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Tuesday, March 28, 2023

Salesforce shares soar 12% on Wall Street after good data for investors

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Even so, Salesforce’s first-quarter revenue forecast implies growth of 10%, above analyst estimates of 9%. It also expects full-year adjusted operating profit margins to rise, prompting at least 16 brokerages to raise their price targets for the company’s shares.

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The enterprise software developer’s plan to integrate artificial intelligence into its cloud, as well as Slack, the Tableau data analytics platform and the MuleSoft platform also gave shares a lift.


Brokerage firm Barclays sees Salesforce’s short-term bookings, improved sales rep productivity and the dissolution of the M&A committee as signs the company is on the path to sustained profitable growth.

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Elliott, who had been in talks with Salesforce before the earnings release, said “today’s announcements represent a step toward regaining investor confidence.”

Other activist investors with interests in Salesforce include Starboard Value, Inclusive Capital Partners, and ValueAct Capital. They have pushed for higher growth and margins, more share buybacks, and raised concerns about recent acquisitions.

Salesforce shares have advanced 26% this year through Wednesday’s close, versus a nearly 3% gain for the benchmark S&P 500 index.

Source: Ambito

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