Salesforce (NYSE:CRM) Issues Q2 Earnings Guidance

Salesforce (NYSE:CRMGet Rating) updated its second quarter earnings guidance on Tuesday. The company provided EPS guidance of $1.01-$1.02 for the period, compared to the consensus EPS estimate of $1.14. The company issued revenue guidance of $7.69-$7.70 billion, compared to the consensus revenue estimate of $7.77 billion.Salesforce also updated its FY 2023 guidance to $4.74-$4.76 EPS.

Several research firms recently commented on CRM. UBS Group decreased their price target on shares of Salesforce from $225.00 to $185.00 and set a na rating for the company in a report on Tuesday, May 17th. Robert W. Baird reduced their target price on shares of Salesforce from $315.00 to $300.00 in a research note on Wednesday, March 2nd. OTR Global cut shares of Salesforce to a positive rating in a research note on Thursday, May 12th. Canaccord Genuity Group reduced their target price on shares of Salesforce from $315.00 to $260.00 and set a buy rating for the company in a research note on Wednesday, March 2nd. Finally, Piper Sandler reduced their target price on shares of Salesforce from $365.00 to $330.00 and set an overweight rating for the company in a research note on Wednesday, March 2nd. Five equities research 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. According to MarketBeat, Salesforce currently has an average rating of Buy and an average target price of $283.20.

Shares of NYSE:CRM traded down $4.86 on Tuesday, hitting $160.24. The stock had a trading volume of 16,323,471 shares, compared to its average volume of 7,506,057. The firm’s 50 day moving average price is $182.63 and its 200-day moving average price is $217.46. The company has a market capitalization of $158.70 billion, a price-to-earnings ratio of 106.83, a price-to-earnings-growth 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. Salesforce has a twelve month low of $154.55 and a twelve month high of $311.75.

Salesforce (NYSE:CRMGet Rating) last issued its quarterly earnings results on Tuesday, May 31st. The CRM provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.04. The business had revenue of $7.41 billion for the quarter, compared to the consensus estimate of $7.38 billion. Salesforce had a net margin of 5.45% and a return on equity of 4.76%. The firm’s quarterly revenue was up 24.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 EPS. As a group, sell-side analysts predict that Salesforce will post 2.08 EPS for the current year.

In other Salesforce news, CEO Marc Benioff sold 2,300 shares of the business’s stock in a transaction dated Wednesday, March 2nd. The stock was sold at an average price of $209.28, for a total transaction of $481,344.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Srinivas Tallapragada sold 20,000 shares of the business’s stock in a transaction dated Monday, March 7th. The stock was sold at an average price of $203.57, for a total value of $4,071,400.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 139,735 shares of company stock worth $27,116,121. 4.10% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the company. Cohen & Steers Inc. boosted its stake in shares of Salesforce by 27.2% during the first quarter. Cohen & Steers Inc. now owns 355 shares of the CRM provider’s stock valued at $75,000 after purchasing an additional 76 shares in the last quarter. Covestor Ltd boosted its position in shares of Salesforce by 42.8% during the first quarter. Covestor Ltd now owns 621 shares of the CRM provider’s stock valued at $132,000 after buying an additional 186 shares during the last quarter. Zullo Investment Group Inc. purchased a new position in shares of Salesforce during the fourth quarter valued at approximately $172,000. First Growth Investment Manager LP purchased a new position in Salesforce in the first quarter worth $244,000. Finally, Private Advisory Group LLC boosted its position in Salesforce by 33.9% in the first quarter. Private Advisory Group LLC now owns 1,150 shares of the CRM provider’s stock worth $244,000 after purchasing an additional 291 shares during the last quarter. 77.75% of the stock is owned by institutional investors.

About Salesforce (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.

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Earnings History and Estimates for Salesforce (NYSE:CRM)

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