Salesforce (NYSE:CRM) Price Target Raised to $405.00

Salesforce (NYSE:CRM) had its price target boosted by equities researchers at Morgan Stanley from $330.00 to $405.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the CRM provider’s stock. Morgan Stanley’s price target suggests a potential upside of 12.14% from the stock’s current price.

Several other research firms have also issued reports on CRM. Erste Group Bank upgraded Salesforce from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. JMP Securities restated a “market outperform” rating and set a $450.00 target price on shares of Salesforce in a research report on Tuesday. Jefferies Financial Group boosted their target price on Salesforce from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Northland Capmk upgraded Salesforce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. Finally, Northland Securities upgraded Salesforce from a “market perform” rating to an “outperform” rating and boosted their price objective for the company 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, thirty have assigned a buy rating and four have issued 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 $372.86.

Salesforce Stock Performance

Shares of NYSE:CRM opened at $361.14 on Wednesday. The stock has a market capitalization of $345.25 billion, a P/E ratio of 59.40, a P/E/G ratio of 3.00 and a beta of 1.30. Salesforce has a 1-year low of $212.00 and a 1-year high of $369.00. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $308.26 and a two-hundred day moving average price of $272.43.

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

Insider Buying and Selling at Salesforce

In other news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This represents a 5.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Miguel Milano sold 719 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $342.81, for a total value of $246,480.39. Following the sale, the insider now directly owns 4,659 shares in the company, valued at approximately $1,597,151.79. This trade represents a 13.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 140,982 shares of company stock valued at $41,591,457 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Salesforce

Several large investors have recently bought and sold shares of the business. Piscataqua Savings Bank raised its position in 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 purchasing an additional 96 shares during the last quarter. Infrastructure Capital Advisors LLC bought a new position in Salesforce in the third quarter valued at about $27,000. Clear Investment Research LLC raised its position 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 worth $28,000 after acquiring an additional 98 shares during the last quarter. Godsey & Gibb Inc. raised its position in shares of Salesforce by 300.0% during the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 90 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Salesforce during the second quarter worth about $33,000. 80.43% of the stock is owned by institutional investors and hedge funds.

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.