Truist Financial Increases Salesforce (NYSE:CRM) Price Target to $380.00

Salesforce (NYSE:CRM) had its target price increased by research analysts at Truist Financial from $315.00 to $380.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the CRM provider’s stock. Truist Financial’s target price suggests a potential upside of 11.08% from the stock’s current price.

Other analysts also recently issued reports about the company. Cfra set a $343.00 price target on Salesforce in a research note on Thursday, October 17th. Citigroup upped their price target on shares of Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Oppenheimer reiterated an “outperform” rating and issued a $385.00 price objective (up previously from $330.00) on shares of Salesforce in a research note on Thursday. BMO Capital Markets lifted their price target on shares of Salesforce from $305.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Finally, Bank of America lifted their price objective on Salesforce from $325.00 to $390.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Eight analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $339.66.

Salesforce Stock Performance

Shares of Salesforce stock traded up $0.09 during trading hours on Monday, hitting $342.11. 1,580,679 shares of the company were exchanged, compared to its average volume of 6,280,957. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $327.06 billion, a price-to-earnings ratio of 59.50, a P/E/G ratio of 3.10 and a beta of 1.29. The business has a 50-day moving average of $294.61 and a 200-day moving average of $268.53. Salesforce has a 1 year low of $212.00 and a 1 year high of $348.86.

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 analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business’s revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.63 earnings per share. As a group, analysts expect that Salesforce will post 7.55 EPS for the current fiscal year.

Insider Buying and Selling

In other Salesforce news, COO Brian Millham sold 5,735 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $266.22, for a total transaction of $1,526,771.70. Following the sale, the chief operating officer now directly owns 1,663 shares in the company, valued at approximately $442,723.86. The trade was a 77.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Amy E. Weaver sold 897 shares of the firm’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 $255,905.13. Following the transaction, the chief financial officer now owns 52,930 shares in the company, valued at $15,100,399.70. This represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 147,991 shares of company stock valued at $43,333,238. Insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Hedge funds and other institutional investors have recently modified their holdings of the company. Swedbank AB acquired a new position in shares of Salesforce in the 1st quarter worth $874,748,000. Veritas Asset Management LLP acquired a new stake in Salesforce during the 3rd quarter worth about $733,805,000. Massachusetts Financial Services Co. MA lifted its stake in 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 valued at $1,518,658,000 after buying an additional 1,922,674 shares in the last quarter. AMF Tjanstepension AB boosted its holdings in shares of Salesforce by 376.1% in the second quarter. AMF Tjanstepension AB now owns 1,442,453 shares of the CRM provider’s stock worth $370,873,000 after buying an additional 1,139,472 shares during the period. Finally, KBC Group NV increased its position in shares of Salesforce by 171.2% in the third quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock worth $447,470,000 after acquiring an additional 1,032,068 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

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.