Salesforce Surges to Record After Susquehanna Upgrades Inc. (CRM) surged to a record high after Susquehanna Financial Group raised its price estimate for the shares, citing growth prospects as corporate customers do more computing tasks over the Internet.

The shares rose 4.2 percent to $165 in New York, for the highest closing price since the company’s initial public offering in June 2004. The stock extended gains for the year to 63 percent.

Salesforce, the largest maker of online customer-management software, is benefiting as businesses increasingly rely on cloud-computing to access and analyze data, Derrick Wood, an analyst at Susquehanna, wrote in a research report today. He raised his price estimate for the San Francisco-based company to $185 from $175.

“Cloud-computing remains a top priority,” Wood said.

To contact the reporter on this story: Lisa Rapaport in New York at

To contact the editor responsible for this story: Tom Giles at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.