Customer relationship management company Salesforce (NASDAQ:CRM) posted some nice wins with its earnings report. As a result, analysts and investors were thrilled, causing the stock price to rise 3% at the time of writing. Six analysts, including Dan Ives, reiterated their Buy ratings on Salesforce, with Ives hiking his price target to $255 per share. He pointed out that analysts expected much worse than they got, and the combination of Salesforce’s subscription business and MuleSoft operations meant that the wins would likely continue. Better yet, the cost-cutting measures that Salesforce embarked on seemed to be delivering positive results despite a sluggish overall macroeconomic environment.
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A look at the numbers shows nothing but wins. Salesforce’s earnings beat projections by $0.24 per share, and revenue not only topped analyst expectations but also beat second-quarter 2022 figures by 11.4%. Meanwhile, guidance looked even better, as both third-quarter revenue and full-year revenue were projected to come in above analyst consensus. The projections also looked for that 11% beat figure to continue right through to the full-year totals.
Meanwhile, analysts are sticking by Salesforce in solid numbers. With 18 total Buy ratings, as well as 10 Holds and one Sell, analysts call Salesforce a Moderate Buy. Further, Salesforce stock offers investors a modest 6.56% upside potential with an average price target of $235.95.