Salesforce (CRM) is a leading provider of cloud-based customer relationship management (CRM) software. Company to release third quarter of fiscal 2022 earnings November 30.
The growing software spending environment has significantly boosted Salesforce sales and profitability. The company had a spectacular quarter in T2, with revenues up 23% year-over-year and profitability up 2.8% from the same quarter last year.
The company could continue to perform well in the next quarter, thanks to its wide range of commercial software services. In addition, the acquisition of Slack could lead to better results in the third quarter.
Ahead of the third quarter print, we will try to gather essential information about the business using TipRanks’ Website Traffic Tool, which analyzes website traffic volume data provided by Semrush (SEMR).
Encouraging website traffic numbers
According to online volume data, Salesforce’s website traffic patterns appeared to improve in the third quarter of the fiscal year. From August to October, the number of unique visits to the Salesforce website increased 3.5%. In addition, the share price rose 23.9% during the same period.
Since the start of the year, the total number of unique visits to the Salesforce website has increased by 3%.
These statistics indicate that Salesforce’s fundamentals and outlook remain strong.
User data by geography
To learn more about online traffic patterns and user behavior, we looked at website traffic data by location.
The United States took the largest share in October, at 54.9%. Meanwhile, Indian users made up 11.2% of all unique virtual visitors, placing the country in second, ahead of the UK, Australia and Canada.
According to Monness analyst Brian Blanc, Salesforce is expected to deliver strong results in the third fiscal quarter.
White believes Salesforce will benefit from the growing digital transformation. Earlier this week, he wrote: “We believe Salesforce is uniquely positioned to capitalize on accelerated digital transformation efforts with a stronger and more relevant platform than ever before while benefiting from a new model, the addition of Slack and a global economic recovery. “
As a result, White maintained a buy rating on the stock and a price target of $ 328.
The Wall Street Position
Wall Street analysts also gave Salesforce a Strong Buy consensus rating, with 38 recent ratings, including 32 Buys and 6 Holds. The company is now trading at $ 289.17, with an average CRM price target of $ 329.25, which implies a 13.9% rise from that level.
Disclosure: At the time of publication, Shalu Saraf does not have a position in any of the titles mentioned in this article.
Disclaimer: The information in this article represents the views and opinion of the author only, and not the views or opinion of TipRanks or its affiliates, and should be considered for informational purposes only. TipRanks makes no warranty as to the completeness, accuracy or reliability of this information. Nothing in this article should be construed as a recommendation or solicitation to buy or sell securities. Nothing in the article constitutes legal, professional, investment and / or financial advice and / or takes into account the specific needs and / or requirements of an individual, and nothing in the article constitutes an full or complete statement of the questions or topic discussed therein. TipRanks and its affiliates are not responsible for the content of the article, and any action taken on the information contained in the article is at your own risk. Linking to this article does not constitute an endorsement or recommendation of TipRanks or its affiliates. Past performance is no guarantee of future results, prices or performance.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.