Salesforce (NYSE:CRM) PT Raised to $360.00

Salesforce (NYSE:CRM) had its price objective lifted by equities researchers at Jefferies Financial Group from $350.00 to $360.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the CRM provider’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 30.14% from the company’s previous close.

Several other research analysts have also commented on CRM. Piper Sandler reaffirmed a “neutral” rating and issued a $300.00 price target on shares of Salesforce in a report on Monday, April 15th. Wells Fargo & Company upped their target price on Salesforce from $280.00 to $290.00 and gave the company an “equal weight” rating in a report on Wednesday, February 21st. KeyCorp began coverage on Salesforce in a report on Thursday, March 21st. They issued a “sector weight” rating on the stock. Canaccord Genuity Group restated a “buy” rating and set a $350.00 price objective on shares of Salesforce in a research report on Thursday, March 7th. Finally, Oppenheimer increased their target price on Salesforce from $300.00 to $325.00 and gave the stock an “outperform” rating in a research report on Monday, February 12th. Nine research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $310.61.

Salesforce Stock Up 1.0 %

Shares of Salesforce stock opened at $276.63 on Monday. Salesforce has a twelve month low of $190.57 and a twelve month high of $318.71. The company has a fifty day moving average price of $296.91 and a 200 day moving average price of $263.28. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $268.33 billion, a price-to-earnings ratio of 65.86, a price-to-earnings-growth ratio of 2.08 and a beta of 1.28.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The company’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.01 earnings per share. Equities research analysts forecast that Salesforce will post 7.45 earnings per share for the current fiscal year.

Insider Activity at Salesforce

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $315.54, for a total value of $4,733,100.00. Following the completion of the sale, the chief executive officer now owns 13,311,166 shares of the company’s stock, valued at approximately $4,200,205,319.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $315.54, for a total transaction of $4,733,100.00. Following the sale, the chief executive officer now directly owns 13,311,166 shares of the company’s stock, valued at approximately $4,200,205,319.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Amy E. Weaver sold 942 shares of Salesforce stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $305.46, for a total value of $287,743.32. Following the transaction, the chief financial officer now directly owns 39,416 shares in the company, valued at $12,040,011.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 616,589 shares of company stock valued at $181,071,306. 3.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CRM. Norges Bank bought a new stake in Salesforce in the fourth quarter worth approximately $2,762,331,000. Capital International Investors raised its position in shares of Salesforce by 76.4% during the fourth quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after purchasing an additional 5,935,973 shares during the period. Cerity Partners LLC raised its position in shares of Salesforce by 1,254.7% during the fourth quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock worth $916,693,000 after purchasing an additional 3,226,512 shares during the period. Coatue Management LLC acquired a new stake in Salesforce in the 4th quarter valued at $564,188,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Salesforce by 110.3% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,394,912 shares of the CRM provider’s stock valued at $893,336,000 after purchasing an additional 1,780,421 shares in the last quarter. 80.43% of the stock is owned by 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.