Salesforce (NYSE:CRM) Given New $340.00 Price Target at TD Cowen

Salesforce (NYSE:CRM) had its price target upped by analysts at TD Cowen from $290.00 to $340.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the CRM provider’s stock. TD Cowen’s price objective suggests a potential downside of 0.06% from the stock’s previous close.

CRM has been the topic of a number of other research reports. Raymond James increased their price target on shares of Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 29th. Robert W. Baird lifted their price objective on Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Cfra set a $343.00 price objective on Salesforce in a research note on Thursday, October 17th. Canaccord Genuity Group increased their price target on shares of Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Finally, Truist Financial reiterated a “buy” rating and issued a $315.00 price objective (up previously from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Eight research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus target price of $329.11.

Salesforce Stock Performance

Shares of NYSE:CRM traded up $14.52 during midday trading on Thursday, reaching $340.22. The company had a trading volume of 3,496,761 shares, compared to its average volume of 6,283,013. Salesforce has a 52-week low of $212.00 and a 52-week high of $348.86. The company’s 50 day moving average price is $291.21 and its 200 day moving average price is $267.72. 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 stock has a market cap of $325.25 billion, a P/E ratio of 59.12, a P/E/G ratio of 2.93 and a beta of 1.29.

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

Insider Buying and Selling at Salesforce

In related news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $262.90, for a total value of $1,104,180.00. Following the completion of the sale, the insider now owns 117,581 shares of the company’s stock, valued at approximately $30,912,044.90. This represents a 3.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the transaction, the chief accounting officer now owns 7,006 shares in the company, valued at $1,998,741.74. The trade was a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 136,117 shares of company stock worth $39,085,562. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Passumpsic Savings Bank grew its stake in shares of Salesforce by 1.2% in the third quarter. Passumpsic Savings Bank now owns 7,332 shares of the CRM provider’s stock valued at $2,007,000 after buying an additional 87 shares in the last quarter. Invst LLC increased its stake in Salesforce by 4.2% during the 3rd quarter. Invst LLC now owns 17,003 shares of the CRM provider’s stock worth $4,654,000 after buying an additional 685 shares during the period. M&T Bank Corp grew its stake in shares of Salesforce by 5.5% in the third quarter. M&T Bank Corp now owns 193,314 shares of the CRM provider’s stock worth $52,912,000 after acquiring an additional 10,084 shares in the last quarter. Hohimer Wealth Management LLC boosted its stake in shares of Salesforce by 3.5% in the 3rd quarter. Hohimer Wealth Management LLC now owns 4,541 shares of the CRM provider’s stock valued at $1,243,000 after buying an additional 154 shares during the period. Finally, TD Private Client Wealth LLC boosted its holdings in shares of Salesforce by 112.8% in the 3rd quarter. TD Private Client Wealth LLC now owns 16,883 shares of the CRM provider’s stock valued at $4,621,000 after buying an additional 8,949 shares in 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.