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When Salesforce.com Inc. (NYSE: CRM) reported its most recent quarterly results after the markets closed on Monday, the firm said that it had $0.70 in earnings per share (EPS) and $3.60 billion in revenue. Consensus estimates had called for $0.55 in EPS and $3.56 billion in revenue, and in the fourth quarter of last year it posted EPS of $0.35 on $2.85 billion in revenue.

In terms of the revenue breakdown, subscription and support revenues were $3.38 billion in the latest period, an increase of 26% year over year, while professional services and other revenues were $228 million, an increase of 16%.

Unearned revenue on the balance sheet as of January 31, 2019, was $8.56 billion, an increase of 22% year over year and 24% in constant currency.

Looking ahead to the fiscal first quarter, Salesforce expects to see EPS in the range of $0.60 to $0.61 and revenue between $3.67 billion and $3.68 billion. The consensus estimates are $0.63 in EPS and $3.7 billion in revenue for the quarter.

On the books, cash, Salesforce’s cash equivalents and marketable securities totaled $4.34 billion at the end of the quarter, down from $4.52 billion at the end of the same period of last year.

Marc Benioff, board chair and co-CEO, commented:

We had another year of outstanding revenue growth, surpassing $13 billion in revenue faster than any other enterprise software company in history. As companies of all sizes turn to Salesforce, we’re enabling them to put the customer at the center of their digital transformation through our intelligent Customer 360 platform. I’ve never been more excited about the opportunity ahead.

While the investor reaction to earnings was not entirely positive, analysts took a different perspective. Here’s what analysts were saying after the report:

• Raymond James reiterated a Strong Buy and raised its price target to $200 from $165.
• Robert Baird reiterated an Outperform rating and raised its price target to $175 from $165.
• Macquarie reiterated an Outperform rating and raised its price target to $188 from $174.
• Wells Fargo reiterated an Outperform rating and raised its price target to $185 from $175.
• Deutsche Bank reiterated a Buy rating.
• Barclays reiterated an Overweight rating with a $180 price target.
• Wedbush reiterated an Outperform rating and raised its price target to $192 from $174.
• BMO reiterated an Outperform rating and raised its price target to $185 from $175.
• JPMorgan reiterated a Buy rating with a $180 price target.

Shares of Salesforce were last seen down about 1% at $156.44 on Tuesday, in a 52-week range of $111.34 to $166.15. The consensus analyst target is $175.93.