Salesforce (NYSE:CRM) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Salesforce (NYSE:CRM) had its price target hoisted by investment analysts at BMO Capital Markets from $305.00 to $385.00 in a report issued on Friday,Briefing.com Automated Import reports. The firm currently has an “outperform” rating on the CRM provider’s stock. BMO Capital Markets’ target price suggests a potential upside of 16.12% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $300.00 price objective on shares of Salesforce in a research report on Thursday, September 19th. Piper Sandler downgraded shares of Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. Northland Securities raised shares of Salesforce from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $270.00 to $400.00 in a research report on Wednesday, October 2nd. Raymond James increased their price objective on Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Phillip Securities reiterated an “accumulate” rating and issued a $305.00 target price on shares of Salesforce in a report on Friday, August 30th. Nine research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $322.51.

Salesforce Stock Down 3.0 %

Shares of CRM opened at $331.56 on Friday. The business has a fifty day moving average of $283.28 and a 200 day moving average of $265.84. The company has a market cap of $316.97 billion, a PE ratio of 57.66, a P/E/G ratio of 3.09 and a beta of 1.29. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce has a 52-week low of $212.00 and a 52-week high of $348.86.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping 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 business 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 earnings per share. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, sell-side analysts expect that Salesforce will post 7.55 EPS for the current year.

Insider Buying and Selling

In other news, insider Parker Harris sold 3,970 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $296.74, for a total transaction of $1,178,057.80. Following the completion of the sale, the insider now owns 119,402 shares of the company’s stock, valued at $35,431,349.48. The trade was a 3.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $255,905.13. Following the completion of the sale, the chief financial officer now owns 52,930 shares in the company, valued at approximately $15,100,399.70. The trade was a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 144,373 shares of company stock valued at $41,250,680. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Hedge funds and other institutional investors have recently modified their holdings of the business. Aviance Capital Partners LLC lifted its position in shares of Salesforce by 0.5% during the 3rd quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider’s stock worth $1,860,000 after purchasing an additional 33 shares during the last quarter. Umpqua Bank lifted its holdings in Salesforce by 0.4% during the 3rd quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock worth $2,110,000 after buying an additional 34 shares during the last quarter. Principal Street Partners LLC boosted its position in shares of Salesforce by 1.0% during the 3rd quarter. Principal Street Partners LLC now owns 3,297 shares of the CRM provider’s stock worth $891,000 after acquiring an additional 34 shares in the last quarter. Nvwm LLC raised its position in shares of Salesforce by 1.4% during the 3rd quarter. Nvwm LLC now owns 2,565 shares of the CRM provider’s stock worth $667,000 after acquiring an additional 36 shares in the last quarter. Finally, Prentice Wealth Management LLC raised its position in shares of Salesforce by 1.5% during the 3rd quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after acquiring an additional 37 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

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.