Brokers Set Expectations for Salesforce, Inc.’s Q2 2024 Earnings (NYSE:CRM)

Salesforce, Inc. (NYSE:CRM – Get Rating) – Analysts at Wedbush raised their Q2 2024 earnings per share (EPS) estimates for Salesforce in a research report issued to clients and investors on Wednesday, June 1st. Wedbush analyst D. Ives now forecasts that the CRM provider will post earnings per share of $0.72 for the quarter, up from their previous forecast of $0.68. Wedbush has a “Outperform” rating and a $275.00 price objective on the stock. Wedbush also issued estimates for Salesforce’s Q3 2024 earnings at $0.72 EPS, Q4 2024 earnings at $0.74 EPS and FY2024 earnings at $2.89 EPS.

Salesforce (NYSE:CRM – Get Rating) last issued 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 return on equity of 3.92% and a net margin of 3.59%. The firm had revenue of $7.41 billion for the quarter, compared to analysts’ expectations of $7.38 billion. During the same quarter last year, the business posted $0.74 EPS. Salesforce’s revenue was up 24.3% on a year-over-year basis.

CRM has been the subject of several other research reports. CICC Research began coverage on Salesforce in a research note on Monday, May 9th. They issued an “outperform” rating for the company. Cowen lowered their price objective on Salesforce from $285.00 to $225.00 in a report on Monday, May 23rd. Wells Fargo & Company boosted their target price on Salesforce from $225.00 to $235.00 and gave the stock an “overweight” rating in a report on Wednesday. Roth Capital upgraded Salesforce from a “neutral” rating to a “buy” rating and set a $242.00 price target on the stock in a report on Wednesday, May 18th. Finally, Stifel Nicolaus reduced their price objective on shares of Salesforce from $300.00 to $250.00 in a research note on Wednesday. Five analysts have rated the stock with a hold rating, thirty-six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $272.80.

Shares of NYSE:CRM opened at $188.40 on Friday. The company has a market cap of $186.58 billion, a P/E ratio of 182.91, a price-to-earnings-growth ratio of 5.06 and a beta of 1.16. Salesforce has a 12-month low of $154.55 and a 12-month 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 company’s fifty day moving average is $181.42 and its two-hundred day moving average is $216.36.

In other news, CEO Marc Benioff sold 2,300 shares of the business’s stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $162.85, for a total transaction of $374,555.00. Following the completion of the transaction, the chief executive officer now owns 28,926,000 shares of the company’s stock, valued at approximately $4,710,599,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Amy E. Weaver sold 2,625 shares of the stock in a transaction dated Wednesday, March 23rd. The stock was sold at an average price of $210.93, for a total transaction of $553,691.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 137,435 shares of company stock worth $26,544,985. 4.10% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vectors Research Management LLC increased its holdings in shares of Salesforce by 128.9% during the fourth quarter. Vectors Research Management LLC now owns 103 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 58 shares in the last quarter. Retirement Planning Co of New England Inc. acquired a new stake in Salesforce in the 4th quarter valued at $27,000. MCF Advisors LLC bought a new stake in Salesforce during the 1st quarter valued at $30,000. FSC Wealth Advisors LLC raised its holdings in Salesforce by 1,350.0% during the first quarter. FSC Wealth Advisors LLC now owns 145 shares of the CRM provider’s stock worth $31,000 after buying an additional 135 shares during the last quarter. Finally, Financial Enhancement Group LLC lifted its stake in shares of Salesforce by 589.5% in the fourth quarter. Financial Enhancement Group LLC now owns 131 shares of the CRM provider’s stock valued at $33,000 after buying an additional 112 shares in the last quarter. 77.75% of the stock is currently owned by institutional investors and hedge funds.

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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