Robert W. Baird analyst Colin Sebastian has reiterated their bullish stance on CRM stock, giving a Buy rating yesterday.
Colin Sebastian has given his Buy rating due to a combination of factors including Salesforce’s demonstrated interest in strategic acquisitions and the overall robust health of the cloud software sector. The attempt to acquire INFA, though unsuccessful, suggests Salesforce sees value in expanding its data management and integration platform capabilities, which could be a positive indicator of the company’s strategic direction and potential for growth.
Additionally, the broader market trends in cloud software are favorable, as evidenced by strong performances from Azure and Google Cloud that bode well for the industry leaders. Salesforce, being a major player in the cloud software space, is likely to benefit from these trends. Sebastian’s rating takes into account these industry dynamics, Salesforce’s strategic moves, and the current valuation levels within the cloud software sector.
According to TipRanks, Sebastian is a 5-star analyst with an average return of 12.7% and a 54.80% success rate. Sebastian covers the Consumer Cyclical sector, focusing on stocks such as Maplebear, Amazon, and eBay.
In another report released yesterday, Barclays also assigned a Buy rating to the stock with a $355.00 price target.
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Salesforce (CRM) Company Description:
salesforce.com, inc. engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform. The firm also provides guidance, support, training, and advisory services. The company was founded by Marc Russell Benioff, Parker Harris, David Moellenhoff, and Frank Dominguez in February 1999 and is headquartered in San Francisco, CA.
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