Salesforce (NYSE:CRM) Stock Price Expected to Rise, Scotiabank Analyst Says

Salesforce (NYSE:CRM) had its price target boosted by analysts at Scotiabank from $425.00 to $440.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “sector outperform” rating on the CRM provider’s stock. Scotiabank’s target price indicates a potential upside of 21.84% from the stock’s previous close.

A number of other research firms also recently commented on CRM. BMO Capital Markets raised their target price on shares of Salesforce from $385.00 to $425.00 and gave the company an “outperform” rating in a research report on Wednesday. Roth Mkm reissued a “buy” rating and issued a $335.00 price target on shares of Salesforce in a report on Thursday, August 29th. Jefferies Financial Group boosted their price objective on shares of Salesforce from $350.00 to $400.00 and gave the company a “buy” rating in a report on Monday, November 11th. Northland Securities reissued an “outperform” rating and set a $440.00 price target (up from $400.00) on shares of Salesforce in a research report on Wednesday. Finally, Canaccord Genuity Group boosted their price objective on Salesforce from $315.00 to $415.00 and gave the company a “buy” rating in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $372.86.

Salesforce Price Performance

Shares of CRM stock opened at $361.14 on Wednesday. The company’s 50-day simple moving average is $308.26 and its two-hundred day simple moving average is $272.43. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. Salesforce has a one year low of $212.00 and a one year high of $369.00. The company has a market capitalization of $345.25 billion, a P/E ratio of 59.40, a P/E/G ratio of 3.00 and a beta of 1.30.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.31% and a net margin of 15.96%. The firm had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. During the same quarter in the previous year, the business earned $1.62 earnings per share. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, equities analysts anticipate that Salesforce will post 7.55 EPS for the current year.

Insider Buying and Selling at Salesforce

In other news, COO Brian Millham sold 14,808 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $338.95, for a total transaction of $5,019,171.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Miguel Milano sold 719 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $342.81, for a total transaction of $246,480.39. Following the completion of the transaction, the insider now directly owns 4,659 shares of the company’s stock, valued at $1,597,151.79. This represents a 13.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 140,982 shares of company stock worth $41,591,457 over the last quarter. 3.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Salesforce

Several large investors have recently bought and sold shares of CRM. Aviance Capital Partners LLC increased its stake in shares of Salesforce by 0.5% during the third quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider’s stock worth $1,860,000 after buying an additional 33 shares during the period. EWA LLC increased its position in shares of Salesforce by 1.7% in the 3rd quarter. EWA LLC now owns 2,001 shares of the CRM provider’s stock valued at $548,000 after purchasing an additional 33 shares during the last quarter. Umpqua Bank raised its holdings in shares of Salesforce by 0.4% in the 3rd quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock valued at $2,110,000 after purchasing an additional 34 shares in the last quarter. Principal Street Partners LLC lifted its position in shares of Salesforce by 1.0% during the 3rd quarter. Principal Street Partners LLC now owns 3,297 shares of the CRM provider’s stock worth $891,000 after purchasing an additional 34 shares during the last quarter. Finally, Nvwm LLC increased its holdings in Salesforce by 1.4% in the third quarter. Nvwm LLC now owns 2,565 shares of the CRM provider’s stock valued at $667,000 after buying an additional 36 shares during the last quarter. 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.