Salesforce (NYSE:CRM – Get Rating) had its price objective increased by equities research analysts at JMP Securities from $250.00 to $275.00 in a report released on Thursday, The Fly reports. JMP Securities’ target price indicates a potential upside of 29.15% from the company’s previous close.
Several other equities analysts have also commented on CRM. Robert W. Baird upped their target price on Salesforce from $150.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, March 2nd. Citigroup lifted their price target on shares of Salesforce from $210.00 to $229.00 in a research report on Friday, May 26th. Bank of America raised their price objective on shares of Salesforce from $235.00 to $250.00 in a research note on Wednesday, May 17th. Mizuho raised their price target on shares of Salesforce from $200.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, March 2nd. Finally, JPMorgan Chase & Co. upped their target price on Salesforce from $200.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, March 2nd. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $220.97.
Salesforce Stock Up 0.0 %
CRM stock opened at $212.93 on Thursday. The stock has a market capitalization of $208.85 billion, a P/E ratio of 1,014.00, a PEG ratio of 2.73 and a beta of 1.24. The company has a 50 day moving average price of $200.65 and a two-hundred day moving average price of $171.67. Salesforce has a one year low of $126.34 and a one year high of $225.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.02 and a current ratio of 1.02.
Salesforce declared that its Board of Directors has initiated a share repurchase plan on Wednesday, March 1st that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the CRM provider to purchase up to 10.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Insiders Place Their Bets
In other news, insider Parker Harris sold 1,250 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $219.27, for a total value of $274,087.50. Following the completion of the sale, the insider now directly owns 100,309 shares in the company, valued at approximately $21,994,754.43. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Salesforce news, insider Parker Harris sold 1,250 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $219.27, for a total value of $274,087.50. Following the transaction, the insider now owns 100,309 shares of the company’s stock, valued at $21,994,754.43. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 221 shares of Salesforce stock in a transaction dated Thursday, March 23rd. The stock was sold at an average price of $187.96, for a total value of $41,539.16. Following the completion of the sale, the chief accounting officer now directly owns 1,625 shares of the company’s stock, valued at approximately $305,435. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,656 shares of company stock worth $7,150,149. Corporate insiders own 3.60% of the company’s stock.
Institutional Trading of Salesforce
Several institutional investors and hedge funds have recently made changes to their positions in CRM. Norges Bank bought a new stake in Salesforce in the 4th quarter worth $1,420,381,000. Moneta Group Investment Advisors LLC increased its holdings in Salesforce by 125,717.4% during 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 buying an additional 10,252,257 shares during the last quarter. Parnassus Investments LLC purchased a new stake in Salesforce in the fourth quarter worth about $797,956,000. Starboard Value LP bought a new stake in Salesforce during the 4th quarter worth approximately $401,215,000. Finally, Wellington Management Group LLP boosted its holdings in Salesforce by 21.3% in the 1st quarter. Wellington Management Group LLP now owns 14,134,170 shares of the CRM provider’s stock worth $2,823,724,000 after buying an additional 2,481,759 shares during the period. Hedge funds and other institutional investors own 75.83% of the company’s stock.
Salesforce Company Profile
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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