Salesforce (NYSE:CRM) Updates Q2 2023 Earnings Guidance

Salesforce (NYSE:CRMGet Rating) issued an update on its second quarter 2023 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $1.01-$1.02 for the period, compared to the consensus estimate of $1.14. The company issued revenue guidance of $7.69 billion-$7.70 billion, compared to the consensus revenue estimate of $7.77 billion.Salesforce also updated its FY 2023 guidance to $4.74-$4.76 EPS.

A number of research firms recently weighed in on CRM. Wedbush dropped their target price on Salesforce from $315.00 to $275.00 and set an outperform rating for the company in a research report on Wednesday, March 2nd. Loop Capital lowered their target price on Salesforce from $225.00 to $175.00 and set a hold rating on the stock in a report on Thursday, June 2nd. Raymond James cut their target price on Salesforce from $300.00 to $250.00 in a research report on Wednesday, June 1st. CICC Research initiated coverage on Salesforce in a research note on Monday, May 9th. They issued an outperform rating for the company. Finally, Cowen cut their price target on Salesforce from $285.00 to $225.00 in a report on Monday, May 23rd. Five research analysts have rated the stock with a hold rating, thirty-six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus price target of $271.80.

CRM stock opened at $182.87 on Tuesday. Salesforce has a 52 week low of $154.55 and a 52 week high of $311.75. The company has a market cap of $181.96 billion, a price-to-earnings ratio of 177.55, a PEG ratio of 5.06 and a beta of 1.16. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $180.25 and a 200-day simple moving average of $213.41.

Salesforce (NYSE:CRMGet Rating) last released its quarterly earnings data on Tuesday, May 31st. The CRM provider reported $0.98 earnings per share for the quarter, topping 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 firm had revenue of $7.41 billion for the quarter, compared to analyst estimates of $7.38 billion. During the same quarter in the prior year, the business earned $0.74 earnings per share. Salesforce’s quarterly revenue was up 24.3% on a year-over-year basis. As a group, analysts expect that Salesforce will post 2.18 earnings per share for the current fiscal year.

In other news, insider Srinivas Tallapragada sold 2,647 shares of the firm’s stock in a transaction on Wednesday, March 23rd. The shares were sold at an average price of $210.92, for a total transaction of $558,305.24. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Marc Benioff sold 2,300 shares of the firm’s stock in a transaction on Wednesday, March 9th. The shares were sold at an average price of $203.08, for a total transaction of $467,084.00. 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 90 days. 4.10% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Morgan Stanley increased its holdings in shares of Salesforce by 20.2% during the 2nd quarter. Morgan Stanley now owns 16,563,897 shares of the CRM provider’s stock worth $4,046,065,000 after purchasing an additional 2,787,393 shares during the period. Center for Financial Planning Inc. increased its holdings in shares of Salesforce by 2.6% during the 3rd quarter. Center for Financial Planning Inc. now owns 6,954 shares of the CRM provider’s stock worth $1,886,000 after purchasing an additional 176 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Salesforce by 2.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 9,868,648 shares of the CRM provider’s stock valued at $2,676,573,000 after acquiring an additional 257,695 shares in the last quarter. American International Group Inc. boosted its position in shares of Salesforce by 5.1% during the 3rd quarter. American International Group Inc. now owns 333,794 shares of the CRM provider’s stock valued at $90,532,000 after acquiring an additional 16,146 shares in the last quarter. Finally, Heritage Wealth Advisors boosted its position in shares of Salesforce by 12.8% during the 4th quarter. Heritage Wealth Advisors now owns 1,768 shares of the CRM provider’s stock valued at $449,000 after acquiring an additional 200 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.

See Also

Earnings History and Estimates for Salesforce (NYSE:CRM)

Want More Great Investing Ideas?

Receive News & Ratings for Salesforce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Salesforce and related companies with MarketBeat.com's FREE daily email newsletter.