Salesforce (NYSE:CRM) Given New $190.00 Price Target at TD Cowen

Posted by Defense World Staff on Mar 6th, 2023

Salesforce (NYSE:CRM – Get Rating) had its target price boosted by TD Cowen from $170.00 to $190.00 in a report published on Thursday morning, Benzinga reports. They currently have an outperform rating on the CRM provider’s stock.

Several other analysts also recently issued reports on the company. Wells Fargo & Company boosted their price target on Salesforce from $175.00 to $200.00 and gave the company an overweight rating in a research note on Tuesday, February 14th. Bank of America boosted their price target on Salesforce from $200.00 to $235.00 and gave the company a buy rating in a research note on Thursday. Macquarie boosted their price target on Salesforce from $218.00 to $225.00 and gave the company an outperform rating in a research note on Thursday. Canaccord Genuity Group reduced their price target on Salesforce from $215.00 to $180.00 and set a buy rating for the company in a research note on Thursday, December 1st. Finally, Loop Capital reduced their price target on Salesforce from $150.00 to $140.00 in a research note on Thursday, January 5th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Salesforce has a consensus rating of Moderate Buy and an average target price of $211.24.

Salesforce Stock Down 0.1 %

NYSE:CRM opened at $186.43 on Thursday. The firm has a market capitalization of $186.43 billion, a price-to-earnings ratio of 887.80, a price-to-earnings-growth ratio of 3.53 and a beta of 1.21. Salesforce has a twelve month low of $126.34 and a twelve month high of $222.15. The stock’s 50 day moving average price is $156.87 and its two-hundred day moving average price is $153.12. The company has a quick ratio of 1.05, a current ratio of 1.02 and a debt-to-equity ratio of 0.16.

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

Insider Activity at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 924 shares of the firm’s stock in a transaction on Friday, December 23rd. The stock was 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 directly owns 32,807 shares of the company’s stock, valued at $4,217,339.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Salesforce news, CEO Marc Benioff sold 725 shares of the firm’s stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $188.10, for a total value of $136,372.50. Following the completion of the sale, the chief executive officer now directly owns 27,753,609 shares of the company’s stock, valued at $5,220,453,852.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Amy E. Weaver sold 924 shares of the firm’s stock in a transaction on Friday, December 23rd. The stock was 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 directly owns 32,807 shares of the company’s stock, valued at $4,217,339.85. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,868 shares of company stock valued at $4,560,558. 3.60% of the stock is owned by insiders.

Institutional Trading of Salesforce

Large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its position in shares of Salesforce by 40.6% in the second quarter. Price T Rowe Associates Inc. MD now owns 46,707,038 shares of the CRM provider’s stock valued at $7,708,529,000 after purchasing an additional 13,483,854 shares in the last quarter. Norges Bank purchased a new position in shares of Salesforce in the fourth quarter valued at $1,420,381,000. Moneta Group Investment Advisors LLC grew its position in shares of Salesforce by 125,717.4% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 10,260,412 shares of the CRM provider’s stock valued at $1,360,428,000 after purchasing an additional 10,252,257 shares in the last quarter. Parnassus Investments LLC purchased a new position in shares of Salesforce in the fourth quarter valued at $797,956,000. Finally, Starboard Value LP purchased a new position in shares of Salesforce in the fourth quarter valued at $401,215,000. 75.83% of the stock is owned by hedge funds and other institutional investors.

About Salesforce

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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.