Salesforce (NYSE:CRM) PT Raised to $350.00 at Stifel Nicolaus

Salesforce (NYSE:CRM) had its target price raised by Stifel Nicolaus from $320.00 to $350.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the CRM provider’s stock. Stifel Nicolaus’ price target points to a potential upside of 18.41% from the company’s current price.

CRM has been the subject of several other reports. Robert W. Baird boosted their price objective 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. Bank of America reiterated a “buy” rating and issued a $325.00 price target on shares of Salesforce in a report on Friday, September 6th. BNP Paribas upgraded Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Needham & Company LLC reiterated a “buy” rating and issued a $345.00 target price on shares of Salesforce in a research note on Friday, September 20th. Finally, JPMorgan Chase & Co. upped their price target on Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Nine analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $313.37.

Salesforce Trading Up 1.8 %

Shares of CRM traded up $5.13 during mid-day trading on Monday, reaching $295.59. The company had a trading volume of 883,584 shares, compared to its average volume of 6,308,520. Salesforce has a fifty-two week low of $197.08 and a fifty-two week high of $318.71. The firm has a fifty day simple moving average of $269.73 and a 200-day simple moving average of $262.79. The stock has a market cap of $286.43 billion, a price-to-earnings ratio of 53.16, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last posted its quarterly 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 the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.63 earnings per share. On average, sell-side analysts anticipate that Salesforce will post 7.55 EPS for the current fiscal year.

Insider Buying and Selling

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the sale, the chief accounting officer now directly owns 7,006 shares in the company, valued at approximately $1,998,741.74. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $289.87, for a total value of $1,217,454.00. Following the completion of the sale, the insider now directly owns 118,514 shares of the company’s stock, valued at approximately $34,353,653.18. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 413 shares of the 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 $117,824.77. Following the completion of the transaction, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at $1,998,741.74. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 87,781 shares of company stock worth $23,696,593 in the last three months. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Salesforce

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ruedi Wealth Management Inc. boosted its stake in Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares in the last quarter. Piscataqua Savings Bank lifted its holdings in Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares during the last quarter. Clear Investment Research LLC boosted its position in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 98 shares in the last quarter. Red Tortoise LLC acquired a new position in shares of Salesforce in the 1st quarter worth approximately $33,000. Finally, Stephens Consulting LLC grew its stake in shares of Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 125 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

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.