Salesforce.com Inc. (NYSE: CRM) held its Cloudforce user event in New York City Wednesday. The company formally launched its Social Marketing Cloud service and the AppExchange Mobile Site at the event.

Jefferies said it is the second event of its kind that Salesforce.com has held this year which attracted over 10,000-plus registered attendees versus 5,000-plus for the March 2011 event.

We attended Cloudforce in New York City Wednesday. It is clear that the company continues to build momentum, with registered attendees about 2 times the March Cloudforce event. Aside from the launch of a few products, little new information came from the event, said Ross MacMillan, an analyst at Jefferies.

MacMillan said management's tone and commentary were consistent with the Nov. 17 earnings conference call. His thoughts on the stock are unchanged and he remains optimistic on Salesforce.com's long-term opportunity.

MacMillan still believes that the company is a best-in-class provider of SaaS-based CRM and a promising early mover in PaaS, which is a nascent market with a large TAM.

Salesforce.com launched the Radian6 Social Marketing Cloud, which enables customers to: manage social conversations, leverage social media intelligence, connect with customers/ prospects, deliver social conversations across the enterprise, and build social websites (Siteforce).

In addition, the company unveiled its new AppExchange Mobile site. The site supports native and HTML5 based mobile apps and about 40 apps are currently available for download.

Salesforce.com is offering a Siteforce starter package through the end of calendar 2011 for $9,900, which applies to one site, two contributor users and two publisher users. Salesforce Radian6 is generally available Thursday for customers, starting at $600/deployment per month.

Given Salesforce.com' slight billings miss in the fiscal third quarter of 2012 and the subsequent negative stock movement, investors have shown increased interest in understanding the puts/takes of the deferred revenue line item.

Accordingly, management recapped the drivers of deferred revenue, pointing to billings frequency (monthly, quarterly, semi-annually, and annually) and contract terms (i.e., ramp up deals) as key levers.

Salesforce.com views revenue growth as its top priority and management expressed a commitment to expanding its distribution capacity in order to achieve dominance in the markets it currently serves (U.S., Japan, United Kingdom, France, Germany, Canada, & Australia are more than 90 percent of Salesforce.com' biz).

The brokerage maintained its buy rating on shares of Salesforce.com with a price target of $156.

Salesforce.com stock closed Wednesday's regular trading up 7.08 percent at $118.42 on the NYSE while, in after-hours, the stock moved down 0.14 percent to $118.25.

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