The upbeat performance of Salesforce (NYSE:CRM) in the third quarter of Fiscal 2023 shouldn’t have surprised users who have been keeping track of the company’s website traffic through TipRanks’ Website Traffic Tool.
The California-based company provides customer relationship management software and applications that allow businesses to better connect with partners, customers, and potential customers.
Rising Website Traffic Predicted the Strong Results
The company reported revenue of $7.84 billion, up 14.3% year-over-year. Also, earnings per share came in at $1.40, compared with $1.27 in the prior-year quarter.
TipRanks website tool showed a 301.4% year-over-year jump in website visits for the quarter. Q3 traffic jumped from 55.6 million to 223.3 million year-over-year, with the highest number of website visits in July. This was an indication that Salesforce’s results could benefit from robust demand for its products, and Q3 results revealed the same.
Interestingly, the TipRanks website traffic tool also indicates that the company’s performance in the upcoming quarter may remain promising. Per the tool, web visits to salesforce.com were up 292.8% year-over-year in October.
The management expects to report net sales in the range of $7.93 billion to $8.03 billion, compared with $7.33 billion reported in the same quarter last year.
Is CRM Stock a Buy?
Following Q3 results, Oppenheimer analyst Brian Schwartz maintained a Buy rating on CRM stock but lowered the price target to $185 from $200. The analyst is optimistic about the expanding operating margin and Salesforce’s efforts to improve efficiency.
Overall, Wall Street is bullish on the stock. Salesforce has a Strong Buy consensus rating based on 24 Buys and seven Holds. The average CRM stock price target of $210.04 implies 31.1% upside potential.
Final Thoughts
Despite lingering macro headwinds, Salesforce continues to post strong quarterly numbers. The robust demand for cloud-based applications, along with efforts to innovate products according to consumers’ needs, seems to attract customers. Further, the company’s investments in order to expand offerings and gain market share may support long-term growth.
On a final note, it could be beneficial for investors to monitor a company’s website domains’ performance, as it helps analyze the upcoming earnings report and the company’s stock price.
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