The share price of this huge and well-known provider of customer relationship management platforms for corporate users has broken a major technical resistance above $270. Salesforce sharply added 4,04% to its market value last night in after-hours trading, following much-better-than-expected quarterly numbers on solid cloud demand. The stock was on the verge of a great breakthrough soon after the news, but today’s pre-market lifted the price for one more percentage point to consolidate the progress.

Technology that brings companies and customers together has brought an adjusted profit per share of $2.56 in Q2, well above consensus estimates of $2.36, to set a new record compared to $2.44 in the previous quarter and $2.12 in the same quarter of 2023. This is a remarkable 20.7% of annual growth. What is important in current market conditions, the company’s management raised its profit projection for the whole year. It is now shifted to a range of $10.03 to $10.11 per share, from $9.86 to $9.94. The estimated are welcomed by many investors, including myself, so that CRM is a strong buy in my portfolio strategy.

Ironically, Salesforce co-founder Parker Harris, has reportedly sold some of its shares at a weighted average price of $261.08, according to the latest SEC filings, on August 27, with his sales totalling over $1 million for the recent period. Yet, who cared. He has sold it when he probably needed money for some other purpose, and I am buying, as many others, as we all want to earn some gain from his company.

I feel that the next realistic target is expected at nearly $289.50 per share, where the peaking prices of mid-May were detected. But quite reasonable mid-term goals may be placed above $300, if not at historical levels above $317, where Salesforce traded less than six months before. Disappointing data at the very end of May plus lasting overall correction in the IT segment temporarily derailed the rally in CRM, but now a new recovery is here.