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Salesforce Stock Price Is Set to Hit All Time High, Analysts Predict

Salesforce Stock Price Is Set to Hit All Time High, Analysts Predict
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Salesforce (NYSE: CRM) stock price declined sharply in the past couple of months after hitting an all-time high of $167. CRM shares are down almost 10% in the past three months. The downtrend is prompted by trader’s concerns over macroeconomic headwinds.

Market analysts believe the dip in CRM share price is presenting a buying opportunity. They expect Salesforce stock price to bounce back sharply in the coming days.

CRM salesforce.com, inc. daily Stock Chart

Analysts are Bullish about Salesforce Stock Price

Bank of America Merrill Lynch has included CRM in his favorite stock picks for this year. On the other hand, Compass Point Research has set a Salesforce stock price target at $190 with a buy rating.

The firm says CRM continues to generate robust growth in all categories, which is helping it to get market share from big players.

Stephens’ analyst James Rutherford suggests investors buy this stock. Rutherford claims the company has been “out-of-favor,” but the firm’s checks “indicate strong underlying business trends.

Financial Numbers are Supporting CRM Shares

The company has generated solid financial growth in the latest quarter. Its second-quarter revenue of $4 billion increased by 22% from the year-ago period. In addition, its current remaining performance obligation rose 23% year over year to $12.1 Billion.

An enormous wave of digital transformation is sweeping across every industry, and major brands, like FedEx, AXA and Unicredit, turned to Salesforce in the quarter to propel their growth,” said Keith Block, co-CEO, Salesforce.

The company has raised its outlook for third-quarter and full-year after strong first-half results.

It now expects third-quarter revenue in the range of $4.44 billion to $4.45 billion. This represents a 31% growth from the previous year period. For the full year, the company anticipates revenue growth of 27% from last year.

Salesforce stock price is receiving support from several catalysts. It does not offer any dividends to investors. Therefore, the company appears in a position to invest aggressively in growth opportunities.

All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
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siraj sarwar

Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.

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