Salesforce (NYSE:CRM) Stock Price Expected to Rise, Bank of America Analyst Says

Salesforce (NYSE:CRM) had its target price upped by equities researchers at Bank of America from $325.00 to $390.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the CRM provider’s stock. Bank of America‘s price objective would indicate a potential upside of 13.03% from the company’s current price.

Several other research firms have also recently weighed in on CRM. Erste Group Bank restated a “hold” rating on shares of Salesforce in a research note on Wednesday, September 11th. Citigroup boosted their target price on shares of Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. JMP Securities reaffirmed a “market outperform” rating and set a $342.00 price objective on shares of Salesforce in a report on Wednesday, August 28th. Piper Sandler lowered Salesforce from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 10th. Finally, UBS Group raised their target price on shares of Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $318.23.

Salesforce Stock Performance

Shares of NYSE CRM traded up $3.90 during midday trading on Wednesday, reaching $345.05. The company’s stock had a trading volume of 1,399,389 shares, compared to its average volume of 6,285,240. The stock has a market capitalization of $329.87 billion, a P/E ratio of 60.01, a PEG ratio of 3.09 and a beta of 1.29. 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 has a 12-month low of $212.00 and a 12-month high of $348.86. The firm has a 50 day moving average price of $281.40 and a 200-day moving average price of $265.31.

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

Insider Buying and Selling

In related news, insider Parker Harris sold 3,970 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $296.74, for a total transaction of $1,178,057.80. Following the transaction, the insider now directly owns 119,402 shares of the company’s stock, valued at approximately $35,431,349.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Parker Harris sold 3,970 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was 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 directly owns 119,402 shares of the company’s stock, valued at $35,431,349.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Sabastian Niles sold 2,484 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total value of $608,108.04. Following the completion of the sale, the insider now owns 828 shares in the company, valued at approximately $202,702.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 144,373 shares of company stock valued at $41,250,680 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Salesforce by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock worth $25,490,446,000 after acquiring an additional 1,008,841 shares during the last quarter. Capital Research Global Investors raised its stake in shares of Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after acquiring an additional 3,044,611 shares during the last quarter. Capital International Investors raised its stake in Salesforce by 3.0% in the first quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock worth $4,251,592,000 after buying an additional 407,834 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Salesforce by 2.6% during the 3rd quarter. Fisher Asset Management LLC now owns 12,276,551 shares of the CRM provider’s stock valued at $3,360,215,000 after buying an additional 314,530 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Salesforce by 2.2% during the second quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock valued at $2,141,562,000 after purchasing an additional 176,641 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

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.