Salesforce (NYSE:CRM) Price Target Raised to $330.00

Salesforce (NYSE:CRM) had its target price raised by research analysts at Wells Fargo & Company from $275.00 to $330.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the CRM provider’s stock. Wells Fargo & Company‘s target price indicates a potential downside of 4.16% from the company’s current price.

CRM has been the topic of several other reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a research note on Thursday, September 19th. Evercore ISI reissued an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research note on Monday, August 26th. Robert W. Baird boosted their price objective on shares of Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Oppenheimer reiterated an “outperform” rating and issued a $330.00 price objective (up from $300.00) on shares of Salesforce in a research report on Thursday, October 24th. Finally, Raymond James boosted their target price on Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $316.37.

Salesforce Price Performance

NYSE CRM traded up $2.59 on Tuesday, reaching $344.32. The company’s stock had a trading volume of 2,197,393 shares, compared to its average volume of 6,282,608. Salesforce has a 52 week low of $211.76 and a 52 week high of $348.86. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a market cap of $329.17 billion, a PE ratio of 60.00, a price-to-earnings-growth ratio of 2.91 and a beta of 1.29. The business has a 50-day moving average price of $279.53 and a 200 day moving average price of $264.83.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping the consensus estimate of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter last year, the company earned $1.63 EPS. Salesforce’s revenue was up 8.5% on a year-over-year basis. Sell-side analysts expect that Salesforce will post 7.55 EPS for the current year.

Insider Transactions at Salesforce

In related news, insider Miguel Milano sold 2,934 shares of Salesforce stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $262.95, for a total transaction of $771,495.30. Following the completion of the transaction, the insider now owns 3,716 shares in the company, valued at approximately $977,122.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction that occurred 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 owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Miguel Milano sold 2,934 shares of Salesforce stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $262.95, for a total value of $771,495.30. Following the sale, the insider now directly owns 3,716 shares of the company’s stock, valued at $977,122.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 144,373 shares of company stock worth $41,250,680 in the last ninety days. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Souders Financial Advisors bought a new position in shares of Salesforce in the 1st quarter valued at $226,000. TBH Global Asset Management LLC boosted its holdings in Salesforce by 25.7% in the first quarter. TBH Global Asset Management LLC now owns 2,156 shares of the CRM provider’s stock worth $649,000 after acquiring an additional 441 shares in the last quarter. Kingsview Wealth Management LLC grew its stake in Salesforce by 10.0% in the first quarter. Kingsview Wealth Management LLC now owns 93,204 shares of the CRM provider’s stock valued at $28,071,000 after acquiring an additional 8,472 shares during the period. Midwest Professional Planners LTD. lifted its holdings in shares of Salesforce by 17.7% in the 1st quarter. Midwest Professional Planners LTD. now owns 13,413 shares of the CRM provider’s stock worth $4,040,000 after purchasing an additional 2,013 shares in the last quarter. Finally, HBK Sorce Advisory LLC grew its position in Salesforce by 41.3% in the 1st quarter. HBK Sorce Advisory LLC now owns 5,251 shares of the CRM provider’s stock valued at $1,582,000 after purchasing an additional 1,536 shares during the period. Institutional investors and hedge funds 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.