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

Salesforce (NYSE:CRM) had its price objective lifted by equities research analysts at JPMorgan Chase & Co. from $310.00 to $340.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the CRM provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 1.13% from the stock’s current price.

CRM has been the subject of a number of other reports. UBS Group lifted their price target on shares of Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Roth Mkm reiterated a “buy” rating and set a $335.00 price target on shares of Salesforce in a research report on Thursday, August 29th. Needham & Company LLC restated a “buy” rating and set a $345.00 price objective on shares of Salesforce in a research report on Friday, September 20th. Bank of America lifted their price objective on Salesforce from $325.00 to $390.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Northland Securities upgraded Salesforce from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $270.00 to $400.00 in a research report on Wednesday, October 2nd. Eight research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $329.11.

Salesforce Price Performance

Shares of CRM opened at $336.19 on Wednesday. Salesforce has a twelve month low of $212.00 and a twelve month high of $348.86. The stock’s 50 day moving average is $292.86 and its two-hundred day moving average is $268.20. The firm has a market capitalization of $321.40 billion, a PE ratio of 58.47, a P/E/G ratio of 2.93 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last announced its quarterly earnings data 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. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the previous year, the company earned $1.63 EPS. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. Research analysts anticipate that Salesforce will post 7.55 earnings per share for the current year.

Insider Transactions at Salesforce

In related news, insider Sabastian Niles sold 2,484 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 828 shares in the company, valued at $202,702.68. This trade represents a 75.00 % 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, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $262.90, for a total transaction of $1,104,180.00. Following the completion of the transaction, the insider now owns 117,581 shares in the company, valued at approximately $30,912,044.90. This trade represents a 3.45 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 133,183 shares of company stock valued at $38,314,066. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Prime Capital Investment Advisors LLC boosted its stake in Salesforce by 13.6% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock worth $15,885,000 after purchasing an additional 6,938 shares during the period. Aljian Capital Management LLC lifted its stake in shares of Salesforce by 16.1% in the 3rd quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock valued at $3,629,000 after purchasing an additional 1,834 shares during the last quarter. AIA Group Ltd raised its holdings in Salesforce by 8.9% in the 3rd quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock worth $6,577,000 after acquiring an additional 1,962 shares during the period. Harvest Portfolios Group Inc. grew its holdings in Salesforce by 13.6% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 89,098 shares of the CRM provider’s stock valued at $24,387,000 after buying an additional 10,656 shares during the last quarter. Finally, XN LP grew its stake in shares of Salesforce by 24.2% in the second quarter. XN LP now owns 464,489 shares of the CRM provider’s stock worth $119,420,000 after acquiring an additional 90,616 shares during the last quarter. Institutional investors and hedge funds 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.