Salesforce (NYSE:CRM) Price Target Raised to $268.00 at Piper Sandler

Salesforce (NYSE:CRM) had its price objective lifted by analysts at Piper Sandler from $250.00 to $268.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the CRM provider’s stock. Piper Sandler’s price objective would indicate a potential upside of 3.20% from the stock’s current price.

A number of other equities analysts also recently issued reports on the stock. Bank of America increased their price target on shares of Salesforce from $316.00 to $325.00 and gave the company a “buy” rating in a report on Thursday. BMO Capital Markets increased their target price on shares of Salesforce from $265.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday. Canaccord Genuity Group decreased their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Evercore ISI reaffirmed an “outperform” rating and issued a $300.00 price objective on shares of Salesforce in a research note on Monday. Finally, JMP Securities reiterated a “market outperform” rating and set a $342.00 target price on shares of Salesforce in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus target price of $298.03.

Salesforce Stock Performance

CRM traded up $0.79 during trading on Thursday, reaching $259.69. The company’s stock had a trading volume of 5,643,710 shares, compared to its average volume of 6,550,664. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The company’s fifty day moving average price is $253.44 and its 200-day moving average price is $271.63. Salesforce has a 52-week low of $193.68 and a 52-week high of $318.71. The company has a market capitalization of $251.64 billion, a price-to-earnings ratio of 46.79, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29.

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

Insider Buying and Selling at Salesforce

In other Salesforce news, Director G Mason Morfit purchased 428,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was purchased at an average cost of $233.17 per share, with a total value of $99,796,760.00. Following the transaction, the director now owns 3,914,309 shares in the company, valued at $912,699,429.53. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $235.99, for a total value of $660,772.00. Following the completion of the transaction, the insider now directly owns 115,762 shares in the company, valued at $27,318,674.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director G Mason Morfit purchased 428,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were purchased at an average cost of $233.17 per share, for a total transaction of $99,796,760.00. Following the purchase, the director now directly owns 3,914,309 shares in the company, valued at $912,699,429.53. The disclosure for this purchase can be found here. Insiders have sold a total of 112,964 shares of company stock valued at $27,956,647 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Several large investors have recently modified their holdings of the business. Signature Resources Capital Management LLC acquired a new stake in Salesforce during the 4th quarter valued at approximately $26,000. Ruedi Wealth Management Inc. boosted its stake in shares of Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares during the last quarter. Piscataqua Savings Bank grew its position in shares of Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after buying an additional 96 shares in the last quarter. Clear Investment Research LLC increased its stake in shares of Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after buying an additional 98 shares during the last quarter. Finally, Red Tortoise LLC acquired a new stake in Salesforce in the first quarter valued at $33,000. 80.43% of the stock is currently 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.