UBS Group Raises Salesforce (NYSE:CRM) Price Target to $275.00

Salesforce (NYSE:CRM) had its price objective lifted by equities researchers at UBS Group from $250.00 to $275.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the CRM provider’s stock. UBS Group’s target price suggests a potential upside of 6.18% from the stock’s current price.

A number of other analysts have also weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of Salesforce from $310.00 to $300.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Morgan Stanley decreased their price target on Salesforce from $350.00 to $320.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Wedbush lowered their price target on Salesforce from $325.00 to $315.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 29th. Truist Financial reaffirmed a “buy” rating and set a $300.00 target price (down previously from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and an average target price of $297.06.

Salesforce Price Performance

NYSE CRM opened at $258.99 on Thursday. Salesforce has a 52 week low of $193.68 and a 52 week high of $318.71. The stock has a market cap of $250.96 billion, a price-to-earnings ratio of 46.58, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29. The company has a 50-day moving average price of $253.44 and a two-hundred day moving average price of $271.63. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.19. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The company had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the prior year, the business posted $1.63 earnings per share. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. Analysts forecast that Salesforce will post 7.47 EPS for the current year.

Insiders Place Their Bets

In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $262.90, for a total transaction of $1,104,180.00. Following the transaction, the insider now directly owns 117,581 shares in the company, valued at approximately $30,912,044.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Miguel Milano sold 2,934 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $262.95, for a total transaction of $771,495.30. Following the transaction, the insider now owns 3,716 shares of the company’s stock, valued at $977,122.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $262.90, for a total transaction 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 $30,912,044.90. The disclosure for this sale can be found here. Insiders sold a total of 112,964 shares of company stock worth $27,956,647 in the last quarter. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Salesforce by 1.2% during the first quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock valued at $25,490,446,000 after buying an additional 1,008,841 shares in the last quarter. Capital World Investors boosted its stake in shares of Salesforce by 2.4% during the 4th quarter. Capital World Investors now owns 19,561,325 shares of the CRM provider’s stock worth $5,147,402,000 after acquiring an additional 457,463 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Salesforce by 5.3% during the 4th quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock valued at $3,926,323,000 after acquiring an additional 752,566 shares during the last quarter. Capital Research Global Investors raised its stake in shares of Salesforce by 26.9% in the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after acquiring an additional 3,044,611 shares in the last quarter. Finally, Capital International Investors lifted its holdings in Salesforce by 3.0% in the 1st quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock worth $4,251,592,000 after purchasing an additional 407,834 shares during the last quarter. 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.