Salesforce (CRM) Stock Surges, Hits Record High

Strong Earnings and Positive Analyst Outlook Drive Share Price Increase

Salesforce (CRM), a leading provider of customer relationship management (CRM) software, has seen its stock price soar in recent months, hitting a record high on May 29. The company's strong financial performance and positive analyst outlook have been key drivers of this growth.

In its most recent quarterly earnings report, Salesforce reported revenue of $6.11 billion, a 24% increase year-over-year. The company also reported a non-GAAP earnings per share of $0.98, beating analyst estimates by $0.04. These strong results were driven by strong demand for Salesforce's cloud-based software solutions and its continued success in acquiring new customers.

Analysts have been bullish on Salesforce's prospects, with many raising their price targets for the stock. Citigroup recently raised its price target to $325, while Wells Fargo raised its target to $330. These analysts cite the company's strong competitive position, its continued innovation, and its ability to drive growth in both developed and emerging markets.

The stock's 52-week range is 19,368 - 31,871. As of May 29, the stock closed at 61,430 PM GMT-4 USD NYSE. The company's strong financials and positive analyst outlook suggest that the stock could continue to rise in the coming months.