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 guidance of $4.74-$4.76 for the period, compared to the consensus earnings per share 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 opened at $163.26 on Tuesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average price of $173.12 and a 200-day moving average price of $205.83. The company has a market cap of $162.44 billion, a PE ratio of 158.51, a price-to-earnings-growth ratio of 4.47 and a beta of 1.16. Salesforce has a 12-month low of $154.55 and a 12-month high of $311.75.

Salesforce (NYSE:CRMGet Rating) last released its quarterly 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. The business had revenue of $7.41 billion during the quarter, compared to analysts’ expectations of $7.38 billion. Salesforce had a net margin of 3.59% and a return on equity of 3.92%. The business’s quarterly revenue was up 24.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.74 EPS. As a group, analysts predict that Salesforce will post 2.18 earnings per share for the current year.

CRM has been the subject of a number of research reports. KeyCorp cut their price objective on Salesforce from $281.00 to $223.00 and set an overweight rating for the company in a report on Monday, April 25th. Credit Suisse Group reduced their price target 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. Roth Capital upgraded shares of Salesforce from a neutral rating to a buy rating and set a $242.00 price objective for the company in a report on Wednesday, May 18th. Morgan Stanley reduced their target price on shares of Salesforce from $360.00 to $291.00 in a report on Monday, May 16th. Finally, Stifel Nicolaus lowered their price target on shares of Salesforce from $300.00 to $250.00 in a research note on Wednesday, June 1st. Four 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. According to MarketBeat.com, Salesforce presently has a consensus rating of Buy and a consensus target price of $272.50.

In other news, CFO Amy E. Weaver sold 510 shares of the company’s stock in a transaction dated Monday, April 25th. The shares were sold at an average price of $171.68, for a total transaction of $87,556.80. Following the completion of the sale, the chief financial officer now owns 29,075 shares of the company’s stock, valued at approximately $4,991,596. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Benioff sold 2,300 shares of the stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $167.94, for a total transaction of $386,262.00. Following the completion of the transaction, the chief executive officer now owns 28,761,368 shares in the company, valued at approximately $4,830,184,141.92. The disclosure for this sale can be found here. In the last three months, insiders sold 115,135 shares of company stock valued at $21,650,944. Corporate insiders own 4.10% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Cohen & Steers Inc. raised its stake in shares of Salesforce by 27.2% in the first quarter. Cohen & Steers Inc. now owns 355 shares of the CRM provider’s stock worth $75,000 after buying an additional 76 shares during the period. Covestor Ltd raised its stake in Salesforce by 42.8% during the 1st quarter. Covestor Ltd now owns 621 shares of the CRM provider’s stock worth $132,000 after acquiring an additional 186 shares during the period. Zullo Investment Group Inc. purchased a new position in Salesforce during the fourth quarter valued at approximately $172,000. First Growth Investment Manager LP bought a new position in shares of Salesforce in the first quarter worth approximately $244,000. Finally, Private Advisory Group LLC increased its stake in shares of Salesforce by 33.9% in the first quarter. Private Advisory Group LLC now owns 1,150 shares of the CRM provider’s stock worth $244,000 after purchasing an additional 291 shares in the last quarter. Institutional investors and hedge funds 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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