Salesforce (NYSE:CRM) Given New $340.00 Price Target at JPMorgan Chase & Co.

Salesforce (NYSE:CRM) had its target price upped by investment analysts at JPMorgan Chase & Co. from $310.00 to $340.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the CRM provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 5.17% from the company’s previous close.

Several other brokerages also recently issued reports on CRM. DA Davidson raised their price target on Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Wedbush upped their target price on shares of Salesforce from $315.00 to $325.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Wells Fargo & Company boosted their target price on shares of Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 12th. Piper Sandler lowered shares of Salesforce from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Canaccord Genuity Group lifted their price target on Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $326.19.

Salesforce Price Performance

NYSE CRM opened at $323.29 on Wednesday. The company has a 50 day simple moving average of $289.68 and a 200-day simple moving average of $267.31. The firm has a market capitalization of $309.07 billion, a price-to-earnings ratio of 56.22, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29. Salesforce has a 52-week low of $212.00 and a 52-week high of $348.86. 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 issued 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. The firm had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.63 earnings per share. Equities research analysts predict that Salesforce will post 7.55 earnings per share for the current fiscal year.

Insider Activity at Salesforce

In related news, COO Brian Millham sold 4,056 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $261.50, for a total transaction of $1,060,644.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the sale, the chief accounting officer now directly owns 7,006 shares in the company, valued at approximately $1,998,741.74. This trade represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 140,173 shares of company stock worth $40,146,206 in the last ninety days. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Salesforce

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Piscataqua Savings Bank lifted its holdings in 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 buying an additional 96 shares during the period. Infrastructure Capital Advisors LLC bought a new position in Salesforce during the third quarter worth $27,000. Clear Investment Research LLC boosted its position in shares of Salesforce by 816.7% during 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 in the last quarter. Godsey & Gibb Inc. boosted its holdings in Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 90 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new stake in shares of Salesforce during the second quarter valued at approximately $33,000. 80.43% of the stock is owned by institutional investors.

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.