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

Salesforce (NYSE:CRM) had its price target hoisted by research analysts at Wedbush from $325.00 to $375.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the CRM provider’s stock. Wedbush’s price target suggests a potential upside of 9.26% from the company’s previous close.

Several other research firms also recently weighed in on CRM. Scotiabank initiated coverage on shares of Salesforce in a report on Monday, November 18th. They issued a “sector outperform” rating and a $425.00 target price for the company. BNP Paribas upgraded shares of Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Piper Sandler downgraded shares of Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. DA Davidson boosted their price target on shares of Salesforce from $230.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Finally, Roth Mkm restated a “buy” rating and issued a $335.00 price target on shares of Salesforce in a research note on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus price target of $339.66.

Salesforce Trading Up 1.2 %

CRM opened at $343.21 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The company’s 50 day simple moving average is $298.02 and its two-hundred day simple moving average is $269.44. Salesforce has a 1-year low of $212.00 and a 1-year high of $348.86. The firm has a market capitalization of $328.11 billion, a price-to-earnings ratio of 59.69, a price-to-earnings-growth ratio of 3.10 and a beta of 1.29.

Salesforce (NYSE:CRM) last announced 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 during the quarter, compared to the consensus estimate 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 quarter last year, the firm earned $1.63 EPS. Analysts expect that Salesforce will post 7.55 EPS for the current fiscal year.

Insider Activity

In related news, insider Miguel Milano sold 719 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $342.81, for a total transaction of $246,480.39. Following the transaction, the insider now 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Parker Harris sold 3,528 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $250.59, for a total transaction of $884,081.52. Following the transaction, the insider now directly owns 117,581 shares in the company, valued at $29,464,622.79. The trade was a 2.91 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 144,510 shares of company stock valued at $42,475,538. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Institutional investors and hedge funds have recently modified their holdings of the company. Tidal Investments LLC raised its stake in Salesforce by 37.6% during the third quarter. Tidal Investments LLC now owns 196,584 shares of the CRM provider’s stock worth $53,807,000 after purchasing an additional 53,739 shares during the period. Wilmington Savings Fund Society FSB raised its stake in Salesforce by 7.4% during the third quarter. Wilmington Savings Fund Society FSB now owns 43,812 shares of the CRM provider’s stock worth $11,992,000 after purchasing an additional 3,021 shares during the period. Arvest Bank Trust Division acquired a new stake in shares of Salesforce in the third quarter worth $380,000. Sfmg LLC increased its position in shares of Salesforce by 0.4% in the third quarter. Sfmg LLC now owns 23,348 shares of the CRM provider’s stock worth $6,391,000 after acquiring an additional 84 shares in the last quarter. Finally, World Investment Advisors LLC increased its position in shares of Salesforce by 570.4% in the third quarter. World Investment Advisors LLC now owns 54,446 shares of the CRM provider’s stock worth $14,903,000 after acquiring an additional 46,324 shares in 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.