Billings upside justifies investment strategy
FYQ4 billings growth of 28% was 8pp ahead of consensus, driven by impressive execution in both new business and renewals. Top line outperformance came at the expense of higher sales and marketing in the quarter, but we expect investors to remain comfortable with the trade-off and note margin continues to expand healthily regardless. Ongoing momentum in the business and diminishing M&A concerns should continue to support a higher EV/revenue multiple - we raise our PT to $145.Salesforce.Com is engaged in customer relationship management technology. The company's Customer 360 is an integrated platform that unites sales, service, marketing, commerce, integration, analytics and more to give companies a single, shared view of their customers. Through its platform and other developer tools, the company also enables third parties to develop additional functionality and applications, or apps, that run on its platform, which are sold separately from or in conjunction with the company's service offerings. The company's cloud service offerings include sales cloud, service cloud, marketing and commerce cloud, and salesforce platform and other.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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