Salesforce (NYSE:CRM) Stock Price Expected to Rise, JMP Securities Analyst Says

Salesforce (NYSE:CRM) had its price objective increased by equities researchers at JMP Securities from $342.00 to $450.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “market outperform” rating on the CRM provider’s stock. JMP Securities’ price target would indicate a potential upside of 31.57% from the company’s previous close.

CRM has been the topic of several other reports. Truist Financial restated a “buy” rating and issued a $315.00 price target (up from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. TD Cowen lifted their target price on Salesforce from $290.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday. Loop Capital upped their price target on Salesforce from $270.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, November 14th. Oppenheimer reiterated an “outperform” rating and issued a $385.00 price objective (up previously from $330.00) on shares of Salesforce in a research report on Thursday. Finally, Raymond James boosted their price objective on Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $336.37.

Salesforce Trading Up 1.9 %

Shares of NYSE:CRM opened at $342.02 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The stock’s 50-day moving average is $294.61 and its 200-day moving average is $268.60. The company has a market cap of $326.97 billion, a P/E ratio of 59.48, a P/E/G ratio of 3.04 and a beta of 1.29. Salesforce has a 52-week low of $212.00 and a 52-week high of $348.86.

Salesforce (NYSE:CRM) 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. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter last year, the firm posted $1.63 EPS. The company’s revenue was up 8.5% on a year-over-year basis. Equities research analysts predict that Salesforce will post 7.55 earnings per share for the current year.

Insiders Place Their Bets

In other Salesforce news, COO Brian Millham sold 14,808 shares of the company’s stock in a transaction that occurred on 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 accessible through this hyperlink. Also, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $298.04, for a total transaction of $1,251,768.00. Following the transaction, the insider now directly owns 119,402 shares in the company, valued at approximately $35,586,572.08. This represents a 3.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 147,991 shares of company stock valued at $43,333,238. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

A number of hedge funds have recently modified their holdings of the business. Piscataqua Savings Bank raised its holdings in Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after buying an additional 96 shares during the period. Infrastructure Capital Advisors LLC acquired a new stake in shares of Salesforce during the third quarter worth $27,000. Clear Investment Research LLC lifted its position in Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after acquiring an additional 98 shares in the last quarter. Godsey & Gibb Inc. boosted its stake in Salesforce by 300.0% in the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 90 shares during the period. Finally, Strategic Investment Solutions Inc. IL bought a new position in Salesforce during the 2nd quarter worth about $33,000. Institutional investors and hedge funds 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.