Salesforce (NYSE:CRM) Price Target Raised to $360.00 at UBS Group

Salesforce (NYSE:CRM) had its price target increased by UBS Group from $275.00 to $360.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the CRM provider’s stock. UBS Group’s price target would indicate a potential upside of 5.26% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. Jefferies Financial Group lifted their price target on shares of Salesforce from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Robert W. Baird lifted their price objective on shares of Salesforce from $295.00 to $315.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Stifel Nicolaus lifted their target price on shares of Salesforce from $320.00 to $350.00 and gave the company a “buy” rating in a report on Monday, October 28th. Piper Sandler downgraded shares of Salesforce from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Scotiabank initiated coverage on shares of Salesforce in a report on Monday. They set a “sector outperform” rating and a $425.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $334.47.

Salesforce Price Performance

NYSE CRM traded up $6.24 during trading hours on Friday, reaching $342.02. The company’s stock had a trading volume of 5,439,039 shares, compared to its average volume of 6,300,737. The company’s 50-day moving average is $292.86 and its two-hundred day moving average is $268.20. Salesforce has a 1-year low of $212.00 and a 1-year high of $348.86. The firm has a market capitalization of $326.97 billion, a price-to-earnings ratio of 59.48, a P/E/G ratio of 2.93 and a beta of 1.29. 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 (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. On average, equities analysts predict that Salesforce will post 7.55 EPS for the current year.

Insider Buying and Selling at Salesforce

In other news, insider Sabastian Niles sold 2,484 shares of the firm’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 approximately $202,702.68. This trade represents a 75.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Brian Millham sold 60,522 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total transaction of $18,156,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 133,183 shares of company stock valued at $38,314,066. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Several large investors have recently made changes to their positions in CRM. Prime Capital Investment Advisors LLC boosted its holdings in shares of Salesforce by 13.6% in the third quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock worth $15,885,000 after buying an additional 6,938 shares during the period. Aljian Capital Management LLC lifted its position 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 purchasing an additional 1,834 shares in the last quarter. AIA Group Ltd lifted its position in shares of Salesforce by 8.9% in the third quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock worth $6,577,000 after purchasing an additional 1,962 shares in the last quarter. Harvest Portfolios Group Inc. lifted its position in shares of Salesforce by 13.6% in the third quarter. Harvest Portfolios Group Inc. now owns 89,098 shares of the CRM provider’s stock worth $24,387,000 after purchasing an additional 10,656 shares in the last quarter. Finally, XN LP lifted its position in shares of Salesforce by 24.2% in the second quarter. XN LP now owns 464,489 shares of the CRM provider’s stock worth $119,420,000 after purchasing an additional 90,616 shares in the last quarter. 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.