Is Salesforce, Inc. (NYSE:CRM) the Top Dow Stock to Invest in for 2024?

The Dow Jones Industrial Average recently hit a record high, surpassing the 40,000 milestone for the first time ever. However, the index has since experienced a slight decline of nearly 2.35% as of May 23. Despite this, the market seems to be underperforming compared to the S&P 500 and NASDAQ, which are largely influenced by mega-cap tech stocks like NVIDIA Corporation (NASDAQ:NVDA).

NVIDIA Corporation reported impressive first-quarter earnings, with a revenue of $26.04 billion, up over 262% year-over-year. The company also announced a 10 for 1 stock split, set to take effect on June 7. Despite these positive results, the market, including the Dow Jones index, saw all 30 of its components ending the day in the red on May 23.

Jim Cramer, host of CNBC’s Mad Money, celebrated the Dow’s milestone of reaching 40,000 points, emphasizing the collective effort of various sectors in achieving this feat. Cramer highlighted the resilience of these companies in overcoming challenges such as the Federal Reserve’s rate hikes, inflation, and supply chain issues during the Covid-19 pandemic.

Among the best Dow stocks identified by hedge funds, Salesforce, Inc. (NYSE:CRM) takes the 4th spot. The company, known for its Customer Relationship Management (CRM) technology, saw positive sentiment from hedge funds in the first quarter of 2024. With a consensus Buy rating among Wall Street analysts, Salesforce, Inc. has an average price target of $338.45, implying an upside of 21.78% from current levels.

Overall, despite market fluctuations, companies like NVIDIA Corporation and Salesforce, Inc. continue to show strong performance and potential for growth in the future.