YOu just have to love the stock market. Even CRM, a stock maybe worth $60, can trade at $112. IT still doesn;t have to go down in the short term. IT could hit $115 if it wants before settling around $90. It is such a crazy vehicle. It is all about traders, and not about fundamentals.
How about the other side of the coin? Look at EMC. Back out cash and its stake in VMW and you get $3 billion of cash flow for less than $7 billion. Cash flow twice CRM's revenue, 10x it's cash flow, 50% of the price. Makes sense to me.