Salesforce (NYSE:CRM) Given New $390.00 Price Target at Bank of America

Salesforce (NYSE:CRM) had its target price raised by equities researchers at Bank of America from $325.00 to $390.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the CRM provider’s stock. Bank of America‘s price target suggests a potential upside of 17.63% from the stock’s previous close.

A number of other research analysts have also issued reports on CRM. Loop Capital reiterated a “hold” rating and issued a $270.00 target price on shares of Salesforce in a report on Thursday, September 19th. Needham & Company LLC reissued a “buy” rating and set a $345.00 price objective on shares of Salesforce in a research report on Friday, September 20th. Erste Group Bank reaffirmed a “hold” rating on shares of Salesforce in a report on Wednesday, September 11th. Wells Fargo & Company increased their price objective on shares of Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, TD Cowen lifted their price objective on shares of Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given 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 price target of $320.23.

Salesforce Stock Down 3.0 %

Shares of NYSE CRM opened at $331.56 on Wednesday. Salesforce has a 52-week low of $212.00 and a 52-week high of $348.86. The business’s 50 day moving average is $283.28 and its two-hundred day moving average is $265.84. The firm has a market cap of $316.97 billion, a price-to-earnings ratio of 57.66, a PEG ratio of 3.09 and a beta of 1.29. 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 issued its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.20. The business had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.63 earnings per share. Research analysts predict that Salesforce will post 7.55 EPS for the current year.

Insider Activity 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 transaction, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This represents a 5.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Miguel Milano sold 2,934 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $262.95, for a total value of $771,495.30. Following the sale, the insider now owns 3,716 shares in the company, valued at $977,122.20. This trade represents a 44.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 144,373 shares of company stock valued at $41,250,680 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Piscataqua Savings Bank lifted its stake in shares of Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares in the last quarter. Infrastructure Capital Advisors LLC bought a new position in Salesforce during the 3rd quarter valued at $27,000. Clear Investment Research LLC grew its stake in 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 purchasing an additional 98 shares in the last quarter. Stephens Consulting LLC grew its position in shares of Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 125 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new stake in Salesforce during the second quarter valued at $33,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

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.