it's been expensive for years. Actually the stock has never ever been cheap. My guess is that it gets 5-10 times more expensive than it is now. Today we should get close to 48. Stock split worked like a charmed
Often, start-ups are given the "benefit of the doubt" and valuations it is hoped they'll grow into. That includes growth into real earnings that are large enough to justify a high PE. CRM has entered the distribution phase.
Also, in the past, when CRM drops a lot ahead of their quarterly report, the stock goes up after the report (6 months ago, for example) and when CRM is up a lot ahead of the report, the stock price goes down after the report (the November prior to that). Now the stock price has gone up amid pumps and excessive pr. What's priced in is much more than CRM can deliver.