shares rise amid earnings beat, Wall Street love

Marc Benioff, chairman and chief executive officer of Inc.,
David Paul Morris | Bloomberg | Getty Images

Shares of cloud computing giant gained more than 4 percent Thursday as investors and analysts cheered the company's latest quarterly results.

The company reported adjusted first-quarter earnings per share of 24 cents on revenue of $1.92 billion. Analysts polled by Reuters expected Salesforce to report 23 cents a share on revenue of $1.89 billion.

Salesforce also raised its full-year forecast, driven by higher demand for its web-based sales and marketing software.

Wall Street analysts were quick to reward the company's stellar quarter, with at least 15 analysts raising their price target on the stock, including Canaccord Genuity.

"The fact is that Salesforce continued to execute quite well with upside in relevant statistics like billings and cash flow," the firm said in a Wednesday note to clients. "If we are correct CRM could hit $125 in 2019 based on a 20-times forward multiple on those 2020 numbers."

Canaccord raised its price target on the stock to $95 form $88. Salesforce shares traded near $80.40.

Over the past year, the stock has gained more than 13 percent and 30 percent over the past three months.

CRM over past 3 months

Disclosure: Canaccord is a market maker in Salesforce shares.