<p>Salesforce 在纽约证券交易所的股票代码为 CRM，第三季度和全年收入指引令人失望，导致股价大幅回调，科技投资者将希望借此机会。令人失望是一个相对的术语；在这种情况下，它意味着指引符合预期：持续的两位数增长、利润率强劲和稳健的现金流推动了资本回报。</p>
<p>资本回报是长期科技投资者感兴趣的原因之一，股票价格前景强劲。坏消息是，令人失望的指引和对分析师情绪的影响可能会使股价在今年晚些时候保持压力。</p>
<p>Salesforce 支付的股息微不足道，年化收益率不足 0.7%，而股票交易接近长期低点。回报的更大部分来自股票回购，金额是其五倍以上。</p>
<p>第二季度的关键要点是，<strong>回购使股票数量平均减少了超过 1.1%</strong>，年初至今减少了 1.35%，预计在不久的将来将以类似的速度继续进行——如果不增加的话。公司的增长前景、现金流和价值 200 亿美元的新董事会授权可能会加快这一速度。后者将剩余配额提升至 500 亿美元，足以在未来五年内维持第二季度的回购速度。</p>
<h2>Salesforce 第二季度的强劲表现被谨慎的指引所掩盖</h2>
<p>Salesforce 在第二季度表现强劲，收入增长 9.8%，按固定汇率计算增长 9%。其收入超过 MarketBeat 报告的共识约 100 个基点，数据云和人工智能领域表现强劲。主要类别的订阅和支持增长了 11%，按固定汇率计算增长 9%，而数据云和人工智能这两个增长支柱则增长了 120%。</p>
<p>利润率是投资者应关注的另一个强劲领域。公司盈利增长，毛利率和营业利润率不断扩大。最终结果是净收入增加 30 个基点，达到收入的 18%，在底线表现上超出预期。</p>
<p><strong>调整后的每股收益为 2.91 美元，超出预期十美分以上</strong>，预计这种强劲势头将持续到年底。尽管收入指引平淡，符合预期，但盈利指引已改善至高于共识的范围，预计第四季度将表现强劲。</p>
<p>其中一个关键细节是 <strong>自由现金流增长 12% 的预测</strong>，处于目标范围的中点。</p>
<p>Salesforce 的资产负债表突显了业务的强劲和 <strong>资本回报的可靠性</strong>。截至第二季度末，亮点包括堡垒级的杠杆比率、相对于长期债务的净现金头寸，以及尽管进行了激进的回购，股本仍在上升。</p>
<p>股本小幅上升，而库藏股增加了 25%，超过 240 亿美元。</p>
<h2>Salesforce 分析师下调目标：围绕共识的范围缩小</h2>
<p>Salesforce 分析师在第二季度发布和指引更新后下调了价格目标，但不要过于解读这些变动。下调缩小了围绕共识价格目标的范围，预计从关键支撑目标上有 35% 的上涨空间。</p>
<p>同样，今年的机构活动强劲，表明在 9 月份的交易水平附近和分析师目标范围的低端有 <strong>坚实的支撑</strong>。</p>
<p>在更新后，CRM 的价格走势回调，但本月不太可能延续这一走势。股价接近分析师目标范围的低端和多次确认的支撑目标，为市场反弹奠定了基础。</p>
<p>最大的风险是 CRM 的股价将无限期徘徊在当前水平附近。然而，由于增长和资本回报的前景，这种情况不太可能发生。问题在于股价将在低位徘徊多久，才能重新激发分析师的情绪并开始反弹。</p>
<p>最可能的催化剂是第三季度的财报，预计将在 12 月初公布。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20250904090746_chart-crm-942025.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20250904090746_chart-crm-942025.png"/></p>
<h2>你现在应该投资 1000 美元在 Salesforce 吗？</h2>
<p>在考虑 Salesforce 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前立即购买……而 Salesforce 并不在名单上。</p>
<p>虽然 Salesforce 目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

赛富时

<p>Salesforce 第二季度的业绩显示出 9.8% 的收入增长，但其第三季度的指引让投资者失望，导致股价回调。尽管如此，该公司仍保持强劲的现金流和利润增长，并获得了 200 亿美元的回购授权。分析师们已下调了目标价，但仍认为有 35% 的上涨潜力。该股接近关键支撑位，暗示在 12 月的第三季度财报发布前可能会反弹。尽管当前市场压力，长期投资者可能会发现 Salesforce 在人工智能和资本回报方面具有吸引力</p>

<p>Salesforce’s NYSE: CRM Q3 and full-year revenue guidance were underwhelming, sparking a significant pullback in the share price that technology investors will want to take advantage of. Underwhelming is a relative term; in this case, it means that the guidance was as expected: sustained double-digit growth, margin strength, and robust cash flow drove its capital return.</p>
<div class="lb-trans"><p>Salesforce 在纽约证券交易所的股票代码为 CRM，第三季度和全年收入指引令人失望，导致股价大幅回调，科技投资者将希望借此机会。令人失望是一个相对的术语；在这种情况下，它意味着指引符合预期：持续的两位数增长、利润率强劲和稳健的现金流推动了资本回报。</p>
</div><p>The capital return is among the reasons why long-term tech investors will be interested, and the stock price outlook is strong. The bad news is that the underwhelming guidance and impact on analyst sentiment may keep the stock price under pressure until later in the year.</p>
<div class="lb-trans"><p>资本回报是长期科技投资者感兴趣的原因之一，股票价格前景强劲。坏消息是，令人失望的指引和对分析师情绪的影响可能会使股价在今年晚些时候保持压力。</p>
</div><p>Salesforce pays a token dividend that annualizes to less than 0.7% with the stock trading near long-term lows. The more significant portion of the return is share buybacks, which amount to more than five times as much on a dollar basis.</p>
<div class="lb-trans"><p>Salesforce 支付的股息微不足道，年化收益率不足 0.7%，而股票交易接近长期低点。回报的更大部分来自股票回购，金额是其五倍以上。</p>
</div><p>The critical takeaways from Q2 are that the <strong>buybacks reduced the count</strong> by more than 1.1% on average for the quarter and 1.35% year-to-date, and they are expected to continue at a similar pace—if not increase—in the near future. The company’s growth outlook, cash flow, and new board authorization worth $20 billion may increase that pace. The latter lifted the remaining allotment to $50 billion, sufficient to sustain the Q2 rate for the next five years.</p>
<div class="lb-trans"><p>第二季度的关键要点是，<strong>回购使股票数量平均减少了超过 1.1%</strong>，年初至今减少了 1.35%，预计在不久的将来将以类似的速度继续进行——如果不增加的话。公司的增长前景、现金流和价值 200 亿美元的新董事会授权可能会加快这一速度。后者将剩余配额提升至 500 亿美元，足以在未来五年内维持第二季度的回购速度。</p>
</div><h2>Salesforce Q2 Strength Overshadowed by Cautious Guidance</h2>
<div class="lb-trans"><h2>Salesforce 第二季度的强劲表现被谨慎的指引所掩盖</h2>
</div><p>Salesforce had a solid quarter in Q2 with revenue growing by 9.8% as reported and 9% on a constant currency basis (CC). The top-line exceeded MarketBeat’s reported consensus by approximately 100 basis points, with strength seen in Data Cloud and AI segments. Subscriptions and Support, the primary category, grew by 11% and 9% CC, while Data Cloud and AI, the growth pillars, advanced by 120%.</p>
<div class="lb-trans"><p>Salesforce 在第二季度表现强劲，收入增长 9.8%，按固定汇率计算增长 9%。其收入超过 MarketBeat 报告的共识约 100 个基点，数据云和人工智能领域表现强劲。主要类别的订阅和支持增长了 11%，按固定汇率计算增长 9%，而数据云和人工智能这两个增长支柱则增长了 120%。</p>
</div><p>Margin is another area of strength that investors should focus on. The company is growing profitably and widening its gross and operating margins. The net result is a 30 basis point increase in net income to 18% of revenue and outperformance on the bottom line.</p>
<div class="lb-trans"><p>利润率是投资者应关注的另一个强劲领域。公司盈利增长，毛利率和营业利润率不断扩大。最终结果是净收入增加 30 个基点，达到收入的 18%，在底线表现上超出预期。</p>
</div><p>The <strong>adjusted EPS of $2.91 is more than a dime above forecasts</strong>, and strength is expected to continue through the year’s end. Although the revenue guidance was tepid, coming in as expected, the earnings guidance was improved to a range above consensus, with strength anticipated in Q4.</p>
<div class="lb-trans"><p><strong>调整后的每股收益为 2.91 美元，超出预期十美分以上</strong>，预计这种强劲势头将持续到年底。尽管收入指引平淡，符合预期，但盈利指引已改善至高于共识的范围，预计第四季度将表现强劲。</p>
</div><p>Among the critical details is a forecast for <strong>12% free cash flow growth</strong> at the midpoint of the target range.</p>
<div class="lb-trans"><p>其中一个关键细节是 <strong>自由现金流增长 12% 的预测</strong>，处于目标范围的中点。</p>
</div><p>Salesforce’s balance sheet underscores the business strength and <strong>reliability of the capital return</strong>. At the end of Q2, the highlights include fortress-quality leverage ratios, a net cash position relative to long-term debt, and rising equity despite the aggressive buybacks.</p>
<div class="lb-trans"><p>Salesforce 的资产负债表突显了业务的强劲和 <strong>资本回报的可靠性</strong>。截至第二季度末，亮点包括堡垒级的杠杆比率、相对于长期债务的净现金头寸，以及尽管进行了激进的回购，股本仍在上升。</p>
</div><p>Equity is up incrementally, while treasury shares increased by 25% to over $24 billion.</p>
<div class="lb-trans"><p>股本小幅上升，而库藏股增加了 25%，超过 240 亿美元。</p>
</div><h2>Salesforce Analysts Trim Targets: Range Narrows Around the Consensus</h2>
<div class="lb-trans"><h2>Salesforce 分析师下调目标：围绕共识的范围缩小</h2>
</div><p>Salesforce analyst are lowering their price targets following the Q2 release and guidance update, but don’t read too much into the movements. The reductions narrow the range around the consensus price target, which forecasts a 35% upside from critical support targets.</p>
<div class="lb-trans"><p>Salesforce 分析师在第二季度发布和指引更新后下调了价格目标，但不要过于解读这些变动。下调缩小了围绕共识价格目标的范围，预计从关键支撑目标上有 35% 的上涨空间。</p>
</div><p>Likewise, the institutional activity is robust this year and suggests <strong>solid support</strong> near September trading levels and the low-end of the analysts' target range.</p>
<div class="lb-trans"><p>同样，今年的机构活动强劲，表明在 9 月份的交易水平附近和分析师目标范围的低端有 <strong>坚实的支撑</strong>。</p>
</div><p>CRM’s price action pulled back following the update, but is unlikely to extend the move this month. The stock price is near the low end of the analysts' target range and support targets that have been confirmed numerous times, setting this market up to rebound.</p>
<div class="lb-trans"><p>在更新后，CRM 的价格走势回调，但本月不太可能延续这一走势。股价接近分析师目标范围的低端和多次确认的支撑目标，为市场反弹奠定了基础。</p>
</div><p>The most significant risk is that CRM’s stock price will wallow near current levels indefinitely. However, that is not expected due to the growth and capital return outlook. The question is how long the stock will linger near its lows before analyst sentiment is reinvigorated and the rebound begins.</p>
<div class="lb-trans"><p>最大的风险是 CRM 的股价将无限期徘徊在当前水平附近。然而，由于增长和资本回报的前景，这种情况不太可能发生。问题在于股价将在低位徘徊多久，才能重新激发分析师的情绪并开始反弹。</p>
</div><p>The most likely catalyst is the Q3 earnings results, which aren’t due until early December.</p>
<div class="lb-trans"><p>最可能的催化剂是第三季度的财报，预计将在 12 月初公布。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20250904090746_chart-crm-942025.png" alt="" original-src="https://www.marketbeat.com/logos/articles/med_20250904090746_chart-crm-942025.png"/></p>
<h2>Should You Invest $1,000 in Salesforce Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在 Salesforce 吗？</h2>
</div><p>Before you consider Salesforce, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑 Salesforce 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Salesforce wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前立即购买……而 Salesforce 并不在名单上。</p>
</div><p>While Salesforce currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 Salesforce 目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

赛富时出现失误，但投资者期待其强势回归