Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
MKM Partners’ Kevin Buttigieg believes salesforce.com, inc. (NYSE: CRM)'s acquisition of Quip is being seen by many as an “offensive move” to go after Microsoft Corporation (NASDAQ: MSFT) with an Office competitor, following salesforce.com losing the bidding war for LinkedIn Corp (NYSE: LNKD).
Buttigieg maintains a Buy rating on salesforce.com, with a price target of $96.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
The Quip Acquisition
“CRM's disclosure this week of the acquisition of privately held Quip for $582 million in stock plus a prior investment adds a cloud-based software of personal productivity apps, including spreadsheets, word processing and task lists that tightly integrates collaboration and communication capabilities,” the analyst mentioned.
As an “upstart” competitor of Microsoft Office, many are viewing this as an offensive move by salesforce.com, given that it lost the bidding war for LinkedIn.
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
According to the MKM Partners report, “Both companies share a similar vision of a next generation of more intelligent workplace applications that likely served as the basis for their acquisition discussions in 2015 and that each are now pursuing independently.”
Offensive Or Defensive?
However, rather than attacking Microsoft, salesforce.com’s acquisition of Quip could be seen as more defensive, given Microsoft’s upcoming launch of Dynamics 365 in the fall of 2016.
Dynamic 365 integrates Office 365 with ERP and CRM apps, and can therefore leverage the success of Office 365 to improve enterprise application competition, even before the company mines intelligence from LinkedIn apps.
“So we see intensifying competition between MSFT and CRM that should play out over time but which has already seen the latter increase its acquisition activity and pressure near-term margin expansion,” Buttigieg stated.
Full ratings data available on Benzinga Pro.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email feedback@benzinga.com with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.