Research Analysts Set Expectations for Salesforce, Inc.’s Q3 2023 Earnings (NYSE:CRM)

Salesforce, Inc. (NYSE:CRMGet Rating) – Equities research analysts at William Blair cut their Q3 2023 earnings per share estimates for Salesforce in a research note issued on Wednesday, June 1st. William Blair analyst A. Bhatia now anticipates that the CRM provider will post earnings per share of $0.60 for the quarter, down from their previous forecast of $0.61. William Blair has a “Outperform” rating on the stock. William Blair also issued estimates for Salesforce’s Q3 2024 earnings at $0.79 EPS.

Other research analysts also recently issued research reports about the company. Oppenheimer reissued a “buy” rating and issued a $205.00 price target on shares of Salesforce in a report on Wednesday. Canaccord Genuity Group reduced their target price on Salesforce from $315.00 to $260.00 and set a “buy” rating for the company in a research note on Wednesday, March 2nd. Credit Suisse Group cut their price target on shares of Salesforce from $375.00 to $315.00 and set an “outperform” rating on the stock in a report on Wednesday. Robert W. Baird reduced their price objective on shares of Salesforce from $300.00 to $260.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, StockNews.com started coverage on shares of Salesforce in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Five equities research analysts have rated the stock with a hold rating, thirty-six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $272.80.

CRM opened at $188.40 on Friday. The firm has a market capitalization of $186.58 billion, a P/E ratio of 182.91, a P/E/G ratio of 5.06 and a beta of 1.16. The firm’s 50 day moving average is $181.42 and its 200-day moving average is $216.36. The company has a quick ratio of 1.05, a current ratio of 1.03 and a debt-to-equity ratio of 0.16. Salesforce has a 52-week low of $154.55 and a 52-week high of $311.75.

Salesforce (NYSE:CRMGet Rating) last announced its quarterly earnings results on Tuesday, May 31st. The CRM provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.04. The firm had revenue of $7.41 billion during the quarter, compared to the consensus estimate of $7.38 billion. Salesforce had a return on equity of 3.92% and a net margin of 3.59%. The firm’s quarterly revenue was up 24.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.74 EPS.

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Salesforce by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 77,620,937 shares of the CRM provider’s stock worth $16,480,478,000 after purchasing an additional 1,458,042 shares during the period. State Street Corp grew its stake in shares of Salesforce by 1.0% in the 1st quarter. State Street Corp now owns 44,687,516 shares of the CRM provider’s stock valued at $9,488,053,000 after purchasing an additional 433,659 shares during the period. Morgan Stanley raised its holdings in shares of Salesforce by 20.2% in the 2nd quarter. Morgan Stanley now owns 16,563,897 shares of the CRM provider’s stock worth $4,046,065,000 after buying an additional 2,787,393 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Salesforce by 5.3% during the 3rd quarter. Wellington Management Group LLP now owns 15,889,819 shares of the CRM provider’s stock worth $4,309,637,000 after buying an additional 805,630 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Salesforce by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 15,448,821 shares of the CRM provider’s stock worth $3,914,460,000 after buying an additional 564,493 shares during the period. Institutional investors and hedge funds own 77.75% of the company’s stock.

In other Salesforce news, insider Srinivas Tallapragada sold 20,000 shares of the firm’s 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Marc Benioff sold 2,300 shares of the company’s stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $162.85, for a total value of $374,555.00. Following the completion of the transaction, the chief executive officer now owns 28,926,000 shares in the company, valued at approximately $4,710,599,100. The disclosure for this sale can be found here. Insiders sold a total of 137,435 shares of company stock valued at $26,544,985 in the last quarter. 4.10% of the stock is currently owned by corporate insiders.

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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