William Blair Analysts Raise Earnings Estimates for Salesforce, Inc. (NYSE:CRM)

Salesforce, Inc. (NYSE:CRMGet Rating) – Equities researchers at William Blair upped their Q2 2023 earnings per share estimates for shares of Salesforce in a research note issued to investors on Wednesday, June 1st. William Blair analyst A. Bhatia now expects that the CRM provider will post earnings of $0.45 per share for the quarter, up from their previous estimate of $0.39. William Blair has a “Outperform” rating on the stock. William Blair also issued estimates for Salesforce’s Q4 2023 earnings at $0.76 EPS, FY2023 earnings at $2.19 EPS, Q1 2024 earnings at $0.60 EPS, Q2 2024 earnings at $0.69 EPS and Q4 2024 earnings at $0.92 EPS.

Several other research analysts also recently weighed in on CRM. Oppenheimer restated a “buy” rating and set a $205.00 price target on shares of Salesforce in a research report on Wednesday, June 1st. Wedbush cut their price objective on shares of Salesforce from $315.00 to $275.00 and set an “outperform” rating for the company in a report on Wednesday, March 2nd. CICC Research began coverage on shares of Salesforce in a report on Monday, May 9th. They issued an “outperform” rating for the company. JPMorgan Chase & Co. cut their price objective on shares of Salesforce from $316.00 to $275.00 in a report on Wednesday, June 1st. Finally, Loop Capital cut their price objective on shares of Salesforce from $225.00 to $175.00 and set a “hold” rating for the company in a report on Thursday. Five investment analysts have rated the stock with a hold rating, thirty-six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Salesforce has a consensus rating of “Buy” and an average target price of $271.80.

CRM opened at $184.91 on Monday. Salesforce has a twelve month low of $154.55 and a twelve 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 has a 50-day moving average price of $180.89 and a 200 day moving average price of $214.86. The company has a market cap of $183.13 billion, a PE ratio of 179.53, a price-to-earnings-growth ratio of 5.02 and a beta of 1.16.

Salesforce (NYSE:CRMGet Rating) last issued its quarterly earnings data 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. The business had revenue of $7.41 billion during the quarter, compared to the consensus estimate of $7.38 billion. Salesforce had a net margin of 3.59% and a return on equity of 3.92%. The company’s revenue was up 24.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.74 earnings per share.

A number of institutional investors have recently modified their holdings of the business. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Salesforce in the third quarter valued at about $6,789,000. Voya Investment Management LLC boosted its holdings in shares of Salesforce by 1.0% in 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 boosted its holdings in shares of Salesforce by 719.0% in 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 boosted its holdings in shares of Salesforce by 1.6% in 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. boosted its holdings in shares of Salesforce by 2.9% in 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. 77.75% of the stock is currently owned by institutional investors.

In related news, CFO Amy E. Weaver sold 510 shares of Salesforce stock in a transaction on Monday, April 25th. The shares were sold at an average price of $171.68, for a total transaction of $87,556.80. Following the sale, the chief financial officer now directly owns 29,075 shares in the company, valued at approximately $4,991,596. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Srinivas Tallapragada sold 20,000 shares of Salesforce stock in a transaction on Thursday, April 7th. The stock was sold at an average price of $200.00, for a total transaction of $4,000,000.00. Following the sale, the insider now owns 44,879 shares in the company, valued at $8,975,800. The disclosure for this sale can be found here. Insiders sold a total of 117,435 shares of company stock worth $22,434,140 over the last 90 days. Company insiders own 4.10% 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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