Stifel Nicolaus Increases Salesforce (NYSE:CRM) Price Target to $350.00

Salesforce (NYSE:CRM) had its target price hoisted by investment analysts at Stifel Nicolaus from $320.00 to $350.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the CRM provider’s stock. Stifel Nicolaus’ price objective would suggest a potential upside of 17.08% from the stock’s previous close.

Several other research analysts have also commented on the stock. Phillip Securities restated an “accumulate” rating and issued a $305.00 price target on shares of Salesforce in a report on Friday, August 30th. Roth Mkm restated a “buy” rating and set a $335.00 target price on shares of Salesforce in a report on Thursday, August 29th. BNP Paribas raised shares of Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. DA Davidson boosted their price objective on Salesforce from $230.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Finally, Morgan Stanley increased 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. Nine analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $313.37.

Salesforce Stock Up 1.8 %

Shares of CRM opened at $298.93 on Monday. Salesforce has a fifty-two week low of $197.08 and a fifty-two week high of $318.71. The company’s fifty day moving average is $271.04 and its two-hundred day moving average is $262.78. The firm has a market cap of $285.78 billion, a PE ratio of 51.99, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The firm had revenue of $9.33 billion for the quarter, compared to analysts’ expectations 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 quarter last year, the firm earned $1.63 earnings per share. Analysts forecast that Salesforce will post 7.55 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Maynard G. Webb, Jr. sold 9,170 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the completion of the transaction, the director now directly owns 1,363 shares of the company’s stock, valued at approximately $376,624.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Salesforce news, 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 directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Maynard G. Webb, Jr. sold 9,170 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the completion of the sale, the director now owns 1,363 shares in the company, valued at $376,624.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 83,581 shares of company stock worth $22,616,017 over the last quarter. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Salesforce

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRM. Ruedi Wealth Management Inc. increased its stake in Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares during the period. Piscataqua Savings Bank boosted its holdings in shares of Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares in the last quarter. Clear Investment Research LLC increased its stake in shares of Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after acquiring an additional 98 shares during the period. Red Tortoise LLC bought a new stake in Salesforce during the first quarter worth approximately $33,000. Finally, Stephens Consulting LLC lifted its position in Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 125 shares during the period. 80.43% of the stock is owned by institutional investors.

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.