Salesforce (NYSE:CRM) Given New $450.00 Price Target at JMP Securities

Salesforce (NYSE:CRM) had its price target increased by equities researchers at JMP Securities from $342.00 to $450.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “market outperform” rating on the CRM provider’s stock. JMP Securities’ target price would suggest a potential upside of 31.57% from the company’s previous close.

Several other equities analysts have also recently weighed in on the stock. Cfra set a $343.00 target price on shares of Salesforce in a research note on Thursday, October 17th. Evercore ISI reissued an “outperform” rating and issued a $300.00 price objective on shares of Salesforce in a research report on Monday, August 26th. Canaccord Genuity Group upped their target price on shares of Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Citigroup lifted their price target on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Finally, Wells Fargo & Company upped their price objective on Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 12th. Eight analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $336.37.

Salesforce Stock Up 1.9 %

Shares of CRM stock opened at $342.02 on Friday. The firm’s fifty day moving average price is $294.61 and its two-hundred day moving average price is $268.60. 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 has a 1 year low of $212.00 and a 1 year high of $348.86. The firm has a market capitalization of $326.97 billion, a P/E ratio of 59.48, a PEG ratio of 3.04 and a beta of 1.29.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) 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 business had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the previous year, the business earned $1.63 earnings per share. Salesforce’s quarterly revenue was up 8.5% on a year-over-year basis. On average, equities analysts predict that Salesforce will post 7.55 EPS for the current fiscal year.

Insider Buying and Selling at Salesforce

In related news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the transaction, the chief accounting officer now directly owns 7,006 shares in the company, valued at $1,998,741.74. This represents a 5.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the sale, the insider now owns 828 shares in the company, valued at $202,702.68. This represents a 75.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 147,991 shares of company stock worth $43,333,238 over the last three months. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Prime Capital Investment Advisors LLC grew its stake in shares of Salesforce by 13.6% in the third 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 last quarter. Aljian Capital Management LLC lifted its holdings in Salesforce by 16.1% during the 3rd quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock worth $3,629,000 after buying an additional 1,834 shares during the period. AIA Group Ltd grew its position in shares of Salesforce by 8.9% in the 3rd quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock valued at $6,577,000 after buying an additional 1,962 shares during the last quarter. Harvest Portfolios Group Inc. increased its stake in shares of Salesforce by 13.6% in the third 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 period. Finally, XN LP raised its position in shares of Salesforce by 24.2% during 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.

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.