Investopedia: Salesforce.com Still Growing And Still Expensive

Cloud software and services continues to take share in the enterprise IT market, and Salesforce.com (NYSE:CRM) remains a major player within that trend. Even so, growth is slowing and the company has yet to make a convincing case that there is all that much latent margin leverage in the business model. With attractive top-line growth and a “clean” play on the growth of SaaS/PaaS, I expect Salesforce.com to remain a relatively popular software stock, but I likewise expect bears to continue complaining (loudly) about the valuation, particularly given the weak margin leverage and an underlying growth rate that may be weaker than it first appears.

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http://www.investopedia.com/stock-analysis/052413/salesforcecom-still-growing-and-still-expensive-crm-orcl-mkto-ibm.aspx