Salesforce (NYSE:CRM) Releases FY 2023 Earnings Guidance

Salesforce (NYSE:CRMGet Rating) updated its FY 2023 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $4.74-$4.76 for the period, compared to the consensus estimate of $4.65. The company issued revenue guidance of $31.70 billion-$31.80 billion, compared to the consensus revenue estimate of $32.06 billion.Salesforce also updated its Q2 2023 guidance to $1.01-$1.02 EPS.

A number of equities research analysts have weighed in on the stock. UBS Group decreased their target price on shares of Salesforce from $225.00 to $185.00 and set a na rating for the company in a research note on Tuesday, May 17th. BMO Capital Markets boosted their price objective on shares of Salesforce from $240.00 to $260.00 and gave the company an outperform rating in a research report on Wednesday, March 2nd. Raymond James cut their price objective on shares of Salesforce from $340.00 to $300.00 and set a strong-buy rating for the company in a research report on Wednesday, March 2nd. Citigroup boosted their price objective on shares of Salesforce from $220.00 to $233.00 in a research report on Wednesday, March 2nd. Finally, Credit Suisse Group set a $375.00 price objective on shares of Salesforce in a research report on Thursday, March 3rd. Five investment analysts have rated the stock with a hold rating, thirty-six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Buy and a consensus price target of $283.20.

Shares of Salesforce stock traded down $4.86 during trading on Tuesday, hitting $160.24. 17,403,088 shares of the company’s stock were exchanged, compared to its average volume of 7,497,089. The stock has a market capitalization of $158.70 billion, a price-to-earnings ratio of 108.93, a PEG ratio of 4.74 and a beta of 1.16. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.05 and a current ratio of 1.05. The business has a 50-day simple moving average of $183.79 and a 200-day simple moving average of $217.86. Salesforce has a 52-week low of $154.55 and a 52-week high of $311.75.

Salesforce (NYSE:CRMGet Rating) last released its quarterly earnings results on Tuesday, March 1st. The CRM provider reported $0.24 EPS for the quarter, beating the consensus estimate of $0.12 by $0.12. The company had revenue of $7.33 billion for the quarter, compared to analyst estimates of $7.24 billion. Salesforce had a net margin of 5.45% and a return on equity of 4.76%. The firm’s revenue was up 25.9% on a year-over-year basis. During the same quarter last year, the business earned $0.54 earnings per share. On average, equities analysts anticipate that Salesforce will post 2.08 earnings per share for the current fiscal year.

In other Salesforce news, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction dated Friday, May 20th. The shares were sold at an average price of $157.52, for a total transaction of $362,296.00. Following the transaction, the chief executive officer now directly owns 28,926,000 shares of the company’s stock, valued at $4,556,423,520. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Srinivas Tallapragada sold 20,000 shares of Salesforce stock in a transaction dated Monday, March 7th. The stock was sold at an average price of $203.57, for a total transaction of $4,071,400.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 137,435 shares of company stock worth $26,740,301. 4.10% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. Morgan Stanley raised its stake in Salesforce by 20.2% during the second quarter. Morgan Stanley now owns 16,563,897 shares of the CRM provider’s stock worth $4,046,065,000 after purchasing an additional 2,787,393 shares during the period. Bank of New York Mellon Corp raised its stake in Salesforce by 2.7% during the third quarter. Bank of New York Mellon Corp now owns 9,868,648 shares of the CRM provider’s stock worth $2,676,573,000 after purchasing an additional 257,695 shares during the period. Clearbridge Investments LLC raised its stake in Salesforce by 0.3% during the first quarter. Clearbridge Investments LLC now owns 7,315,501 shares of the CRM provider’s stock worth $1,553,227,000 after purchasing an additional 18,581 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Salesforce by 2.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,820,714 shares of the CRM provider’s stock valued at $1,023,534,000 after acquiring an additional 130,181 shares during the period. Finally, Akre Capital Management LLC raised its stake in shares of Salesforce by 1.3% in the 1st quarter. Akre Capital Management LLC now owns 2,837,210 shares of the CRM provider’s stock valued at $602,396,000 after acquiring an additional 37,210 shares during the period. 77.75% of the stock is currently owned by institutional investors.

Salesforce Company Profile (Get Rating)

Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include Sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and Service that enables companies to deliver trusted and highly personalized customer service and support at scale.

See Also

Earnings History and Estimates for Salesforce (NYSE:CRM)

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