Salesforce.com Inc (CRM) said earlier this week that Keith Block had stepped down as co-Chief Executive Officer. As a result, Marc Benioff, who established the business software company in 1999, will remain sole CEO and will continue serving as Chairman.
Salesforce shares closed lower for a fourth consecutive trading session in New York on Wednesday. The stock went down 1.32% ($2.40) to $178.87, after touching an intraday low at $174.88, or a price level not seen since January 8th ($174.75).
Shares of Salesforce.com Inc have risen 9.98% so far in 2020 compared with a 3.54% loss for the benchmark index, S&P 500 (SPX).
In 2019, Salesforce’s stock went up 18.74%, thus, it underperformed the S&P 500, which registered a 28.88% gain.
Total revenue went up 34.6% year-on-year to $4.85 billion during the quarter ended on January 31st, while exceeding the median analyst estimate ($4.75 billion).
The company now projects first-quarter revenue within the range of $4.88 billion to $4.89 billion, which compares with a market consensus of $4.84 billion.
Meanwhile, Salesforce posted a net loss of $248 million ($0.28 per share) during the quarter ended on January 31st, after reporting a net income of $362 million ($0.46 per share) in the same period a year ago.
Earnings per share, which exclude special items, were reported at $0.66 during the fiscal fourth quarter. In comparison, analysts on average had expected adjusted earnings of $0.56 per share.
Analyst stock price forecast and recommendation
According to CNN Money, the 39 analysts, offering 12-month forecasts regarding Salesforce.com Inc’s stock price, have a median target of $212.00, with a high estimate of $250.00 and a low estimate of $165.00. The median estimate represents an 18.52% upside compared to the closing price of $178.87 on February 26th.
The same media also reported that at least 37 out of 43 surveyed investment analysts had rated Salesforce.com Inc’s stock as “Buy”, while 4 – as “Hold”.
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