After losing a third of its value since November, Salesforce may finally be tradable.
The stock market has been weighing the value of a lot high-flying tech names in the face of higher interest rates and inflation lately.
The CEO of one of the bigger names recently spoke with Jim Cramer on Mad Money.
Cramer talked to Marc Benioff, co-founder and co-CEO of Salesforce.com (CRM) – Get salesforce.com, inc. Report, on the Mad Money TV show.
The cloud software provider stock has fallen about a third from its November highs as fears of inflation and higher interest rates have hammered many big tech names.
But lately, Salesforce has seen some strength after its latest earnings report for the final quarter of fiscal year 2022.
Benioff said it was an extraordinary quarter for Salesforce and they’re now forecasting $32.1 billion in revenues for the fiscal 2023 year, which has just begun. Salesforce is getting back to business, he said, and employees can return to the office or continue working from home if they so choose.
On Real Money, technical analyst Bruce Kamich wrote recently that the company’s stock has remained below both its 50-day and 200-day moving averages. “CRM could see a rebound rally back up into the $240-$255 area, but without a new base formation in place I do not expect the rally to be sustained,” Kamich wrote. “Nimble traders could play the bounce if they desire, but investors should remain patient.”
Benioff was bullish on Salesforce’s recent partnership with Ford Motor (F) – Get Ford Motor Company Report, saying that together, the pair are turning F-Series pickups into mobile offices that offer whole new ways to engage with customers.
Benioff also said there’s no finish line when it comes to making acquisitions. All of his company’s recent deals, like the acquisitions of Tableau and Slack, have been fully integrated into the Salesforce platform he said.