Q2 2023 Earnings Forecast for Salesforce, Inc. Issued By Jefferies Financial Group (NYSE:CRM)

Salesforce, Inc. (NYSE:CRMGet Rating) – Investment analysts at Jefferies Financial Group cut their Q2 2023 earnings estimates for shares of Salesforce in a research report issued on Wednesday, June 1st. Jefferies Financial Group analyst B. Thill now forecasts that the CRM provider will post earnings per share of $0.35 for the quarter, down from their previous forecast of $0.42. Jefferies Financial Group also issued estimates for Salesforce’s Q4 2023 earnings at $0.76 EPS, FY2023 earnings at $2.18 EPS, Q2 2024 earnings at $0.60 EPS, Q3 2024 earnings at $0.88 EPS, Q4 2024 earnings at $0.80 EPS and FY2024 earnings at $2.82 EPS.

Salesforce (NYSE:CRMGet Rating) last announced its earnings results on Tuesday, May 31st. The CRM provider reported $0.98 EPS 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 during the quarter, compared to analysts’ expectations of $7.38 billion. During the same quarter in the previous year, the business earned $0.74 EPS. The company’s quarterly revenue was up 24.3% on a year-over-year basis.

A number of other equities analysts have also recently issued reports on CRM. Credit Suisse Group dropped their price objective on Salesforce from $375.00 to $315.00 and set an “outperform” rating for the company in a report on Wednesday, June 1st. Citigroup boosted their price objective on Salesforce to $192.00 in a report on Friday. Oppenheimer reiterated a “buy” rating and issued a $205.00 target price on shares of Salesforce in a report on Wednesday, June 1st. William Blair reiterated an “outperform” rating on shares of Salesforce in a report on Wednesday, June 1st. Finally, Canaccord Genuity Group lowered their target price on Salesforce from $315.00 to $260.00 and set a “buy” rating for the company in a report on Wednesday, March 2nd. Five research analysts have rated the stock with a hold rating, thirty-six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Salesforce presently has a consensus rating of “Buy” and a consensus target price of $271.80.

CRM opened at $184.91 on Monday. The business has a fifty day moving average of $180.89 and a 200 day moving average of $214.86. 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 stock has a market cap of $183.13 billion, a P/E ratio of 179.53, a PEG ratio of 5.02 and a beta of 1.16.

In other news, CEO Marc Benioff sold 2,300 shares of the stock in a transaction dated Friday, March 11th. The stock was sold at an average price of $200.18, for a total value of $460,414.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Srinivas Tallapragada sold 20,000 shares of the stock in a transaction dated Thursday, April 7th. The shares were sold at an average price of $200.00, for a total value of $4,000,000.00. Following the completion of the transaction, the insider now directly owns 44,879 shares in the company, valued at $8,975,800. The disclosure for this sale can be found here. Insiders sold 117,435 shares of company stock worth $22,434,140 over the last three months. Corporate insiders own 4.10% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Vectors Research Management LLC boosted its stake in shares of Salesforce by 128.9% in the fourth quarter. Vectors Research Management LLC now owns 103 shares of the CRM provider’s stock worth $26,000 after buying an additional 58 shares during the last quarter. Retirement Planning Co of New England Inc. purchased a new stake in shares of Salesforce in the fourth quarter worth about $27,000. Financial Enhancement Group LLC boosted its position in Salesforce by 589.5% during the fourth quarter. Financial Enhancement Group LLC now owns 131 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 112 shares in the last quarter. Northwest Investment Counselors LLC purchased a new position in Salesforce during the fourth quarter worth approximately $35,000. Finally, MCF Advisors LLC purchased a new position in Salesforce during the first quarter worth approximately $30,000. Hedge funds and other institutional investors own 77.75% of the company’s stock.

About Salesforce (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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