salesforce.com (NYSE:CRM) Updates Q3 2022 Earnings Guidance

salesforce.com (NYSE:CRM) issued an update on its third quarter 2022 earnings guidance on Wednesday morning. The company provided EPS guidance of $0.910-$0.920 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.810. The company issued revenue guidance of $6.78 billion-$6.79 billion, compared to the consensus revenue estimate of $6.66 billion.salesforce.com also updated its FY 2022 guidance to $4.360-$4.380 EPS.

Shares of NYSE:CRM traded up $0.84 during midday trading on Wednesday, hitting $255.21. The stock had a trading volume of 105,886 shares, compared to its average volume of 6,409,822. The company has a market capitalization of $249.85 billion, a PE ratio of 102.16, a P/E/G ratio of 7.35 and a beta of 1.09. The stock has a 50 day moving average price of $251.35 and a two-hundred day moving average price of $235.19. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.19. salesforce.com has a 1 year low of $201.51 and a 1 year high of $275.22.

salesforce.com (NYSE:CRM) last announced its quarterly earnings data on Tuesday, August 24th. The CRM provider reported $1.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.56. salesforce.com had a net margin of 9.99% and a return on equity of 7.15%. The firm had revenue of $6.34 billion during the quarter, compared to analysts’ expectations of $6.25 billion. During the same quarter last year, the business earned $1.44 earnings per share. The business’s revenue for the quarter was up 23.1% compared to the same quarter last year. As a group, equities analysts expect that salesforce.com will post 2.09 EPS for the current year.

Several brokerages recently commented on CRM. Bank of America raised their price objective on shares of salesforce.com from $300.00 to $320.00 and gave the company a buy rating in a research note on Thursday, August 26th. UBS Group set a $300.00 target price on shares of salesforce.com in a research report on Wednesday, September 1st. JMP Securities boosted their price objective on shares of salesforce.com from $282.00 to $320.00 and gave the company a market outperform rating in a research report on Wednesday, August 18th. Citigroup boosted their price objective on shares of salesforce.com from $250.00 to $280.00 and gave the company a neutral rating in a research report on Thursday, August 26th. Finally, KGI Securities raised shares of salesforce.com from a neutral rating to an outperform rating and set a $330.00 price objective for the company in a research report on Thursday, August 26th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirty-one have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, salesforce.com currently has a consensus rating of Buy and a consensus target price of $298.33.

In other salesforce.com news, CEO Marc Benioff sold 20,000 shares of the stock in a transaction on Thursday, June 17th. The shares were sold at an average price of $244.65, for a total transaction of $4,893,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Srinivas Tallapragada sold 5,000 shares of the stock in a transaction on Monday, August 9th. The stock was sold at an average price of $251.00, for a total transaction of $1,255,000.00. Following the sale, the insider now directly owns 68,921 shares in the company, valued at $17,299,171. The disclosure for this sale can be found here. Insiders sold 776,356 shares of company stock worth $194,260,597 over the last ninety days. 4.10% of the stock is currently owned by corporate insiders.

An institutional investor recently raised its position in salesforce.com stock. Morgan Stanley lifted its position in shares of salesforce.com, inc. (NYSE:CRM) by 20.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 16,563,897 shares of the CRM provider’s stock after acquiring an additional 2,787,393 shares during the period. Morgan Stanley owned 1.79% of salesforce.com worth $4,046,065,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 77.33% of the company’s stock.

salesforce.com Company Profile

salesforce.com, inc. engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.

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Earnings History and Estimates for salesforce.com (NYSE:CRM)

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