Analysts Say Salesforce.com (CRM) Q3 Good Enough
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Price: $38.25 +0.08%
Rating Summary:
30 Buy, 4 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
30 Buy, 4 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
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Yesterday salesforce.com (NYSE: CRM) reported Q3 earnings and revenue that topped estimates.
Commenting on the quarter, analyst Michael Huang of Needham and Company said, "Salesforce delivered a solid bookings quarter, which could mitigate some skeptic concerns around the direction of underlying trends."
Unlike most other tech bellwethers, Haung pointed out that salesforce has not experienced a meaningful deterioration of sales or close rates.
"While 31% bookings growth may not have been blockbuster spectacular, our sense is that this level of growth is solid enough (and encouraging) considering macro uncertainty, European exposure, FX headwinds, and a generally weakening enterprise IT spending,” added Haung.
He thinks salesforce is the highest quality and best scaled SaaS name.
Needham & Company has a Buy rating on salesforce.com with a price target of $180.00.
For an analyst ratings summary and ratings history on salesforce.com click here. For more ratings news on salesforce.com click here.
Shares of salesforce.com closed at $145.90 yesterday, with a 52 week range of $94.09-$164.75.
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Commenting on the quarter, analyst Michael Huang of Needham and Company said, "Salesforce delivered a solid bookings quarter, which could mitigate some skeptic concerns around the direction of underlying trends."
Unlike most other tech bellwethers, Haung pointed out that salesforce has not experienced a meaningful deterioration of sales or close rates.
"While 31% bookings growth may not have been blockbuster spectacular, our sense is that this level of growth is solid enough (and encouraging) considering macro uncertainty, European exposure, FX headwinds, and a generally weakening enterprise IT spending,” added Haung.
He thinks salesforce is the highest quality and best scaled SaaS name.
Needham & Company has a Buy rating on salesforce.com with a price target of $180.00.
For an analyst ratings summary and ratings history on salesforce.com click here. For more ratings news on salesforce.com click here.
Shares of salesforce.com closed at $145.90 yesterday, with a 52 week range of $94.09-$164.75.
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