Salesforce (CRM) is a leading provider of cloud-based customer relationship management (CRM) software. The company will release its results for the third quarter of fiscal 2022 on November 30.
The growing software spending environment has significantly boosted Salesforce sales and profitability. The company had a spectacular quarter in the second quarter, 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 Q3 print, we will try to put together essential business information using TipRanks’ website traffic tool, which analyzes website traffic volume data provided by Semrush (SEMR).
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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 White, 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.
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