Salesforce.com Inc (NYSE:CRM) is trading lower Wednesday morning after the company announced its third-quarter fiscal 2022 financial results and issued guidance.
Salesforce reported quarterly adjusted earnings of $1.27 per share, which beat the estimate of 92 cents per share. The company reported quarterly revenue of $6.86 billion, which beat the estimate of $6.8 billion.
Salesforce expects fourth-quarter adjusted earnings of 72 cents to 73 cents. The company expects fourth-quarter revenue to be in a range of $7.224 billion to $7.234 billion versus the estimate of $7.22 billion.
"We delivered another phenomenal quarter, fueling strong revenue growth, margin and cash flow. Salesforce is more relevant and strategic than ever as every company accelerates their digital transformation journey," said Marc Benioff, chair and CEO of Salesforce.
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Analyst Assessment: Multiple analyst firms weighed in on the stock following Salesforce's financial results:
- Truist Securities analyst Terry Tillman maintained Salesforce with a Buy rating and raised the price target from $315 to $330.
- UBS analyst Karl Keirstead maintained Salesforce with a Buy rating and lowered the price target from $330 to $315.
- Mizuho analyst Gregg Moskowitz maintained Salesforce with a Buy rating and lowered the price target from $360 to $350.
Salesforce provides enterprise cloud computing solutions, including Sales Cloud, the company's main customer relationship management software-as-a-service product.
CRM Price Action: Salesforce has traded as high as $311.75 and as low as $201.51 over a 52-week period.
The stock was down 4.72% at $271.50 Wednesday morning.
Photo: courtesy of Salesforce.
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