Salesforce Earnings Beat Sparks Higher Price Targets

Northstar Asset Management Inc. reduced its holdings in Salesforce shares by 50.1% in the second quarter, selling 9,986 shares and owning 9,955 at the end of the quarter. The firm's holdings were worth $1,560,000.

Several other hedge funds have made changes to their positions in Salesforce, including BlackRock Inc., which acquired a new position valued at $11,396,844,000, and J. Stern & Co. LLP, which increased its holdings by 24,056.7% in the fourth quarter.

Salesforce reported adjusted earnings per share of $5.90 for the second quarter, beating consensus estimates by $2.63, while revenue rose 10.8% year over year to $11.35 billion. Management raised its fiscal 2027 revenue outlook to approximately $46.1 billion-$46.4 billion.

Analysts have raised price targets on Salesforce, including Truist to $300 and JPMorgan to $265, following the company's strong quarterly results and AI partnership with Anthropic.