In a move to update its corporate governance, Salesforce, Inc. (NYSE:CRM), the $333.63 billion software giant currently trading near its 52-week high of $369, has announced amendments to its bylaws, effective as of Thursday last week.
The Board of Directors of the San Francisco-based software giant approved the revisions on December 5, 2024. These amendments are designed to streamline the information required from stockholders when proposing director nominations or other business matters, excluding those submitted under Rule 14a-8.
In addition, the adjustments address the indemnification of directors, officers, employees, and agents, ensuring that Salesforce's policies are in line with the current Delaware General Corporation Law. This includes the handling of stockholder lists and the adjournment of stockholder meetings.
Salesforce has also made several other updates, which are described as conforming, technical, and non-substantive. These changes reflect Salesforce's commitment to maintaining robust and transparent corporate governance practices.
In other recent news, Microsoft Corporation (NASDAQ:MSFT) reported a 16% year-on-year increase in Q1 FY2025 revenue, reaching $65.6 billion, with its cloud unit surpassing $38.9 billion. Analyst firms, including TD (TSX:TD) Cowen, Citi, Mizuho (NYSE:MFG), and Goldman Sachs (NYSE:GS), have maintained their positive ratings on Microsoft's stock. In the healthcare sector, Tevogen Bio has partnered with Microsoft to expedite the target identification process for their oncology product, TVGN 920, using AI and cloud technologies.
Meanwhile, Salesforce has seen a series of positive developments following its latest quarterly results, including a robust financial performance with revenue growth of 10.26%. Analysts from RBC (TSX:RY) Capital, BofA Securities, BMO (TSX:BMO) Capital Markets, and Scotiabank (TSX:BNS) have increased their price targets for Salesforce to $420, $440, $425, and $440 respectively.
In the recent CIO Survey by Piper Sandler, a record 87% of respondents anticipate budget increases in 2025, with notable growth areas in security, IT services, and application software. Microsoft, Snowflake (NYSE:SNOW), Salesforce, and Alphabet (NASDAQ:GOOGL) were identified as companies positioned to benefit from the increased IT spending.
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