Free Trial

Salesforce and MongoDB: 2 must-own tech stocks

→ Shocking $16T Elon Musk Crypto Leak (From Crypto 101 Media) (Ad)

photo of woman writing note on tablet with words software as service overlayed

Key Points

  • Equities in general are rallying hard, with tech particularly benefiting from the return of risk-on sentiment. 
  • Salesforce is within striking distance of a new all-time high but remains attractively valued. 
  • MongoDB has been rallying since 2022 and is also within striking distance of a record close. 
  • 5 stocks we like better than Salesforce

With the risk-on sentiment that started last November continuing to sweep equity markets, it's a good time to be buying stocks. Increasing hopes for a rate cut amid continuing signs that inflation has been tamed are fueling one of the best rallies in recent memory. The benchmark S&P 500 index is up more than 20% in three months, and tech stocks, in particular, are enjoying a good start to the year. 

While it can be tempting to jump on anything that's moving amid such widespread investor optimism, there are some tried and tested ways to find the true standout stocks. By using MarketBeat's research tools, we can zero in on two tech stocks in particular. Let's jump in and take a closer look. 

Salesforce, Inc. NYSE: CRM

Having endured a horrible 2022, shares of software giant Salesforce bounced back during pretty much all of 2023. Many of our readers will remember the numerous bullish calls we made on Salesforce in the last few months. It's about time we did it again. The company started this year with a 110% rally under its belt. And with another 10% gain since then, it's clearly showing no signs of slowing down. 

In what is surely one of the more remarkable turnarounds from the tech industry, Salesforce shares are now less than a 10% move from their previous all-time high. And according to Wall Street analysts, CRM stock should be hitting that high any day now. 

Less than two weeks ago, the team at Bank of America named Salesforce one of their top picks for 2024. With tech as a whole set to benefit from a decline in rates, must-have pieces of software like Salesforce stand to do well from the fresh, growth-fueled demand. They also feel that, even with the ongoing rally, Salesforce remains attractively valued against its peers.


On Monday, their stance was echoed by the Oppenheimer team, who reiterated their Outperform rating on Salesforce while boosting their price target to $325. Needless to say, were shares to hit this in the coming weeks, they'd be at fresh all-time highs.

MongoDB, Inc. NASDAQ: MDB

Mongo is another enterprise-grade software platform going through something of a resurgence. Like Salesforce, it's been rallying hard for over a year and is also closing in on its previous all-time high. A 35% jump in the last month alone bodes particularly well for the coming weeks, and it's not surprising that the consensus rating on MarketBeat has it at a Moderate Buy

While Salesforce might have made it onto Bank of America's list of top picks for the year, MongoDB was at the top of Baird's list. The company is closing in on its first-ever profitable quarter, with expectations rising that this is the year it makes the jump.

There have been some concerns raised about the slowdown in the company's revenue growth, but this month's earnings report, encapsulating the return to risk-on sentiment since last November, should put paid to that. It's a company known for its high-performing sales team, and since the advent of artificial intelligence (AI), the market need for Mongo's database software has only become more acute. 

Look for shares to continue rallying beyond the $500 mark, with a run at 2021's high near $600 a real possibility if it can deliver a strong earnings report. Some concern is warranted with the stock's relative strength index (RSI) at 70, indicating overbought conditions, but such is the bullish momentum in the market right now. We're inclined to say there's a lot more room for this one to run. 

Should you invest $1,000 in Salesforce right now?

Before you consider Salesforce, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Salesforce wasn't on the list.

While Salesforce currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

(Almost) Everything You Need To Know About The EV Market Cover

Click the link below and we'll send you MarketBeat's guide to investing in electric vehicle technologies (EV) and which EV stocks show the most promise.

Get This Free Report

Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Salesforce (CRM)
4.9318 of 5 stars
$272.29-2.3%0.15%64.83Moderate Buy$310.94
MongoDB (MDB)
4.3146 of 5 stars
$349.74-1.5%N/A-141.02Moderate Buy$444.57
Compare These Stocks  Add These Stocks to My Watchlist 

Sam Quirke

About Sam Quirke

  • s.quirke.us@gmail.com

Contributing Author

Technical Analysis

Experience

Sam Quirke has been a contributing writer for MarketBeat since 2019.

Areas of Expertise

Technical and fundamental analysis, tech stocks, large caps, timing entries and exits

Education

Trinity College, Dublin, Ireland

Past Experience

Professional futures trader, start-up fund manager


Featured Articles and Offers

Search Headlines: