Brokers Issue Forecasts for Salesforce, Inc.’s Q3 2024 Earnings (NYSE:CRM)

Salesforce, Inc. (NYSE:CRM) – Stock analysts at DA Davidson issued their Q3 2024 earnings per share estimates for Salesforce in a research report issued on Thursday, August 31st. DA Davidson analyst G. Luria anticipates that the CRM provider will post earnings per share of $1.49 for the quarter. The consensus estimate for Salesforce’s current full-year earnings is $5.27 per share. DA Davidson also issued estimates for Salesforce’s FY2024 earnings at $5.91 EPS.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 30th. The CRM provider reported $2.12 EPS for the quarter, topping the consensus estimate of $1.90 by $0.22. The firm had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.53 billion. Salesforce had a return on equity of 5.75% and a net margin of 1.18%. Salesforce’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same period last year, the business earned $0.52 earnings per share.

Several other brokerages have also recently commented on CRM. Roth Mkm raised their target price on Salesforce from $242.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday. Morgan Stanley cut Salesforce from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $251.00 to $278.00 in a report on Monday, July 31st. Truist Financial lifted their price objective on Salesforce from $250.00 to $275.00 and gave the company a “buy” rating in a report on Thursday. Citigroup lifted their price objective on Salesforce from $220.00 to $229.00 in a report on Thursday. Finally, Roth Capital reissued a “buy” rating on shares of Salesforce in a report on Thursday, June 1st. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $239.86.

Salesforce Stock Up 0.0 %

Shares of CRM stock opened at $221.53 on Monday. The stock has a market cap of $215.77 billion, a P/E ratio of 582.99, a price-to-earnings-growth ratio of 2.09 and a beta of 1.20. Salesforce has a one year low of $126.34 and a one year high of $238.22. The stock has a fifty day moving average price of $216.21 and a 200 day moving average price of $202.70. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.02 and a quick ratio of 1.02.

Insider Transactions at Salesforce

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $234.71, for a total value of $3,520,650.00. Following the sale, the chief executive officer now owns 16,401,166 shares in the company, valued at approximately $3,849,517,671.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $234.71, for a total value of $3,520,650.00. Following the sale, the chief executive officer now owns 16,401,166 shares in the company, valued at approximately $3,849,517,671.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 24,281 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $212.35, for a total value of $5,156,070.35. Following the completion of the sale, the chief financial officer now owns 34,180 shares in the company, valued at approximately $7,258,123. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,119,945 shares of company stock worth $239,106,129. 3.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Graham Capital Wealth Management LLC acquired a new position in shares of Salesforce during the 1st quarter worth approximately $233,743,000. Union Savings Bank acquired a new position in shares of Salesforce during the 2nd quarter worth approximately $27,000. Farmers & Merchants Trust Co of Chambersburg PA increased its position in shares of Salesforce by 374.1% during the 2nd quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 128 shares of the CRM provider’s stock worth $27,000 after purchasing an additional 101 shares during the last quarter. NewSquare Capital LLC increased its position in shares of Salesforce by 132.8% during the 1st quarter. NewSquare Capital LLC now owns 149 shares of the CRM provider’s stock worth $30,000 after purchasing an additional 85 shares during the last quarter. Finally, Hanseatic Management Services Inc. acquired a new position in shares of Salesforce during the 2nd quarter worth approximately $40,000. Institutional investors and hedge funds own 77.52% of the company’s stock.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes 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.