”

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Salesforce, Inc. (NYSE:CRM) is in 11th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 136 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of first quarter 2023 which was 117 in the previous quarter.

We discussed Salesforce, Inc. (NYSE:CRM) in another article and shared the list of high-quality S&P 500 stocks billionaires are loading up on. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.