Salesforce Inc (NYSE:CRM) shares are trading higher Wednesday after the company announced better-than-expected financial results.
Salesforce said first-quarter revenue increased 24% year-over-year to $7.41 billion, which beat the estimate of $7.38 billion, according to data from Benzinga Pro. The company reported quarterly earnings of 98 cents per share, which beat the estimate of 94 cents per share.
Salesforce said it expects second-quarter revenue to be between $7.69 billion and $7.7 billion versus the estimate of $7.77 billion. The company expects second-quarter adjusted earnings to be between $1.01 and $1.02 per share versus the estimate of $1.14 per share.
Salesforce expects full-year revenue to be between $31.7 billion and $31.8 billion versus the estimate of $32.06 billion. The company expects to earn $4.74 to $4.76 per share on an adjusted basis for the full year.
Related Link: Salesforce Q1 Earnings Highlights: Revenue And EPS Beats, $42B Remaining In Revenue Under Contract, Guidance And More
Analyst Assessment:
- Piper Sandler analyst Brent Bracelin maintained Salesforce with an Overweight rating and lowered the price target from $330 to $250.
- Credit Suisse analyst Phil Winslow maintained Salesforce with an Outperform rating and lowered the price target from $375 to $315.
- BMO Capital analyst Keith Bachman maintained Salesforce with an Outperform rating and lowered the price target from $260 to $225.
- Wells Fargo analyst Michael Turrin maintained Salesforce with an Overweight rating and raised the price target from $225 to $235.
- Barclays analyst Raimo Lenschow maintained Salesforce with an Overweight rating and raised the price target from $208 to $218.
CRM Price Action: Salesforce has traded between $154.55 and $311.75 over a 52-week period.
The stock was up 8.77% at $174.30 at press time.
Photo: courtesy of Salesforce.
