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Salesforce To Add 12,000 Jobs Next Year; Shares Up 49% YTD

support@smarteranalyst.com (Ben Mahaney)
·2 mins read

Salesforce CEO Marc Benioff has announced that the software giant will add 4,000 jobs over the next 6 months and 12,000 over the next year.

“Join our 54K employee strong Ohana defining the future of software. Salesforce is the world’s fastest growing Top 5 enterprise software company” Benioff wrote on Twitter, adding that potential candidates should start sending in their resumes.

Only a few weeks ago Salesforce (CRM) had disclosed its intention to cut 1,000 jobs, giving employees 60 days to find a new role in the company.

That was despite Benioff previously telling Twitter that CRM would refrain from significant layoffs for 90 days during the pandemic.

“We’re reallocating resources to position the company for continued growth,” Salesforce told USA Today on August 26. “This includes continuing to hire and redirecting some employees to fuel our strategic areas, and eliminating some positions that no longer map to our business priorities.”

Although shares have already surged 49% year-to-date, the stock continues to score a bullish Strong Buy consensus from the Street. The average analyst price target also indicates that a further 9% upside potential lies ahead.

“CRM has been one of the most successful technology vendors in the world over the past decade, but it appears the company is finding a new gear of growth as we believe flawless execution and a cloud accelerated COVID backdrop is putting further tailwinds in its deal momentum” cheered Wedbush analyst Daniel Ives recently.

He ramped up his price target from $250 to $300 after the company delivered a “jaw dropping performance” with better than expected results across the board signaling a key pivot in enterprise spending.

“Guidance was also stronger than expected which will be viewed as a positive not just for CRM, but a green light for the software bulls across the board with a positive read-thru for the cloud sector looking ahead” Ives concluded. (See CRM stock analysis on TipRanks)

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