Salesforce (NYSE:CRM) Given New $367.00 Price Target at BMO Capital Markets

Salesforce (NYSE:CRM) had its target price cut by BMO Capital Markets from $375.00 to $367.00 in a report released on Thursday, MarketBeat.com reports. The brokerage currently has an “outperform” rating on the CRM provider’s stock. BMO Capital Markets’ target price suggests a potential upside of 23.31% from the stock’s previous close.

Several other analysts have also issued reports on CRM. The Goldman Sachs Group upped their target price on Salesforce from $360.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. KeyCorp upgraded Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price objective on the stock in a research note on Friday, December 13th. Truist Financial reissued a “buy” rating and issued a $400.00 target price (up from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. Erste Group Bank upgraded shares of Salesforce from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, Wells Fargo & Company lifted their price objective on shares of Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, thirty-two have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $365.32.

Salesforce Trading Up 0.9 %

NYSE:CRM opened at $297.63 on Thursday. The company has a market cap of $284.83 billion, a P/E ratio of 48.95, a price-to-earnings-growth ratio of 2.58 and a beta of 1.31. Salesforce has a twelve month low of $212.00 and a twelve month high of $369.00. The business has a 50 day moving average price of $329.11 and a two-hundred day moving average price of $307.21. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last announced its earnings results 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 12.34% and a net margin of 15.96%. The business had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. During the same quarter in the previous year, the company posted $1.62 EPS. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, analysts expect that Salesforce will post 7.46 EPS for the current fiscal year.

Insider Transactions at Salesforce

In related news, insider Miguel Milano sold 458 shares of Salesforce stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $307.97, for a total value of $141,050.26. Following the transaction, the insider now directly owns 5,864 shares of the company’s stock, valued at $1,805,936.08. The trade was a 7.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director G Mason Morfit sold 722,300 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total value of $249,995,253.00. Following the completion of the sale, the director now owns 3,192,009 shares in the company, valued at $1,104,786,234.99. The trade was a 18.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,102,572 shares of company stock worth $381,283,706. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Bernard Wealth Management Corp. acquired a new position in Salesforce in the fourth quarter valued at $25,000. Accredited Wealth Management LLC acquired a new stake in Salesforce during the 4th quarter worth about $27,000. Arlington Trust Co LLC raised its position in shares of Salesforce by 85.1% in the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after acquiring an additional 40 shares in the last quarter. Compass Financial Services Inc acquired a new position in shares of Salesforce in the 4th quarter valued at about $30,000. Finally, Asset Planning Inc acquired a new stake in Salesforce during the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

About Salesforce

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.