Salesforce (NYSE:CRM) releases Q3 revenue guidance

VaselineAugust 30, 2024

0 3 minutes read

Salesforce (NYSE:CRM - Get a free report) updated its third-quarter earnings guidance on Wednesday. The company provided EPS guidance of $2.42-$2.44 for the period, compared to the consensus EPS estimate of $2.42. The company issued a revenue estimate of $9.31 billion to $9.36 billion, compared to the consensus revenue estimate of $9.40 billion. Salesforce also upgraded its FY 2025 guidance to 10,030-10,110 EPS.

Analyst upgrades and downgrades

Several analysts have recently issued reports on the stock. Mizuho cut their price target on shares of Salesforce from $345.00 to $300.00 and set a buy rating on the stock in a report on Thursday, May 30th. Oppenheimer upped their target price on shares of Salesforce from $280.00 to $300.00 and gave the stock an outperform rating in a report on Thursday. JMP Securities reissued a market outperform rating and set a $342.00 target price on shares of Salesforce in a report on Wednesday. TD Cowen upped their target price on shares of Salesforce from $285.00 to $290.00 and gave the stock a hold rating in a report on Thursday. Finally, Robert W. Baird upped their target price on shares of Salesforce from $295.00 to $315.00 and gave the stock an outperform rating in a report on Thursday. Nine equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Moderate Buy and a consensus price target of $301.91, according to MarketBeat.com.

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NYSE:CRM opened at $256.91 on Friday. Salesforce has a 12-month low of $193.68 and a 12-month high of $318.71. The company has a current ratio of 1.11, a quick ratio of 1.11, and a debt-to-equity ratio of 0.14. The company has a 50-day moving average of $253.98 and a 200-day moving average of $271.54. The firm has a market cap of $248.95 billion, a price-to-earnings ratio of 46.21, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29.

Salesforce (NYSE:CRM - Get Your Free Report ) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $1.92 EPS for the quarter, topping the consensus estimate of $1.73 by $0.19. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The company had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period last year, the company posted earnings of $1.63 per share. The company’s revenue for the quarter was up 8.5% year over year. analysts predict that Salesforce will post 7.47 earnings per share for the current fiscal year.

Salesforce announces dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th were given a $0.40 dividend. This represents an annualized dividend of $1.60 and a dividend yield of 0.62%. The ex-dividend date of this dividend was Tuesday, July 9th. Salesforce’s payout ratio is 28.78%.

Insiders place their bets

In other news, Director G Mason Morfit bought 428,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were bought at an average cost of $233.17 per share, for a total transaction of $99,796,760.00. Following the completion of the acquisition, the director now directly owns 3,914,309 shares in the company, valued at approximately $912,699,429.53. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other news, insider Parker Harris sold 2,800 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $235.99, for a total value of $660,772.00. Following the completion of the sale, the insider now directly owns 115,762 shares in the company, valued at $27,318,674.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this link. Also, Director G Mason Morfit acquired 428,000 shares of Salesforce stock in a transaction dated Monday, June 3rd. The shares were purchased at an average price of $233.17 per share, with a total value of $99,796,760.00. Following the completion of the acquisition, the director now directly owns 3,914,309 shares of the company’s stock, valued at approximately $912,699,429.53. Disclosure for this purchase can be found here. Insiders have sold a total of 112,964 shares of company stock worth $27,956,647 over the last ninety days. 3.20% of shares are currently owned by company insiders.

Salesforce Company Profile

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Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together around the world. The company’s services include sales for data storage, lead and progress tracking, opportunity forecasting, analytics and artificial intelligence insights, and delivery of quotes, contracts and invoices; and services that enable companies to deliver reliable and highly personalized customer support at scale.