Citigroup Boosts Salesforce (NYSE:CRM) Price Target to $368.00

Salesforce (NYSE:CRM) had its target price hoisted by analysts at Citigroup from $290.00 to $368.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the CRM provider’s stock. Citigroup’s price target would indicate a potential upside of 11.04% from the company’s previous close.

A number of other analysts have also commented on CRM. JPMorgan Chase & Co. lifted their price target on shares of Salesforce from $310.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 20th. Loop Capital boosted their target price on shares of Salesforce from $270.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, November 14th. Wells Fargo & Company increased their price target on Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a report on Tuesday, November 12th. FBN Securities raised Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Finally, Cfra set a $343.00 target price on Salesforce in a report on Thursday, October 17th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $341.89.

Salesforce Stock Down 3.4 %

Shares of Salesforce stock traded down $11.78 on Wednesday, reaching $331.40. The company’s stock had a trading volume of 2,553,337 shares, compared to its average volume of 6,278,671. Salesforce has a 52 week low of $212.00 and a 52 week high of $348.86. The firm’s fifty day simple moving average is $298.02 and its two-hundred day simple moving average is $269.44. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $316.82 billion, a price-to-earnings ratio of 57.55, a P/E/G ratio of 3.07 and a beta of 1.29.

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

Insider Activity

In other news, COO Brian Millham sold 14,808 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $338.95, for a total value of $5,019,171.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Miguel Milano sold 719 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $342.81, for a total value of $246,480.39. Following the transaction, the insider now directly owns 4,659 shares in the company, valued at approximately $1,597,151.79. This represents a 13.37 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 144,510 shares of company stock worth $42,475,538. 3.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp grew its stake in shares of Salesforce by 1.8% during the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock valued at $13,432,855,000 after buying an additional 864,193 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Salesforce by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after acquiring an additional 257,501 shares during the period. Fisher Asset Management LLC grew its position in Salesforce by 2.6% in the 3rd quarter. Fisher Asset Management LLC now owns 12,276,551 shares of the CRM provider’s stock valued at $3,360,215,000 after acquiring an additional 314,530 shares during the last quarter. Legal & General Group Plc increased its stake in Salesforce by 2.2% in the second quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock worth $2,141,562,000 after purchasing an additional 176,641 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Salesforce by 1.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,964,702 shares of the CRM provider’s stock worth $1,632,599,000 after purchasing an additional 57,825 shares during the last quarter. 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.