Salesforce.com, Inc. (CRM) - Get Report was one of the bull market's best-performing stocks. However, in 2016, CRM stock fell more than 12%, causing many to question whether the company's run was over. 2017 has been a different year, though, with the stock up 33%. Investors are hoping that momentum continues when Salesforce reports earnings Tuesday after the close. Now, some are wondering whether it can bust through $92, near its all-time high.
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"I think Salesforce can be great," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said from the floor of the New York Stock Exchange Monday. The move onto the cloud appears to be endless, something that directly benefits CRM.
In fact, that migration is much more widespread than many investors appear to realize. It's not just technology companies and financial firms making the move, all sorts of industries are going to the cloud, Cramer reasoned. Don't forget about Microsoft Corporation (MSFT) - Get Report and Amazon.com, Inc. (AMZN) - Get Report either, which are both battling for top spot in the cloud industry.
Cramer said he expects CEO Marc Benioff to "tell a great story" when the company releases its results and hosts its conference call. Analysts expect Salesforce to earn 32 cents per share on $2.51 billion in revenue for the most recent quarter.
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At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.