Wedbush Raises Salesforce (NYSE:CRM) Price Target to $375.00

Salesforce (NYSE:CRM) had its price target lifted by equities research analysts at Wedbush from $325.00 to $375.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the CRM provider’s stock. Wedbush’s target price points to a potential upside of 9.26% from the stock’s current price.

A number of other research firms have also weighed in on CRM. Truist Financial reaffirmed a “buy” rating and set a $315.00 price target (up from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $300.00 price target on shares of Salesforce in a report on Thursday, September 19th. Canaccord Genuity Group raised their price objective on shares of Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Evercore ISI reissued an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a report on Monday, August 26th. Finally, Oppenheimer reissued an “outperform” rating and set a $385.00 price objective (up from $330.00) on shares of Salesforce in a report on Thursday, November 21st. Eight research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $339.66.

Salesforce Price Performance

Salesforce stock opened at $343.21 on Monday. The firm has a fifty day moving average of $298.02 and a 200-day moving average of $269.44. The firm has a market capitalization of $328.11 billion, a P/E ratio of 59.69, a PEG ratio of 3.10 and a beta of 1.29. Salesforce has a 52-week low of $212.00 and a 52-week high of $348.86. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business’s revenue was up 8.5% on a year-over-year basis. During the same period last year, the business earned $1.63 EPS. As a group, analysts predict that Salesforce will post 7.55 EPS for the current year.

Insider Transactions at Salesforce

In other news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the transaction, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at $1,998,741.74. The trade was a 5.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $255,905.13. Following the completion of the transaction, the chief financial officer now directly owns 52,930 shares in the company, valued at $15,100,399.70. This represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 144,510 shares of company stock valued at $42,475,538 in the last quarter. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Tidal Investments LLC increased its position in shares of Salesforce by 37.6% in the third quarter. Tidal Investments LLC now owns 196,584 shares of the CRM provider’s stock worth $53,807,000 after acquiring an additional 53,739 shares in the last quarter. Wilmington Savings Fund Society FSB increased its position in shares of Salesforce by 7.4% in the third quarter. Wilmington Savings Fund Society FSB now owns 43,812 shares of the CRM provider’s stock worth $11,992,000 after acquiring an additional 3,021 shares in the last quarter. Arvest Bank Trust Division purchased a new position in shares of Salesforce in the third quarter worth approximately $380,000. Sfmg LLC boosted its holdings in shares of Salesforce by 0.4% during the third quarter. Sfmg LLC now owns 23,348 shares of the CRM provider’s stock worth $6,391,000 after purchasing an additional 84 shares during the period. Finally, World Investment Advisors LLC boosted its holdings in shares of Salesforce by 570.4% during the third quarter. World Investment Advisors LLC now owns 54,446 shares of the CRM provider’s stock worth $14,903,000 after purchasing an additional 46,324 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.

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.