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What's Going On With Salesforce Stock Wednesday?
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What's Going On With Salesforce Stock Wednesday?
May 29, 2024 9:34 AM

Salesforce Inc ( CRM ) shares are in the spotlight Wednesday ahead of earnings. Here’s what you need to know before Salesforce ( CRM ) reports quarterly results after the bell.

What To Know: Analysts expect Salesforce ( CRM ) to report first-quarter earnings of $2.38 per share and quarterly revenue of $9.147 billion, according to estimates from Benzinga Pro. Salesforce ( CRM ) has a strong track record of beating analyst estimates on the top and bottom lines.

Last quarter, Salesforce ( CRM ) reported revenue of $9.29 billion, beating the consensus estimate of $9.22 billion, and earnings of $2.29 per share, beating analyst estimates of $2.26 per share.

Salesforce's ( CRM ) board also declared its first-ever cash dividend of 40 cents per share and increased the company’s share repurchase program by $10 billion.

"With our trusted, unified Einstein 1 Platform, we're incredibly well positioned to build on our success and capitalize on the massive surge in tech spending expected over the coming years, delivering an unprecedented level of intelligence to our customers as AI transforms every company and industry," CEO Marc Benioff said at the time.

Benioff is scheduled to make an appearance on CNBC’s “Mad Money” with Jim Cramer Wednesday night.

Recent analyst changes include a reiterate Outperform from RBC Capital, a price target cut from $310 to $300 from Wells Fargo and a maintain Buy from Goldman Sachs.

Goldman expects Salesforce ( CRM ) to report a solid quarter featuring revenue growth of 11% year-over-year and strong adjusted earnings. The analyst noted that the first quarter is “unlikely to alter the company’s path toward +10% subscription revenue growth in FY25.”

“We also expect FY25 revenue growth of 11% (Consensus 9%) with 32.7% operating margins (Consensus 32.5%) … as management continues to balance growth, margin expansion and capital return,” the Goldman analyst said.

See Also: Jim Cramer Recommends Buying Apple, Finds This Tech Stock ‘Very Interesting’

CRM Price Action: Salesforce ( CRM ) shares were up 0.76% at $271.72 at the time of publication, according to Benzinga Pro.

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