Forecast Of The Day:’s Cloud Software Revenue

CRM: Salesforce logo

What?’s (NASDAQ:CRM) Cloud Software Revenue – which includes all its cloud offerings except the core Sales Cloud and Service Cloud – rose from about $4.5 billion in FY’20 to about $6.3 billion in FY’21. Trefis expects the metric to rise to about $8.8 billion in FY’22 and to around $12 billion in FY’23.


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We expect growth to be driven by the rapid expansion of the cloud computing market and’s focus on rolling out new offerings.

So What?

We think the projected growth is largely priced into Salesforce stock. We value CRM stock at about $300 per share, about 5% ahead of the market price.

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Returns Nov 2021
MTD [1]
YTD [1]
Total [2]
CRM Return -4% 28% 315%
S&P 500 Return 1% 22% 105%
Trefis MS Portfolio Return -3% 46% 297%

[1] Month-to-date and year-to-date as of 11/29/2021
[2] Cumulative total returns since 2017

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