Salesforce (NYSE:CRM) Price Target Increased to $280.00 by Analysts at Raymond James

Posted by Defense World Staff on Sep 1st, 2023

Salesforce (NYSE:CRM – Free Report) had its price objective raised by Raymond James from $260.00 to $280.00 in a research note issued to investors on Thursday, Marketbeat.com reports. They currently have a strong-buy rating on the CRM provider’s stock.

Several other equities analysts also recently issued reports on the stock. Barclays upped their price objective on shares of Salesforce from $245.00 to $260.00 in a report on Thursday. Bank of America lifted their price objective on shares of Salesforce from $250.00 to $280.00 and gave the stock a buy rating in a research note on Thursday. Jefferies Financial Group upped their target price on Salesforce from $250.00 to $275.00 in a research report on Thursday. Oppenheimer lifted their price target on Salesforce from $235.00 to $250.00 and gave the stock an outperform rating in a research report on Thursday. Finally, Citigroup increased their price objective on Salesforce from $220.00 to $229.00 in a report on Thursday. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $237.16.

View Our Latest Analysis on CRM

Salesforce Stock Up 3.0 %

Shares of Salesforce stock opened at $221.46 on Thursday. Salesforce has a 52-week low of $126.34 and a 52-week high of $238.22. The firm’s 50 day moving average price is $215.98 and its 200-day moving average price is $201.91. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.16. The company has a market cap of $215.70 billion, a P/E ratio of 582.80, a PEG ratio of 2.09 and a beta of 1.20.

Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings data on Wednesday, August 30th. The CRM provider reported $2.12 EPS for the quarter, beating the consensus estimate of $1.90 by $0.22. Salesforce had a return on equity of 5.75% and a net margin of 1.18%. The firm had revenue of $8.60 billion during the quarter, compared to analyst estimates of $8.53 billion. During the same quarter in the prior year, the business posted $0.52 EPS. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. On average, sell-side analysts predict that Salesforce will post 5.27 EPS for the current fiscal year.

Insider Activity at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 164 shares of the business’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $225.05, for a total transaction of $36,908.20. Following the transaction, the chief accounting officer now owns 2,230 shares of the company’s stock, valued at $501,861.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Sundeep G. Reddy sold 164 shares of the business’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $225.05, for a total transaction of $36,908.20. Following the transaction, the chief accounting officer now owns 2,230 shares of the company’s stock, valued at approximately $501,861.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Srinivas Tallapragada sold 150,344 shares of the firm’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $210.62, for a total transaction of $31,665,453.28. Following the sale, the insider now owns 55,962 shares of the company’s stock, valued at $11,786,716.44. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,247,764 shares of company stock valued at $265,660,783. 3.70% of the stock is currently owned by insiders.

Institutional Trading of Salesforce

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Fairfield Bush & CO. increased its position in shares of Salesforce by 8.7% during the first quarter. Fairfield Bush & CO. now owns 4,468 shares of the CRM provider’s stock valued at $949,000 after acquiring an additional 357 shares during the last quarter. Roundview Capital LLC boosted its position in shares of Salesforce by 18.8% during the 1st quarter. Roundview Capital LLC now owns 24,037 shares of the CRM provider’s stock worth $5,104,000 after purchasing an additional 3,809 shares during the period. Covestor Ltd increased its holdings in Salesforce by 42.8% in the 1st quarter. Covestor Ltd now owns 621 shares of the CRM provider’s stock valued at $132,000 after purchasing an additional 186 shares during the last quarter. Ergoteles LLC purchased a new stake in Salesforce in the first quarter valued at approximately $455,000. Finally, Mackenzie Financial Corp lifted its stake in Salesforce by 21.3% during the first quarter. Mackenzie Financial Corp now owns 860,950 shares of the CRM provider’s stock worth $182,797,000 after purchasing an additional 151,440 shares in the last quarter. 77.52% of the stock is owned by institutional investors and hedge funds.

Salesforce Company Profile

(Get Free Report)

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 relationship intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer service and support at scale.