Salesforce (NYSE:CRM) PT Raised to $300.00

Salesforce (NYSE:CRM) had its price objective upped by research analysts at Oppenheimer from $280.00 to $300.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the CRM provider’s stock. Oppenheimer’s target price would indicate a potential upside of 11.24% from the company’s current price.

CRM has been the topic of a number of other research reports. Morgan Stanley dropped their price target on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Wedbush dropped their target price on shares of Salesforce from $325.00 to $315.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 29th. Sanford C. Bernstein upped their price target on shares of Salesforce from $231.00 to $234.00 and gave the stock an “underperform” rating in a research report on Thursday, May 30th. BMO Capital Markets lifted their price objective on Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Robert W. Baird boosted their price objective on Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and a consensus price target of $298.68.

Salesforce Stock Up 4.2 %

CRM opened at $269.69 on Thursday. The company has a fifty day moving average of $253.44 and a two-hundred day moving average of $271.63. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The stock has a market capitalization of $261.33 billion, a price-to-earnings ratio of 46.56, a PEG ratio of 2.22 and a beta of 1.29.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.19. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. Salesforce’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.63 EPS. On average, research analysts expect that Salesforce will post 7.47 earnings per share for the current year.

Insider Activity at Salesforce

In other Salesforce news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 117,581 shares in the company, valued at $30,912,044.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $262.90, for a total value of $1,104,180.00. Following the completion of the transaction, the insider now owns 117,581 shares of the company’s stock, valued at $30,912,044.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the sale, the chief accounting officer now directly owns 6,431 shares in the company, valued at $1,644,921.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,964 shares of company stock worth $27,956,647. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CRM. Norges Bank acquired a new position in shares of Salesforce during the fourth quarter worth about $2,762,331,000. Capital International Investors grew its holdings in Salesforce by 76.4% during the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after acquiring an additional 5,935,973 shares in the last quarter. Capital Research Global Investors increased its position in shares of Salesforce by 26.9% in the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after purchasing an additional 3,044,611 shares during the last quarter. GQG Partners LLC acquired a new stake in shares of Salesforce in the 1st quarter valued at $910,220,000. Finally, Swedbank AB purchased a new stake in shares of Salesforce during the 1st quarter worth $874,748,000. 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.