Salesforce (NYSE:CRM) Given New $395.00 Price Target at Piper Sandler

Salesforce (NYSE:CRM) had its price objective boosted by equities research analysts at Piper Sandler from $325.00 to $395.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the CRM provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 19.06% from the company’s previous close.

A number of other equities research analysts also recently weighed in on CRM. Oppenheimer reiterated an “outperform” rating and issued a $385.00 target price (up from $330.00) on shares of Salesforce in a report on Thursday, November 21st. DA Davidson boosted their price objective on Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Northland Capmk upgraded Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Stifel Nicolaus boosted their price objective on Salesforce from $320.00 to $350.00 and gave the company a “buy” rating in a report on Monday, October 28th. Finally, JMP Securities boosted their price objective on Salesforce from $342.00 to $450.00 and gave the company a “market outperform” rating in a report on Friday, November 22nd. Seven investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $345.31.

Salesforce Price Performance

Salesforce stock opened at $331.77 on Monday. The stock’s 50 day moving average is $304.68 and its 200 day moving average is $271.14. 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 firm has a market cap of $317.17 billion, a P/E ratio of 57.70, a P/E/G ratio of 3.00 and a beta of 1.30. Salesforce has a one year low of $212.00 and a one year high of $348.86.

Salesforce (NYSE:CRM) last issued its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The business had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.62 earnings per share. As a group, research analysts expect that Salesforce will post 7.54 EPS for the current year.

Insider Activity

In other Salesforce news, insider Sabastian Niles sold 2,484 shares of Salesforce stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total value of $608,108.04. Following the completion of the sale, the insider now owns 828 shares of the company’s stock, valued at approximately $202,702.68. This trade represents a 75.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. The trade was a 5.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 140,982 shares of company stock worth $41,591,457. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Salesforce

A number of institutional investors and hedge funds have recently modified their holdings of CRM. Piscataqua Savings Bank increased its holdings in shares of Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares in the last quarter. Infrastructure Capital Advisors LLC purchased a new position in shares of Salesforce in the 3rd quarter worth $27,000. Clear Investment Research LLC boosted its stake in shares of Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after buying an additional 98 shares during the last quarter. Stephens Consulting LLC boosted its stake in shares of Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after buying an additional 125 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of Salesforce in the 2nd quarter worth $33,000. 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.