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

Salesforce (NYSE:CRM) had its target price increased by analysts at Truist Financial from $315.00 to $380.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the CRM provider’s stock. Truist Financial’s price objective would suggest a potential upside of 11.08% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Citigroup raised their price target on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. JMP Securities boosted their target price on shares of Salesforce from $342.00 to $450.00 and gave the stock a “market outperform” rating in a research report on Friday. Wedbush raised their price target on shares of Salesforce from $325.00 to $375.00 and gave the company an “outperform” rating in a report on Monday. Northland Capmk upgraded shares of Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Finally, DA Davidson raised their target price on Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $339.66.

Salesforce Stock Up 0.0 %

Shares of CRM traded up $0.09 during trading hours on Monday, reaching $342.11. The company’s stock had a trading volume of 1,580,679 shares, compared to its average volume of 6,280,957. The company has a 50 day moving average of $294.61 and a two-hundred day moving average of $268.53. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a market cap of $327.06 billion, a price-to-earnings ratio of 59.50, a P/E/G ratio of 3.10 and a beta of 1.29. Salesforce has a 1-year low of $212.00 and a 1-year high of $348.86.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the prior year, the business earned $1.63 EPS. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, research analysts predict that Salesforce will post 7.55 EPS for the current fiscal year.

Insider Buying and Selling

In other Salesforce news, COO Brian Millham sold 14,808 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $338.95, for a total transaction of $5,019,171.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the sale, the chief accounting officer now directly 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 ninety days, insiders have sold 147,991 shares of company stock worth $43,333,238. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Salesforce

Several institutional investors and hedge funds have recently made changes to their positions in CRM. Piscataqua Savings Bank grew its holdings in shares of Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 96 shares during the period. Infrastructure Capital Advisors LLC bought a new position in shares of Salesforce during the third quarter valued at $27,000. Clear Investment Research LLC raised its position in shares of Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares during the last quarter. Stephens Consulting LLC boosted its stake in 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 in the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new stake in Salesforce during the 2nd quarter valued at about $33,000. 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.