Shares of salesforce.com are up more than 30% since the beginning of the year, according to data provided by S&P Global Market Intelligence.
The share fell by 12% in the year 2016 and no one seemed to be interested in buying it. However, Salesforce’s “State of the Service” report published in January 2016 was well received by the analysts and the stock shot up by more than 15% in January itself. There were rumors that Alphabet is contemplating buying the company and that added to the price increase.
In the month of May this year, Piper Jaffray’s Alex Zukin maintained an Overweight rating on Salesforce’s stock with an unchanged $100 price target, and labeled the company as the “most attractive stock” in its universe. The company reported its fourth-quarter results wherein sales jumped 27% and adjusted earnings per share (EPS) leapt 47%. In the report released in May, Salesforce raised its revenue and earnings outlook for the year ahead.
COO Keith Block said in the company’s fourth-quarter earnings release that for fiscal 2018, the company expects to deliver more than $10 billion in revenue. Salesforce is continuously strengthening its ground on the basis of its high customer retention rates, cutting-edge technology and valuable partner network.