Salesforce.com (CRM) has had a remarkable run-up this past year, gaining over 50% since January. The stock recently hit its 52-week high on September 20th, just one month after it had reported very positive quarterly results.
Since then however, the stock has sold off more than $10 per share and today trades around the $111 range. In the short term, the stock’s nearly vertical rise may be causing investors to take profits on the company. Everyone who owns the stock is at a profit of they bought before the last quarter was announced. The long term prospects of the company are still intact and are better than ever. We live in an era where companies want to cut costs and need to have up-to-date data and information on the products they sell and on the services they offer. This is where Salesforce.com comes in, providing enterprise cloud computing applications to help companies with CRM or customer relationship management. Salesforce.com is growing rapidly and companies discover the benefits it has to offer and the costs that can be saved.
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