Salesforce (NYSE:CRM) Price Target Raised to $405.00

Salesforce (NYSE:CRM) had its target price lifted by Morgan Stanley from $330.00 to $405.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the CRM provider’s stock.

Several other equities analysts have also recently issued reports on the company. Cfra set a $343.00 price objective on Salesforce in a research report on Thursday, October 17th. JMP Securities reaffirmed a “market outperform” rating and issued a $450.00 price objective on shares of Salesforce in a research report on Tuesday. Raymond James upped their price objective on Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 29th. Phillip Securities reaffirmed an “accumulate” rating and issued a $305.00 target price on shares of Salesforce in a research report on Friday, August 30th. Finally, UBS Group lifted their target price on shares of Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Eight equities research analysts have rated the stock with a hold rating, thirty have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $370.50.

Salesforce Stock Performance

Shares of CRM opened at $367.94 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average price is $306.55 and its 200-day moving average price is $271.81. Salesforce has a 52 week low of $212.00 and a 52 week high of $369.00. The stock has a market cap of $351.75 billion, a P/E ratio of 63.99, a P/E/G ratio of 3.00 and a beta of 1.30.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.62 earnings per share. Equities research analysts anticipate that Salesforce will post 7.54 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the transaction, the chief accounting officer now directly owns 7,006 shares in the company, valued at approximately $1,998,741.74. This trade represents a 5.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Sabastian Niles sold 2,484 shares of Salesforce stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total value of $608,108.04. Following the completion of the transaction, the insider now owns 828 shares in the company, valued at $202,702.68. This represents a 75.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 140,982 shares of company stock worth $41,591,457. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of Salesforce

Hedge funds and other institutional investors have recently made changes to their positions in the business. Piscataqua Savings Bank lifted its holdings in shares of Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares during the last quarter. Infrastructure Capital Advisors LLC purchased a new stake in shares of Salesforce during the 3rd quarter valued at $27,000. Clear Investment Research LLC lifted its holdings in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 98 shares during the last quarter. Stephens Consulting LLC lifted its holdings in shares of Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 125 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Salesforce during the 2nd quarter valued at $33,000. 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.