DA Davidson Boosts Salesforce (NYSE:CRM) Price Target to $250.00

Salesforce (NYSE:CRM) had its target price raised by research analysts at DA Davidson from $230.00 to $250.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the CRM provider’s stock. DA Davidson’s price target suggests a potential downside of 2.93% from the stock’s previous close.

Several other brokerages also recently issued reports on CRM. BMO Capital Markets upped their price target on Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday. JPMorgan Chase & Co. increased their price target on Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Thursday. TD Cowen reduced their price target on Salesforce from $330.00 to $285.00 and set a “hold” rating for the company in a research report on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and issued a $345.00 target price on shares of Salesforce in a research note on Thursday. Finally, Oppenheimer boosted their price objective on Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $299.65.

Salesforce Trading Down 0.5 %

NYSE CRM traded down $1.36 during trading hours on Thursday, reaching $257.54. The company’s stock had a trading volume of 7,250,634 shares, compared to its average volume of 6,565,908. The firm has a fifty day simple moving average of $253.44 and a 200-day simple moving average of $271.63. Salesforce has a 52 week low of $193.68 and a 52 week high of $318.71. The stock has a market cap of $249.56 billion, a P/E ratio of 46.32, a P/E/G ratio of 2.22 and a beta of 1.29. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $1.92 EPS for the quarter, topping the consensus estimate of $1.73 by $0.19. The business had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The firm’s revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.63 earnings per share. Equities analysts forecast that Salesforce will post 7.47 earnings per share for the current fiscal year.

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $262.90, for a total value of $1,104,180.00. Following the completion of the transaction, the insider now owns 117,581 shares in the company, valued at $30,912,044.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Salesforce news, COO Brian Millham sold 4,056 shares of Salesforce stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $261.50, for a total value of $1,060,644.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $262.90, for a total value of $1,104,180.00. Following the completion of the transaction, the insider now owns 117,581 shares in the company, valued at $30,912,044.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,964 shares of company stock valued at $27,956,647. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Several hedge funds and other institutional investors have recently made changes to their positions in CRM. Gilbert & Cook Inc. increased its stake in shares of Salesforce by 6.9% in the 4th quarter. Gilbert & Cook Inc. now owns 5,659 shares of the CRM provider’s stock worth $1,489,000 after purchasing an additional 366 shares in the last quarter. Savant Capital LLC increased its position in Salesforce by 27.7% in the fourth quarter. Savant Capital LLC now owns 16,576 shares of the CRM provider’s stock worth $4,362,000 after buying an additional 3,595 shares in the last quarter. Essex Financial Services Inc. raised its stake in shares of Salesforce by 11.5% in the fourth quarter. Essex Financial Services Inc. now owns 2,242 shares of the CRM provider’s stock worth $590,000 after buying an additional 232 shares during the period. LGT Fund Management Co Ltd. bought a new position in shares of Salesforce during the 4th quarter valued at approximately $2,239,000. Finally, Fisher Asset Management LLC raised its stake in Salesforce by 5.3% during the 4th quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock worth $3,926,323,000 after acquiring an additional 752,566 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.