Bank of America Issues Positive Forecast for Salesforce (NYSE:CRM) Stock Price

Salesforce (NYSE:CRM) had its price objective raised by analysts at Bank of America from $390.00 to $440.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the CRM provider’s stock. Bank of America‘s target price indicates a potential upside of 21.84% from the stock’s current price.

A number of other equities analysts have also weighed in on CRM. BMO Capital Markets increased their price target on Salesforce from $305.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. FBN Securities upgraded Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. JMP Securities restated a “market outperform” rating and set a $450.00 price objective on shares of Salesforce in a research report on Tuesday. Cfra set a $343.00 price objective on Salesforce in a research report on Thursday, October 17th. Finally, Sanford C. Bernstein raised their price objective on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $372.86.

Salesforce Stock Performance

Shares of CRM opened at $361.14 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a market cap of $345.25 billion, a price-to-earnings ratio of 59.40, a PEG ratio of 3.00 and a beta of 1.30. Salesforce has a 52-week low of $212.00 and a 52-week high of $369.00. The business’s 50 day moving average is $308.26 and its two-hundred day moving average is $272.43.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.31% and a net margin of 15.96%. The firm had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. During the same quarter last year, the business earned $1.62 earnings per share. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. Analysts forecast that Salesforce will post 7.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other Salesforce news, COO Brian Millham sold 60,522 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total transaction of $18,156,600.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Miguel Milano sold 719 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $342.81, for a total transaction of $246,480.39. Following the transaction, the insider now owns 4,659 shares in the company, valued at $1,597,151.79. This trade represents a 13.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 140,982 shares of company stock worth $41,591,457 over the last three months. 3.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Piscataqua Savings Bank lifted its position in shares of Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after buying an additional 96 shares during the last quarter. Infrastructure Capital Advisors LLC purchased a new position in shares of Salesforce in the 3rd quarter valued at approximately $27,000. Clear Investment Research LLC raised its position 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 valued at $28,000 after purchasing an additional 98 shares during the last quarter. Stephens Consulting LLC raised its position 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 valued at $33,000 after purchasing 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 valued at approximately $33,000. 80.43% of the stock is currently 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.