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Cramer Wary of Salesforce.com's Latest 'Land Grab'

The market is turning against high growth stocks, so Salesforce.com must be bought with caution after its largest acquisition ever—ExactTarget, CNBC's Jim Cramer said Tuesday.

Salesforce.com announced Tuesday that it would buy the digital marketer for $2.5 billion in cash.

(Read More: Salesforce in $2.5 Billion Cash Deal for ExactTarget)

"This is an email solution, they have a some very big customers. That is something that Salesforce has lacked," Cramer said. "Salesforce, the last quarter, people felt wasn't that great. There is also a lot of press about how the numbers aren't as good as they seem."

Cramer said that operating cash flow has been relatively strong for the company but it's international operations—especially in Japan—has been a drag on the business. "The yen is all over the place. I felt that (Salesforce CEO) Marc Benioff could have played up the fact that the yen made things more difficult."

Cramer will interview Benihoff on CNBC's "Mad Money" on Tuesday at 6 p.m. EDT.

"I do think that (ExactTarget CEO) Scott Dorsey has a fabulous product. I've used the product, it's a way to get a hold of people and it gives Salesforce a bigger suite," Cramer said.

Cramer called Salesforce "one of the most controversial stocks out there" because "they are in a land grab. They want very much to defeat SAP. They obviously have been gunning against Oracle."

In order to win in this space, he said, they have to spend and buy, which they have done with the ExactTarget purchase. "You have to buy into Marc Benioff's vision or else, let's just say, you're not going to own the stock."

"Salesforce has been a high growth stock that people have seemed to turn off," Cramer said. "People want Intel, they want Microsoft. They want these stocks that sell at 11 and 12 times earnings. They want to lock in gains by selling the high multiples."

"We had tremendous breadth in the market where you could buy," he added. "The window seems to be narrowing about what you can buy. I want to watch these high-growth stocks, they have not been acting well."


— By CNBC's Paul Toscano. Follow him on Twitter and get the latest stories from "Squawk on the Street" @ToscanoPaul

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