Salesforce (NYSE:CRM – Get Free Report) had its price target hoisted by research analysts at Stifel Nicolaus from $320.00 to $350.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the CRM provider’s stock. Stifel Nicolaus’ target price would indicate a potential upside of 17.08% from the stock’s previous close.
Other research analysts also recently issued research reports about the company. Cfra set a $343.00 price objective on Salesforce in a report on Thursday, October 17th. BMO Capital Markets raised their price objective on shares of Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. TD Cowen upped their target price on shares of Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a report on Thursday, August 29th. Robert W. Baird lifted their price target on shares of Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Finally, Evercore ISI restated an “outperform” rating and issued a $300.00 price objective on shares of Salesforce in a research note on Monday, August 26th. Nine analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $313.37.
View Our Latest Stock Report on CRM
Salesforce Price Performance
Salesforce (NYSE:CRM – Get Free Report) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. Salesforce’s revenue was up 8.5% compared to the same quarter last year. During the same period last year, the business posted $1.63 earnings per share. On average, research analysts expect that Salesforce will post 7.55 EPS for the current fiscal year.
Insider Buying and Selling
In other Salesforce news, Director Maynard G. Webb, Jr. sold 9,170 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $276.32, for a total value of $2,533,854.40. Following the completion of the transaction, the director now directly owns 1,363 shares of the company’s stock, valued at approximately $376,624.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Maynard G. Webb, Jr. sold 9,170 shares of the firm’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $276.32, for a total value of $2,533,854.40. Following the completion of the transaction, the director now owns 1,363 shares in the company, valued at $376,624.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $289.87, for a total value of $1,217,454.00. Following the transaction, the insider now directly owns 118,514 shares of the company’s stock, valued at $34,353,653.18. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 83,581 shares of company stock valued at $22,616,017. Corporate insiders own 3.20% of the company’s stock.
Hedge Funds Weigh In On Salesforce
Several hedge funds have recently bought and sold shares of CRM. Capital Research Global Investors raised its position in shares of Salesforce by 26.9% in the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after buying an additional 3,044,611 shares during the last quarter. GQG Partners LLC acquired a new position in Salesforce in the 1st quarter valued at $910,220,000. Swedbank AB purchased a new position in shares of Salesforce during the 1st quarter worth $874,748,000. Veritas Asset Management LLP purchased a new stake in shares of Salesforce in the third quarter valued at $733,805,000. Finally, Massachusetts Financial Services Co. MA increased its stake in Salesforce by 48.3% in 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 purchasing an additional 1,922,674 shares during the last quarter. 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.
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