When Salesforce.com Inc. (NYSE: CRM) announced its earnings, investors were excited that it has raised fiscal 2017 guidance. As a result of this earnings report, analysts hiked their price targets for this stock.
24/7 Wall St. has included some highlights from the earnings report, as well as what analysts are saying about Salesforce after the fact.
Revenue rose 27% to $1.92 billion, but this would have been up 28% on a constant currency measure. Deferred revenue, a measure of future orders, was up 31% to $4.01 billion. Thomson Reuters had a consensus revenue estimate of $1.89 billion.
Its second-quarter revenue guidance is $2.005 billion to $2.015 billion, versus a $1.98 billion consensus estimate. On forward guidance, Salesforce sees fiscal year 2017 revenue guidance of $8.16 billion to $8.20 billion, versus a consensus number of $8.12 billion. Unbilled deferred revenue of approximately $7.6 billion, up 27%, is expected.
The revenue breakdown showed additional gains on both key metrics in the first quarter. Subscription and support revenues rose 26% to $1.78 billion, and professional services (and other) revenues were up 33% to $141 million.
Quite a few analysts weighed in on Salesforce after earnings were reported:
- Barclays has an Overweight rating and raised its price target to $89 from $88.
- Brean has a Buy rating and raised its price target to $110 from $100.
- Canaccord Genuity has a Buy rating and raised its target from $88 to $95.
- Evercore ISI has a Buy rating and raised its price target to $100.
- Jefferies has a Hold rating and raised its price target to $80 from $74.
- JMP Securities has an Outperform rating and raised its price target from $90 to $92.
- Mizuho has a Buy rating and raised its price target to $100 from $90.
- Oppenheimer has an Outperform rating and raised its target to $95 from $88.
- Baird has an Outperform rating and raised its price target to $90 from $85.
- BTIG has a Buy rating and raised its price target to $100.
- CLSA raised its price target from $89 to $94.
- Deutsche Bank raised its price target to $95 from $90.
- Deutsche Bank has a Buy rating and raised its price target to $95 from $90.
- FBN raised its price target to $100 from $95.
- Goldman Sachs has a Buy rating and raised its target to $105 from $99.
- Raymond James has a Strong Buy rating and raised its target to $100 from $90.
- RBC has an Outperform rating and raised its price target to $92 from $80.
- SunTrust Robinson lifted its price target to $96 from $89.
- UBS has a Buy rating and raised its price target to $100.
- Wedbush raised its price target from $95 to $98.
- Wunderlich raised its price target to $101 from $93.
Share of Salesforce closed trading at $81.03 on Friday. The consensus analyst price target is $95.74, and the 52-week trading range is $52.60 to $82.90.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
