Loop Capital Increases Salesforce (NYSE:CRM) Price Target to $340.00

Salesforce (NYSE:CRM) had its price objective hoisted by analysts at Loop Capital from $270.00 to $340.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “hold” rating on the CRM provider’s stock. Loop Capital’s price target would indicate a potential upside of 4.53% from the company’s current price.

Several other research firms also recently issued reports on CRM. Oppenheimer restated an “outperform” rating and set a $330.00 price objective (up from $300.00) on shares of Salesforce in a report on Thursday, October 24th. Cfra set a $343.00 price target on shares of Salesforce in a research note on Thursday, October 17th. Needham & Company LLC reiterated a “buy” rating and set a $345.00 price objective on shares of Salesforce in a research note on Friday, September 20th. UBS Group boosted their target price on shares of Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, Phillip Securities reaffirmed an “accumulate” rating and set a $305.00 price target on shares of Salesforce in a research report on Friday, August 30th. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $322.51.

Salesforce Price Performance

Shares of CRM stock opened at $325.28 on Thursday. The firm has a fifty day simple moving average of $284.99 and a 200-day simple moving average of $266.30. The company has a market capitalization of $310.96 billion, a PE ratio of 56.57, a price-to-earnings-growth ratio of 3.09 and a beta of 1.29. Salesforce has a twelve month low of $212.00 and a twelve month 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.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the prior year, the company posted $1.63 EPS. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. Equities research analysts anticipate that Salesforce will post 7.55 earnings per share for the current fiscal year.

Insider Activity 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 transaction, the insider now directly owns 3,716 shares of the company’s stock, valued at $977,122.20. The trade was a 44.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Parker Harris sold 3,970 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $296.74, for a total transaction of $1,178,057.80. Following the completion of the sale, the insider now directly owns 119,402 shares of the company’s stock, valued at $35,431,349.48. The trade was a 3.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 144,373 shares of company stock worth $41,250,680 over the last quarter. 3.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Salesforce

Institutional investors and hedge funds have recently modified their holdings of the stock. Brophy Wealth Management LLC acquired a new position in shares of Salesforce in the 3rd quarter worth $1,290,000. Resources Management Corp CT ADV increased its position in shares of Salesforce by 1.1% in the third quarter. Resources Management Corp CT ADV now owns 6,007 shares of the CRM provider’s stock worth $1,644,000 after acquiring an additional 65 shares in the last quarter. M&T Bank Corp raised its holdings in shares of Salesforce by 5.5% during the third quarter. M&T Bank Corp now owns 193,314 shares of the CRM provider’s stock valued at $52,912,000 after acquiring an additional 10,084 shares during the period. Abel Hall LLC lifted its position in shares of Salesforce by 5.3% in the 3rd quarter. Abel Hall LLC now owns 1,037 shares of the CRM provider’s stock valued at $284,000 after acquiring an additional 52 shares in the last quarter. Finally, Nabity Jensen Investment Management Inc acquired a new position in Salesforce in the 3rd quarter worth approximately $1,215,000. 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.