Salesforce, Inc. (NYSE:CRM – Get Rating) – Investment analysts at KeyCorp dropped their Q2 2023 earnings per share estimates for shares of Salesforce in a research report issued to clients and investors on Wednesday, June 1st. KeyCorp analyst M. Turits now forecasts that the CRM provider will post earnings of $0.36 per share for the quarter, down from their prior forecast of $0.62. KeyCorp currently has a “Overweight” rating and a $223.00 target price on the stock. KeyCorp also issued estimates for Salesforce’s Q3 2023 earnings at $0.61 EPS, Q4 2023 earnings at $0.83 EPS, FY2023 earnings at $2.18 EPS, Q1 2024 earnings at $0.73 EPS, Q2 2024 earnings at $0.74 EPS, Q3 2024 earnings at $0.90 EPS, Q4 2024 earnings at $0.86 EPS and FY2024 earnings at $3.23 EPS.
Salesforce (NYSE:CRM – Get Rating) last posted its quarterly earnings results on Tuesday, May 31st. The CRM provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.04. Salesforce had a net margin of 3.59% and a return on equity of 3.92%. The business had revenue of $7.41 billion for the quarter, compared to analysts’ expectations of $7.38 billion. During the same period in the prior year, the company posted $0.74 EPS. The business’s revenue for the quarter was up 24.3% on a year-over-year basis.
Salesforce stock opened at $184.91 on Monday. Salesforce has a 52 week low of $154.55 and a 52 week high of $311.75. The company has a quick ratio of 1.05, a current ratio of 1.03 and a debt-to-equity ratio of 0.16. The firm’s 50-day simple moving average is $180.89 and its 200 day simple moving average is $214.86. The firm has a market capitalization of $183.13 billion, a PE ratio of 179.53, a P/E/G ratio of 5.02 and a beta of 1.16.
In other Salesforce news, insider Srinivas Tallapragada sold 20,000 shares of Salesforce stock in a transaction that occurred on Thursday, April 7th. The stock was sold at an average price of $200.00, for a total value of $4,000,000.00. Following the transaction, the insider now directly owns 44,879 shares of the company’s stock, valued at approximately $8,975,800. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction that occurred on Friday, March 11th. The stock was sold at an average price of $200.18, for a total value of $460,414.00. The disclosure for this sale can be found here. Insiders sold a total of 117,435 shares of company stock worth $22,434,140 over the last three months. 4.10% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Salesforce in the 3rd quarter worth approximately $6,789,000. Voya Investment Management LLC increased its position in Salesforce by 1.0% in the 3rd quarter. Voya Investment Management LLC now owns 372,747 shares of the CRM provider’s stock worth $101,097,000 after buying an additional 3,858 shares during the period. Candlestick Capital Management LP increased its position in shares of Salesforce by 719.0% during the third quarter. Candlestick Capital Management LP now owns 203,204 shares of the CRM provider’s stock valued at $55,113,000 after purchasing an additional 178,392 shares during the period. Trust Co. of Vermont increased its position in shares of Salesforce by 1.6% during the fourth quarter. Trust Co. of Vermont now owns 34,489 shares of the CRM provider’s stock valued at $8,765,000 after purchasing an additional 528 shares during the period. Finally, Veritable L.P. increased its position in shares of Salesforce by 2.9% during the third quarter. Veritable L.P. now owns 17,026 shares of the CRM provider’s stock valued at $4,618,000 after purchasing an additional 482 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.
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