Salesforce (NYSE:CRM) Issues FY 2023 Earnings Guidance

Salesforce (NYSE:CRMGet Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $4.74-$4.76 for the period, compared to the consensus estimate of $4.65. The company issued revenue guidance of $31.70 billion-$31.80 billion, compared to the consensus revenue estimate of $32.06 billion.Salesforce also updated its Q2 2023 guidance to $1.01-$1.02 EPS.

Shares of CRM stock opened at $182.87 on Tuesday. The stock has a 50 day simple moving average of $180.25 and a 200 day simple moving average of $213.41. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.16. Salesforce has a 1 year low of $154.55 and a 1 year high of $311.75. The stock has a market cap of $181.96 billion, a P/E ratio of 177.55, a price-to-earnings-growth ratio of 5.06 and a beta of 1.16.

Salesforce (NYSE:CRMGet Rating) last released its quarterly earnings data on Tuesday, May 31st. The CRM provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.04. Salesforce had a net margin of 3.59% and a return on equity of 3.92%. The company had revenue of $7.41 billion for the quarter, compared to analysts’ expectations of $7.38 billion. During the same quarter in the prior year, the firm earned $0.74 EPS. The business’s revenue was up 24.3% on a year-over-year basis. Analysts forecast that Salesforce will post 2.18 EPS for the current year.

CRM has been the topic of a number of research analyst reports. Canaccord Genuity Group lowered their price objective on shares of Salesforce from $315.00 to $260.00 and set a buy rating on the stock in a research report on Wednesday, March 2nd. Bank of America reduced their price objective on shares of Salesforce from $360.00 to $300.00 and set a buy rating for the company in a research note on Wednesday, March 2nd. Mizuho dropped their target price on shares of Salesforce from $295.00 to $225.00 and set a buy rating for the company in a research report on Wednesday, May 18th. Barclays increased their price objective on shares of Salesforce from $208.00 to $218.00 and gave the company an overweight rating in a research report on Wednesday, June 1st. Finally, CICC Research assumed coverage on shares of Salesforce in a report on Monday, May 9th. They issued an outperform 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Buy and an average price target of $271.80.

In other Salesforce news, CEO Marc Benioff sold 2,300 shares of the 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 2,625 shares of the firm’s stock in a transaction that occurred on 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. Insiders have sold 117,435 shares of company stock valued at $22,434,140 over the last quarter. Company insiders own 4.10% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in CRM. Cohen & Steers Inc. increased its position in shares of Salesforce by 27.2% during the first quarter. Cohen & Steers Inc. now owns 355 shares of the CRM provider’s stock valued at $75,000 after buying an additional 76 shares during the period. Covestor Ltd increased its position in shares of Salesforce by 42.8% during the first quarter. Covestor Ltd now owns 621 shares of the CRM provider’s stock valued at $132,000 after buying an additional 186 shares during the period. Zullo Investment Group Inc. purchased a new position in shares of Salesforce during the fourth quarter valued at about $172,000. First Growth Investment Manager LP purchased a new position in shares of Salesforce during the first quarter valued at about $244,000. Finally, Private Advisory Group LLC boosted its stake in Salesforce by 33.9% during the first quarter. Private Advisory Group LLC now owns 1,150 shares of the CRM provider’s stock worth $244,000 after acquiring an additional 291 shares in the last quarter. 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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