The Goldman Sachs Group Raises Salesforce (NYSE:CRM) Price Target to $400.00

Salesforce (NYSE:CRM) had its price objective increased by equities research analysts at The Goldman Sachs Group from $360.00 to $400.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the CRM provider’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 8.54% from the stock’s current price.

CRM has been the subject of several other reports. Erste Group Bank raised shares of Salesforce from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. UBS Group raised their price objective on shares of Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Oppenheimer reiterated an “outperform” rating and set a $415.00 target price (up previously from $385.00) on shares of Salesforce in a report on Wednesday. Raymond James raised their target price on Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $400.00 price target (up from $380.00) on shares of Salesforce in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $363.36.

Salesforce Stock Performance

Salesforce stock opened at $368.53 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a market cap of $352.31 billion, a P/E ratio of 64.09, a P/E/G ratio of 3.00 and a beta of 1.30. Salesforce has a 1-year low of $212.00 and a 1-year high of $368.53. The firm has a 50-day moving average of $304.68 and a 200-day moving average of $271.14.

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

Insiders Place Their Bets

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the firm’s 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 sale, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. This trade represents a 5.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Miguel Milano sold 719 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $342.81, for a total transaction of $246,480.39. Following the completion of the transaction, the insider now owns 4,659 shares of the company’s stock, valued at approximately $1,597,151.79. The trade was a 13.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 140,982 shares of company stock worth $41,591,457. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. U.S. Capital Wealth Advisors LLC lifted its holdings in Salesforce by 1.3% in the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 7,125 shares of the CRM provider’s stock worth $1,832,000 after purchasing an additional 94 shares in the last quarter. BDF Gestion purchased a new position in shares of Salesforce in the second quarter worth $7,302,000. Manning & Napier Advisors LLC bought a new position in shares of Salesforce during the second quarter worth $44,708,000. CCM Investment Advisers LLC grew its stake in Salesforce by 0.9% during the second quarter. CCM Investment Advisers LLC now owns 65,170 shares of the CRM provider’s stock valued at $16,755,000 after acquiring an additional 572 shares in the last quarter. Finally, OLD National Bancorp IN increased its holdings in Salesforce by 0.7% in the 2nd quarter. OLD National Bancorp IN now owns 78,746 shares of the CRM provider’s stock valued at $20,246,000 after acquiring an additional 521 shares during the last quarter. 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.