Salesforce (NYSE:CRM) Price Target Raised to $368.00 at Citigroup

Salesforce (NYSE:CRM) had its price objective lifted by analysts at Citigroup from $290.00 to $368.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the CRM provider’s stock. Citigroup’s target price points to a potential upside of 11.04% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Cfra set a $343.00 price objective on shares of Salesforce in a research report on Thursday, October 17th. JMP Securities upped their price target on Salesforce from $342.00 to $450.00 and gave the stock a “market outperform” rating in a research report on Friday, November 22nd. Truist Financial increased their price objective on Salesforce from $315.00 to $380.00 and gave the company a “buy” rating in a report on Monday. Scotiabank began coverage on Salesforce in a research note on Monday, November 18th. They set a “sector outperform” rating and a $425.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their price target on Salesforce from $310.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, November 20th. Eight equities research 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 stock. According to MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus target price of $341.89.

Salesforce Stock Down 3.4 %

NYSE:CRM traded down $11.78 during trading hours on Wednesday, reaching $331.40. The company’s stock had a trading volume of 2,553,337 shares, compared to its average volume of 6,278,671. The stock has a 50 day moving average price of $298.02 and a two-hundred day moving average price of $269.44. 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 company has a market capitalization of $316.82 billion, a P/E ratio of 57.55, a price-to-earnings-growth ratio of 3.07 and a beta of 1.29. Salesforce has a 12 month low of $212.00 and a 12 month high of $348.86.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.20. The company had revenue of $9.33 billion for 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%. 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 firm earned $1.63 earnings per share. Equities analysts predict that Salesforce will post 7.55 EPS for the current fiscal year.

Insider Buying and Selling at Salesforce

In related news, insider Sabastian Niles sold 2,484 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total transaction of $608,108.04. Following the completion of the transaction, the insider now owns 828 shares in the company, valued at $202,702.68. This represents a 75.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the sale, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. The trade was a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 144,510 shares of company stock valued at $42,475,538. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Prime Capital Investment Advisors LLC lifted its holdings in Salesforce by 13.6% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock valued at $15,885,000 after purchasing an additional 6,938 shares in the last quarter. Aljian Capital Management LLC lifted its stake in shares of Salesforce by 16.1% in the third quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock worth $3,629,000 after buying an additional 1,834 shares in the last quarter. AIA Group Ltd boosted its position in Salesforce by 8.9% during the third quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock worth $6,577,000 after acquiring an additional 1,962 shares during the last quarter. Harvest Portfolios Group Inc. grew its stake in Salesforce by 13.6% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 89,098 shares of the CRM provider’s stock valued at $24,387,000 after acquiring an additional 10,656 shares in the last quarter. Finally, XN LP raised its holdings in Salesforce by 24.2% in the 2nd quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after acquiring an additional 90,616 shares during the last quarter. Hedge funds and other 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.