Citigroup Issues Positive Forecast for Salesforce (NYSE:CRM) Stock Price

Salesforce (NYSE:CRM) had its price target increased by equities research analysts at Citigroup from $368.00 to $390.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the CRM provider’s stock. Citigroup’s target price would suggest a potential upside of 7.81% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. Sanford C. Bernstein upped their price target on Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Northland Capmk upgraded Salesforce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. UBS Group increased their price objective on Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Phillip Securities reissued an “accumulate” rating and set a $305.00 target price on shares of Salesforce in a research note on Friday, August 30th. Finally, BMO Capital Markets raised their target price on Salesforce from $385.00 to $425.00 and gave the stock an “outperform” rating in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating, thirty have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $367.17.

Salesforce Stock Performance

Salesforce stock traded up $30.33 during trading hours on Wednesday, hitting $361.76. 13,129,244 shares of the stock traded hands, compared to its average volume of 6,342,681. The stock has a market capitalization of $345.84 billion, a price-to-earnings ratio of 62.85, a P/E/G ratio of 3.00 and a beta of 1.30. The firm’s 50 day moving average price is $304.68 and its 200-day moving average price is $271.14. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. Salesforce has a 1 year low of $212.00 and a 1 year high of $368.70.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.62 EPS. As a group, equities analysts expect that Salesforce will post 7.54 EPS for the current fiscal year.

Insider Buying and Selling at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $257.04, for a total transaction of $1,079,568.00. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at approximately $30,223,020.24. This trade represents a 3.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sabastian Niles sold 2,484 shares of the stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total transaction of $608,108.04. Following the transaction, the insider now directly owns 828 shares in the company, valued at $202,702.68. The trade was a 75.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 140,982 shares of company stock valued at $41,591,457 in the last ninety days. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Several large investors have recently made changes to their positions in the company. Piscataqua Savings Bank increased its stake in shares of Salesforce by 2,400.0% during the second 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 period. Infrastructure Capital Advisors LLC acquired a new position in shares of Salesforce during the third quarter valued at approximately $27,000. Clear Investment Research LLC increased its stake in shares of Salesforce by 816.7% during the second 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 during the period. Godsey & Gibb Inc. boosted its holdings in Salesforce by 300.0% during the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after buying an additional 90 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new stake in Salesforce during the second quarter worth approximately $33,000. Institutional investors and hedge funds 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.