Royal Bank of Canada Boosts Salesforce (NYSE:CRM) Price Target to $225.00

Posted by on Mar 5th, 2023

Salesforce (NYSE:CRM – Get Rating) had its price target increased by Royal Bank of Canada from $165.00 to $225.00 in a research report sent to investors on Thursday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the CRM provider’s stock.

Several other equities research analysts have also issued reports on CRM. Macquarie lifted their price objective on shares of Salesforce from $218.00 to $225.00 and gave the company an outperform rating in a research note on Thursday. Needham & Company LLC raised shares of Salesforce from a hold rating to a buy rating and set a $230.00 target price for the company in a research report on Thursday. Cowen boosted their target price on shares of Salesforce from $160.00 to $170.00 and gave the stock an outperform rating in a research report on Tuesday, February 21st. Robert W. Baird boosted their target price on shares of Salesforce from $150.00 to $200.00 and gave the stock a neutral rating in a research report on Thursday. Finally, BMO Capital Markets boosted their target price on shares of Salesforce from $172.00 to $185.00 and gave the stock an outperform rating in a research report on Friday, February 24th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $211.24.

Salesforce Stock Down 0.1 %

CRM stock opened at $186.43 on Thursday. The company has a current ratio of 1.02, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. Salesforce has a 1 year low of $126.34 and a 1 year high of $222.15. The company has a fifty day simple moving average of $156.87 and a 200 day simple moving average of $153.37. The firm has a market cap of $186.43 billion, a PE ratio of 887.80, a PEG ratio of 3.53 and a beta of 1.21.

Salesforce (NYSE:CRM – Get Rating) last released its quarterly earnings data on Wednesday, March 1st. The CRM provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.32. Salesforce had a net margin of 0.66% and a return on equity of 4.48%. The business had revenue of $8.38 billion during the quarter, compared to analyst estimates of $7.99 billion. During the same quarter in the previous year, the business earned $0.24 EPS. Salesforce’s quarterly revenue was up 14.4% compared to the same quarter last year. Sell-side analysts anticipate that Salesforce will post 3.15 EPS for the current fiscal year.

Insider Buying and Selling at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 924 shares of the company’s stock in a transaction that occurred on Friday, December 23rd. The shares were sold at an average price of $128.55, for a total value of $118,780.20. Following the completion of the sale, the chief financial officer now owns 32,807 shares of the company’s stock, valued at $4,217,339.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Brian Millham sold 976 shares of the stock in a transaction on Friday, December 23rd. The shares were sold at an average price of $128.55, for a total transaction of $125,464.80. Following the completion of the sale, the chief operating officer now owns 7,967 shares of the company’s stock, valued at $1,024,157.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Amy E. Weaver sold 924 shares of the stock in a transaction on Friday, December 23rd. The stock was sold at an average price of $128.55, for a total transaction of $118,780.20. Following the sale, the chief financial officer now directly owns 32,807 shares of the company’s stock, valued at approximately $4,217,339.85. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,868 shares of company stock valued at $4,560,558. Corporate insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Large investors have recently made changes to their positions in the stock. Investors Asset Management of Georgia Inc. GA ADV increased its position in shares of Salesforce by 506.1% during the third quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 200 shares of the CRM provider’s stock worth $29,000 after acquiring an additional 167 shares in the last quarter. GHP Investment Advisors Inc. increased its position in shares of Salesforce by 113.4% during the third quarter. GHP Investment Advisors Inc. now owns 207 shares of the CRM provider’s stock worth $30,000 after acquiring an additional 110 shares in the last quarter. Capital Directions Investment Advisors LLC bought a new stake in shares of Salesforce during the fourth quarter worth $28,000. Financial Management Professionals Inc. grew its position in Salesforce by 365.2% in the fourth quarter. Financial Management Professionals Inc. now owns 214 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 168 shares in the last quarter. Finally, HBC Financial Services PLLC grew its position in Salesforce by 350.0% in the second quarter. HBC Financial Services PLLC now owns 225 shares of the CRM provider’s stock valued at $39,000 after purchasing an additional 175 shares in the last quarter. Institutional investors own 75.83% of the company’s stock.

Salesforce Company Profile

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Salesforce, Inc engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.

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