Enterprise software giants ServiceNow and Salesforce will benefit from a recession in 2023, says tech fund manager Jeremy Gleeson. His two giants of Silicon Valley sell software services aimed at making business sales, customer service, and operational workflows more efficient. Gleeson, who manages the £1.1bn ($1.5bn) technology fund AXA Framlington Global Technology Fund, said both companies will benefit from companies looking to cut costs during the downturn by automating some of their operations. rice field. “Companies will have to do more with less if they go into a recession in 2023,” Gleason told CNBC’s Joumanna Bercetche during a CNBC Pro Talk on Wednesday. One is to make better use of technology to make the existing workforce more productive.” ServiceNow’s stock has fallen about 39% to $392 this year, but analysts say: FactSet analysts’ median target for the stock expects the stock to rise by more than 30% next year. In 2020, his $27 billion acquisition of workplace messaging app Slack took a notable downturn for Salesforce. The company’s stock has nearly halved this year. However, analysts believe it will rise more than 50% to $200 over the next 12 months, according to FactSet. Salesforce shares closed at $130 on Wednesday. Gleeson said of his Salesforce, which accounts for his 2.3% of AXA Framlington Global: technology fund. “If we have stock [our] Because we believe these management teams are capable of achieving success in the years to come,” he added. But after the company announced the departure of co-CEO Brett Taylor, the stock fell.J.P. Morgan analysts said the company was outperforming its peers despite a “deteriorating macro environment.” Salesforce operates a crooked but unbroken business model amid the deteriorating macros that affect all software companies, and the company’s strategy for recession. We continue to see an uptick from current levels as we turn around and balance growth and profitability. [free cash flow] They expect the stock to rise 88% to $245 per share in 2023.
