What's Going On With Salesforce Stock?
Portfolio Pulse from Erica Kollmann
Salesforce (CRM) shares are trading lower after Workday (WDAY) reported strong Q1 results but lowered its forward guidance. Salesforce is set to report its Q1 results on May 29, with analysts expecting earnings of $2.38 per share and sales of $9.147 billion. RBC Capital reiterated an Outperform rating for Salesforce with a $350 price target.

May 24, 2024 | 5:18 pm
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NEGATIVE IMPACT
Salesforce shares are trading lower following Workday's lowered forward guidance despite strong Q1 results. Salesforce is set to report its Q1 earnings on May 29, with analysts expecting earnings of $2.38 per share and sales of $9.147 billion. RBC Capital reiterated an Outperform rating with a $350 price target.
Salesforce shares are negatively impacted by Workday's lowered forward guidance, which may create concerns about Salesforce's upcoming earnings report. However, RBC Capital's reiterated Outperform rating and high price target provide some positive sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Workday reported strong Q1 results but lowered its forward guidance, which has negatively impacted its stock price. The company now expects Q2 subscription revenue of $1.895 billion and fiscal-year subscription revenue between $7.7 billion and $7.725 billion.
Despite beating Q1 estimates, Workday's lowered forward guidance has created negative sentiment, leading to a decline in its stock price. Investors are likely concerned about future growth prospects.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100