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“Don’t get drunk on the stock price.”
That is Salesforce.com’s [CRM
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] motto. Management uses it to keep the company focused on what matters most: satisfying customers rather than Wall Street.
“That is the only thing that matters,” CEO Marc Benioff told Cramer Tuesday.
Benioff said Salesforce is working with customers to find out exactly what they need in this tough environment. That, more than almost any other factor, is what drives business right now.
The goal is to impress upon customers that Salesforce’s “cloud computing” model is their best option. Forget big contracts with Microsoft [MSFT
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], Oracle [ORCL
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] or SAP [SAP
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]. Move past outdated hardware and software solutions. Benioff said his company’s “pay-as-you-go, elastic model” offers clients much more flexibility.
In fact, Benioff pointed out that Salesforce has nothing in common with a company like SAP. His stock was downgraded by a couple of analysts because they assumed Salesforce would slump just as SAP has, but that’s not the case. While SAP relies on large, “mega-transactions” each quarter, Benioff said, Salesforce’s on-demand model keeps revenues flowing.
Admittedly, even Benioff is playing it “more cautious and conservative than ever” given how hard the economy is right now. The company’s sitting on $823 million in cash and plans to do just that – sit on it – for the time being. Benioff said he’s more concerned with business fundamentals, which includes signing big customers and reaping the rewards over time.
“Some companies do well in tough times,” Cramer said. “This is one of them.”
Still, he thinks CRM is too high right now, and the market’s too tough. Cramer recommended waiting until the stock comes down before buying. And Salesforce is definitely worth a look when it does.
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