Oppenheimer Equities Analysts Cut Earnings Estimates for Salesforce, Inc. (NYSE:CRM)

Salesforce, Inc. (NYSE:CRMGet Rating) – Analysts at Oppenheimer reduced their Q2 2023 EPS estimates for shares of Salesforce in a research note issued to investors on Wednesday, June 1st. Oppenheimer analyst B. Schwartz now expects that the CRM provider will earn $0.35 per share for the quarter, down from their previous forecast of $0.51. Oppenheimer has a “Buy” rating and a $205.00 price target on the stock. Oppenheimer also issued estimates for Salesforce’s Q4 2023 earnings at $0.91 EPS and FY2023 earnings at $2.19 EPS.

Salesforce (NYSE:CRMGet Rating) last issued its quarterly earnings results on Tuesday, May 31st. The CRM provider reported $0.98 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $7.38 billion. During the same quarter in the previous year, the firm earned $0.74 earnings per share. The company’s revenue for the quarter was up 24.3% on a year-over-year basis.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lowered their price target on shares of Salesforce from $316.00 to $275.00 in a report on Wednesday, June 1st. Roth Capital upgraded shares of Salesforce from a “neutral” rating to a “buy” rating and set a $242.00 price objective on the stock in a research report on Wednesday, May 18th. Credit Suisse Group reduced their price objective on shares of Salesforce from $375.00 to $315.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 1st. William Blair reiterated an “outperform” rating on shares of Salesforce in a research report on Wednesday, June 1st. Finally, Raymond James reduced their price objective on shares of Salesforce from $300.00 to $250.00 in a research report on Wednesday, June 1st. Five 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’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $271.80.

Shares of NYSE:CRM opened at $184.91 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.03 and a quick ratio of 1.05. Salesforce has a 1-year low of $154.55 and a 1-year high of $311.75. The company has a market capitalization of $183.13 billion, a P/E ratio of 179.53, a P/E/G ratio of 5.02 and a beta of 1.16. The firm’s 50 day simple moving average is $180.89 and its two-hundred day simple moving average is $214.86.

In other news, CEO Marc Benioff sold 2,300 shares of the firm’s stock in a transaction dated Wednesday, March 9th. The shares were sold at an average price of $203.08, for a total value of $467,084.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Srinivas Tallapragada sold 2,647 shares of the firm’s stock in a transaction dated Wednesday, March 23rd. The shares were sold at an average price of $210.92, for a total transaction of $558,305.24. The disclosure for this sale can be found here. Insiders have sold 117,435 shares of company stock valued at $22,434,140 over the last three months. Insiders own 4.10% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Salesforce during the third quarter valued at about $6,789,000. Voya Investment Management LLC increased its holdings in shares of Salesforce by 1.0% during the third quarter. Voya Investment Management LLC now owns 372,747 shares of the CRM provider’s stock valued at $101,097,000 after acquiring an additional 3,858 shares in the last quarter. Candlestick Capital Management LP increased its holdings 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 acquiring an additional 178,392 shares in the last quarter. Trust Co. of Vermont increased its holdings 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 acquiring an additional 528 shares in the last quarter. Finally, Veritable L.P. increased its holdings 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 acquiring an additional 482 shares in the last quarter. Hedge funds and other institutional investors own 77.75% of the company’s stock.

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.

Further Reading

Earnings History and Estimates for Salesforce (NYSE:CRM)

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