From Nasdaq:

Salesforce’s CRM shares surged 22% after its third-quarter earnings release, showcasing trust in its solid fundamentals and customer relationship management solutions market. The Zacks Consensus Estimate for fiscal 2024 earnings is $8.20 per share, indicating a 56.5% year-over-year growth. The stock carries a Zacks Rank #2 (Buy) with a Growth Score of B.

Salesforce’s products like Data Cloud and Service Cloud are popular, contributing significantly to its top line. Management believes that digitization is reinforcing strategic relationships. According to Fortune Business Insights, the global CRM software market, valued at $64.41 billion in 2022, is projected to witness a CAGR of 12% by 2030. With its SaaS-based CRM and social enterprise apps, Salesforce is well-positioned to lead the market.

Salesforce’s deepening partnerships with Alphabet, Apple, and Amazon, and its acquisition of Airkit.ai, highlight its strong position in the global business landscape. The company’s third-quarter 2023 revenues grew 11% year over year to $8.7 billion. Other leading Zacks Rank stocks include Amazon with a Zacks Rank #1, Apple with a Zacks Rank #2, and Alphabet with a Zacks Rank #3.

Salesforce currently trades at an attractive valuation, and its strong fundamentals make it a solid investment option. With a Zacks Rank #2 and a Growth Score of B, the company has a strong track record of exceeding earnings estimates and robust long-term growth prospects. Its popularity in the global CRM market positions Salesforce as a strong investment option.



Read more: Here’s Why Investors Should Add Salesforce (CRM) to Portfolio