Salesforce (NYSE:CRM) Earns Buy Rating from Truist Financial

Salesforce (NYSE:CRM)‘s stock had its “buy” rating restated by research analysts at Truist Financial in a research note issued to investors on Thursday, Benzinga reports. They currently have a $315.00 price objective on the CRM provider’s stock, up from their prior price objective of $300.00. Truist Financial’s price target suggests a potential upside of 17.01% from the company’s previous close.

Several other brokerages also recently commented on CRM. UBS Group raised their target price on Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Morgan Stanley raised their target price on Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Citigroup raised their price target on shares of Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research report on Monday, August 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $345.00 price target on shares of Salesforce in a research report on Friday, September 6th. Finally, JPMorgan Chase & Co. raised their price target on shares of Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $306.00.

Salesforce Trading Up 6.6 %

NYSE CRM traded up $16.77 on Thursday, reaching $269.20. The company had a trading volume of 5,284,347 shares, compared to its average volume of 6,517,310. The firm has a market cap of $260.85 billion, a price-to-earnings ratio of 48.42, a P/E/G ratio of 2.26 and a beta of 1.29. Salesforce has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The business has a 50 day moving average of $253.60 and a two-hundred day moving average of $267.01. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04.

Salesforce (NYSE:CRM) last issued its earnings results 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 company had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the business posted $1.63 EPS. Analysts forecast that Salesforce will post 7.55 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the transaction, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the transaction, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $229,434.66. Following the transaction, the chief financial officer now directly owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The disclosure for this sale can be found here. Insiders sold 66,576 shares of company stock valued at $16,957,573 over the last three months. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

A number of institutional investors have recently made changes to their positions in the company. Gilbert & Cook Inc. raised its position in Salesforce by 6.9% in the fourth quarter. Gilbert & Cook Inc. now owns 5,659 shares of the CRM provider’s stock worth $1,489,000 after acquiring an additional 366 shares during the period. Aveo Capital Partners LLC increased its stake in shares of Salesforce by 44.7% in the fourth quarter. Aveo Capital Partners LLC now owns 1,605 shares of the CRM provider’s stock worth $422,000 after purchasing an additional 496 shares in the last quarter. 9258 Wealth Management LLC increased its stake in shares of Salesforce by 24.0% in the fourth quarter. 9258 Wealth Management LLC now owns 6,483 shares of the CRM provider’s stock worth $1,706,000 after purchasing an additional 1,253 shares in the last quarter. Gryphon Financial Partners LLC increased its stake in shares of Salesforce by 32.4% in the fourth quarter. Gryphon Financial Partners LLC now owns 3,960 shares of the CRM provider’s stock worth $1,064,000 after purchasing an additional 970 shares in the last quarter. Finally, TrinityPoint Wealth LLC increased its stake in shares of Salesforce by 1.7% in the fourth quarter. TrinityPoint Wealth LLC now owns 8,036 shares of the CRM provider’s stock worth $2,115,000 after purchasing an additional 133 shares in the last quarter. 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.