Shares of cloud-based CRM software provider Salesforce (NYSE:CRM) gained in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2024. Earnings per share came in at $2.11, which beat analysts’ consensus estimate of $2.06 per share.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Sales increased by 11.2% year-over-year, with revenue hitting $8.72 billion, in line with analysts’ expectations. According to the company, growth in the quarter was driven mostly by order volume rather than inflation. In addition, it saw a notable demand surge during the just concluded Cyber Week.
Looking forward, management now expects revenue for Q4 2024 to be in the range of $9.18 billion to $9.23 billion. For the full year, the company narrowed its revenue expectations to between $34.75 billion and $34.8 billion.
What is CRM’s Target Price?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on CRM stock based on 26 Buys, 12 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 5.83% increase in its share price this year, the average CRM price target of $252.97 per share implies 9.35% upside potential.
