Salesforce reported second-quarter 2027 financial results yesterday.
Analysts have raised price targets on Salesforce stock.
Heating up in August, shares of Salesforce (NYSE: CRM) had rocketed 13.7% higher from the end of July through the close of trading last Friday. And the upward trend seems likely to extend through this week, with the cloud computing company reporting strong financial results and guidance yesterday.
According to data provided by S&P Global Market Intelligence, shares of Salesforce are up 19.6% from the close of last Friday’s market session through 2:35 p.m. ET today.
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Beating analysts’ expectations that it would report Q2 2027 sales of $11.32 billion, Salesforce posted $11.35 on the top line. Plus, the company beat on the bottom line, where analysts anticipated earnings per share (EPS) of $3.27, as it posted diluted EPS of $4.29.
In addition to Salesforce’s recent performance, investors are celebrating the company’s improved outlook for fiscal 2027. Yesterday, management hiked its fiscal 2027 revenue guidance to $46.1 billion to $46.4 billion from $45.9 billion to $46.2 billion and diluted EPS guidance to $10.21 to $10.25 from $7.93 to $7.99.
Responding to the company’s improved outlook, analysts have taken a more bullish stance on Salesforce stock. Some of the more notable actions include Jefferies, which raised its price target to $300 from $250, and Raymond James, which boosted its price target to $310 from $290.
While Salesforce stock has rocketed higher in August, those interested in the cloud computing stock shouldn’t feel that it’s too late to pick up shares. Changing hands at 12.1 times operating cash flow, Salesforce stock is available at a discount to its five-year average cash flow multiple of 18.3. Compound this with management’s upwardly revised guidance (which should allay the concerns that the company’s growth would wane in 2027) and the stock looks like a great buying opportunity now.
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Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Jefferies Financial Group and Salesforce. The Motley Fool has a disclosure policy.
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