Salesforce (NYSE:CRM) Price Target Raised to $390.00

Salesforce (NYSE:CRM) had its price objective hoisted by stock analysts at Citigroup from $368.00 to $390.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the CRM provider’s stock. Citigroup’s target price would indicate a potential upside of 7.81% from the stock’s previous close.

CRM has been the topic of a number of other research reports. UBS Group raised their price target on shares of Salesforce from $275.00 to $360.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Northland Capmk upgraded shares of Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Bank of America raised their price target on shares of Salesforce from $390.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday. BMO Capital Markets raised their price target on shares of Salesforce from $385.00 to $425.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Guggenheim restated a “neutral” rating on shares of Salesforce in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating, thirty have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $367.17.

Salesforce Stock Up 9.2 %

Shares of NYSE:CRM traded up $30.33 during trading on Wednesday, reaching $361.76. 13,129,244 shares of the company traded hands, compared to its average volume of 6,342,681. The firm has a fifty day simple moving average of $304.68 and a 200 day simple moving average of $271.14. The firm has a market cap of $345.84 billion, a P/E ratio of 62.85, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. Salesforce has a 1-year low of $212.00 and a 1-year high of $368.70. 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 earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The company had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period last year, the business earned $1.62 EPS. Analysts anticipate that Salesforce will post 7.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Salesforce

In other Salesforce news, COO Brian Millham sold 14,808 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $338.95, for a total value of $5,019,171.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Miguel Milano sold 719 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $342.81, for a total transaction of $246,480.39. Following the completion of the transaction, the insider now directly owns 4,659 shares of the company’s stock, valued at approximately $1,597,151.79. This represents a 13.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 140,982 shares of company stock worth $41,591,457 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

A number of institutional investors have recently modified their holdings of CRM. Veritas Asset Management LLP bought a new stake in shares of Salesforce during the third quarter worth approximately $733,805,000. Massachusetts Financial Services Co. MA raised its stake in shares of Salesforce by 48.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after buying an additional 1,922,674 shares during the last quarter. KBC Group NV raised its stake in shares of Salesforce by 171.2% during the third quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock worth $447,470,000 after buying an additional 1,032,068 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Salesforce by 23,664.2% during the third quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock worth $274,490,000 after buying an additional 998,628 shares during the last quarter. Finally, Farallon Capital Management LLC raised its stake in shares of Salesforce by 51.0% during the second quarter. Farallon Capital Management LLC now owns 2,946,838 shares of the CRM provider’s stock worth $757,632,000 after buying an additional 994,670 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

About Salesforce

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.