Salesforce (NYSE:CRM) Given New $340.00 Price Target at JPMorgan Chase & Co.

Salesforce (NYSE:CRM) had its target price upped by JPMorgan Chase & Co. from $310.00 to $340.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the CRM provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 5.17% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Morgan Stanley upped their price objective on Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Wells Fargo & Company increased their target price on shares of Salesforce from $275.00 to $330.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 12th. Royal Bank of Canada reissued an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a research report on Thursday, September 19th. Erste Group Bank upgraded Salesforce from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Wedbush boosted their price target on Salesforce from $315.00 to $325.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $326.19.

Salesforce Stock Up 0.3 %

Shares of NYSE CRM opened at $323.29 on Wednesday. The stock has a market capitalization of $309.07 billion, a PE ratio of 56.22, a P/E/G ratio of 2.94 and a beta of 1.29. Salesforce has a one year low of $212.00 and a one year high of $348.86. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The business’s fifty day moving average price is $289.68 and its 200-day moving average price is $267.31.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (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 firm had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the prior year, the business posted $1.63 earnings per share. The business’s quarterly revenue was up 8.5% on a year-over-year basis. On average, equities research analysts anticipate that Salesforce will post 7.55 EPS for the current year.

Insiders Place Their Bets

In other news, insider Sabastian Niles sold 2,484 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total transaction of $608,108.04. Following the completion of the sale, the insider now owns 828 shares of the company’s stock, valued at $202,702.68. This represents a 75.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Brian Millham sold 60,522 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total transaction of $18,156,600.00. The disclosure for this sale can be found here. In the last three months, insiders sold 140,173 shares of company stock worth $40,146,206. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Large investors have recently bought and sold shares of the business. Invst LLC grew its position in shares of Salesforce by 4.2% in the third quarter. Invst LLC now owns 17,003 shares of the CRM provider’s stock valued at $4,654,000 after purchasing an additional 685 shares in the last quarter. M&T Bank Corp grew its holdings in Salesforce by 5.5% in the 3rd quarter. M&T Bank Corp now owns 193,314 shares of the CRM provider’s stock valued at $52,912,000 after buying an additional 10,084 shares in the last quarter. Hohimer Wealth Management LLC increased 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 worth $1,243,000 after acquiring an additional 154 shares during the last quarter. TD Private Client Wealth LLC boosted its position in shares of Salesforce by 112.8% during 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 acquiring an additional 8,949 shares during the last quarter. Finally, Virtue Capital Management LLC grew its holdings in shares of Salesforce by 19.2% in the third quarter. Virtue Capital Management LLC now owns 2,456 shares of the CRM provider’s stock valued at $672,000 after purchasing an additional 396 shares during the period. Hedge funds and other institutional investors 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.