Polen Capital: “Salesforce (CRM) Reported Solid Revenue Growth”

Polen Capital, an investment management firm, published its “Polen Focus Growth” fourth quarter 2021 investor letter – a copy of which can be downloaded here. During the fourth quarter of 2021, the Polen Focus Growth Composite Portfolio (the “Portfolio”) returned 5.24% and 5.07% gross and net of fees, respectively. The Russell 1000 Growth Index (the “Index”) returned 11.64%, and the S&P 500 (the “S&P”) 11.03%.  Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Polen Focus Growth, in its Q4 2021 investor letter, mentioned salesforce.com, inc. (NYSE: CRM) and discussed its stance on the firm. salesforce.com, inc. is a San Francisco, California-based software company with a $208.5 billion market capitalization. CRM delivered a -16.68% return since the beginning of the year, while its 12-month returns are down by -14.50%. The stock closed at $211.74 per share on February 16, 2022.

Here is what Polen Focus Growth has to say about salesforce.com, inc. in its Q4 2021 investor letter:

“Salesforce 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.”

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Our calculations show that salesforce.com, inc. (NYSE: CRM) ranks 11th on our list of the 30 Most Popular Stocks Among Hedge Funds. CRM was in 119 hedge fund portfolios at the end of the third quarter of 2021, compared to 108 funds in the previous quarter. salesforce.com, inc. (NYSE: CRM) delivered a -31.26% return in the past 3 months.

In February 2022, we published an article that includes CRM in the 10 Undervalued Stocks Hedge Funds Are Talking About. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

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