Salesforce extends rally after upbeat quarterly results
Salesforce shares rose 3.98% to $267.14 Thursday, extending a post-earnings rally after fiscal second-quarter 2027 revenue and adjusted profit beat estimates and the company announced an Anthropic partnership.
Salesforce Inc. stock is extending Thursday's rally after the company reported fiscal second-quarter 2027 earnings on Aug. 26. The Nasdaq is up 1.39% and the S&P 500 has gained 1.03% today, while enterprise software shares are trading higher on broad positive sentiment tied to strong earnings and accelerating AI demand across the sector.
Salesforce said it beat on revenue and earnings last week, reporting second-quarter revenue of $11.35 billion versus the $11.32 billion consensus estimate. Adjusted earnings were $5.90 per share, compared with estimates of $3.27 per share. Revenue rose 11% year over year, and total remaining performance obligations reached $66.5 billion, also up 11% year over year. Chair and CEO Marc Benioff said the company delivered one of its best quarters ever and said it outperformed across every key metric.
He added that AI is delivering value across the business. Salesforce said demand for its AI and data products remains strong, with annual recurring revenue about to cross $4 billion, according to Benioff. The company also announced an Anthropic partnership, which Benioff said will combine Claude’s reasoning with enterprise data, workflows and governance for a dynamic interface that thinks, reasons and acts. Following the results, Cantor Fitzgerald raised its rating to Overweight and set a $300 price target on Wednesday.
BTIG kept its Buy rating with a $300 forecast, while Needham also maintained Buy and lifted its target to $400. On the technical side, CRM is trading 22.2% above the 20-day SMA at $217.69 and 32.6% above the 200-day SMA at $200.64. The 20-day SMA remains above the 50-day SMA, but the 50-day SMA is still below the 200-day SMA. RSI is 82.98.
Salesforce shares were up 3.98% at $267.14 at the time of publication on Thursday, according to Pro data. Key resistance is $267.50, a nearby ceiling where gains can stall, especially with the stock already close to its 52-week high of $269.11. Key support is $252, a nearby area where buyers previously stepped in and a level that could matter if the stock cools off from overbought momentum. The note also says the setup flags overbought conditions and raises the odds of a pause or pullback even if the broader trend stays constructive.
A separate mention on Nvidia says the stock could hit $400 within 18 months, which the note describes as a 78% rally from here.