Salesforce (NYSE:CRM) Given New $268.00 Price Target at Piper Sandler

Salesforce (NYSE:CRM) had its target price hoisted by analysts at Piper Sandler from $250.00 to $268.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the CRM provider’s stock. Piper Sandler’s price target would indicate a potential upside of 3.20% from the stock’s previous close.

Several other equities analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft cut their target price on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. Royal Bank of Canada reissued an “outperform” rating and issued a $350.00 target price on shares of Salesforce in a research note on Friday, May 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 price target on shares of Salesforce in a research note on Thursday. Morgan Stanley increased their price objective on shares of Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Truist Financial restated a “buy” rating and set a $300.00 target price (down previously from $360.00) on shares of Salesforce in a research report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average target price of $298.03.

Salesforce Price Performance

Salesforce stock traded up $0.79 during mid-day trading on Thursday, reaching $259.69. 5,643,710 shares of the company’s stock traded hands, compared to its average volume of 6,550,664. Salesforce has a 12-month low of $193.68 and a 12-month high of $318.71. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average of $253.44 and a two-hundred day moving average of $271.63. The company has a market cap of $251.64 billion, a price-to-earnings ratio of 46.79, a PEG ratio of 2.22 and a beta of 1.29.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.19. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter last year, the firm earned $1.63 EPS. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. Equities analysts forecast that Salesforce will post 7.47 earnings per share for the current year.

Insider Buying and Selling at Salesforce

In other news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the transaction, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director G Mason Morfit acquired 428,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was acquired at an average cost of $233.17 per share, for a total transaction of $99,796,760.00. Following the completion of the acquisition, the director now directly owns 3,914,309 shares in the company, valued at $912,699,429.53. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 112,964 shares of company stock valued at $27,956,647. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Salesforce

Several institutional investors and hedge funds have recently modified their holdings of the stock. JFS Wealth Advisors LLC raised its position in Salesforce by 11.4% during the fourth quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock valued at $93,000 after acquiring an additional 36 shares in the last quarter. Fox Hill Wealth Management grew its stake in shares of Salesforce by 4.0% during the 1st quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock worth $297,000 after purchasing an additional 38 shares during the period. Pinnacle Wealth Planning Services Inc. increased its holdings in shares of Salesforce by 0.8% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after purchasing an additional 38 shares in the last quarter. Glassman Wealth Services lifted its stake in shares of Salesforce by 2.9% in the 4th quarter. Glassman Wealth Services now owns 1,369 shares of the CRM provider’s stock valued at $360,000 after purchasing an additional 39 shares during the period. Finally, Blue Barn Wealth LLC boosted its holdings in Salesforce by 1.8% during the first quarter. Blue Barn Wealth LLC now owns 2,207 shares of the CRM provider’s stock worth $665,000 after buying an additional 39 shares in the last quarter. 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.