Cramer: Salesforce Buyback Looks Like a Smart Deal
Salesforce's massive $25 billion buyback program is being hailed as a stroke of genius by Jim Cramer, who argues that it looks like a smart deal. The software giant repurchased shares in the 170s, and with the current price at $251.59, those who bought back then are sitting on a profit. According to Cramer, this deal didn't even dent Salesforce's balance sheet.
Cramer made his bullish call during his Mad Dash segment on Wednesday, stating that 'there's a lot of sense that whatever was ailing the stock is over.' He pointed out that the company bought back shares in the 170s and now they're trading at nearly $250. However, today's price action doesn't fully cooperate with Cramer's framing, as Salesforce is down 1.59% on the session and remains down 4.53% year to date.
Cramer also highlighted Salesforce's new AI product, which he coined 'Slackforce,' but this is not an official product name announced by the company. The software giant's management mentioned that Slackbot reached one million active users five months after launch, with a 150% quarter-to-quarter growth. Cramer described the atmosphere around Benioff as 'I've not seen Marc like this in a long time,' but no partnership or commercial agreement was announced.