Salesforce (NYSE:CRM – Free Report) had its price objective boosted by Roth Mkm from $242.00 to $265.00 in a report published on Thursday morning, Benzinga reports. The firm currently has a buy rating on the CRM provider’s stock.
A number of other research analysts have also commented on CRM. Oppenheimer raised their price target on Salesforce from $235.00 to $250.00 and gave the company an outperform rating in a report on Thursday. Societe Generale downgraded shares of Salesforce from a buy rating to a hold rating in a research report on Thursday, June 1st. Northland Securities increased their price objective on shares of Salesforce from $181.00 to $210.00 in a report on Thursday, June 1st. Evercore ISI raised their price objective on shares of Salesforce from $240.00 to $275.00 and gave the company an outperform rating in a research note on Thursday. Finally, Citigroup increased their price target on Salesforce from $220.00 to $229.00 in a research note on Thursday. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $237.16.
Read Our Latest Analysis on CRM
Salesforce Trading Up 3.0 %
Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings data on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share (EPS) for the quarter, topping 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 business had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.53 billion. During the same period in the previous year, the firm posted $0.52 earnings per share. The business’s revenue was up 11.4% on a year-over-year basis. Sell-side analysts expect that Salesforce will post 5.27 earnings per share for the current year.
Insider Activity at Salesforce
In other Salesforce news, CAO Sundeep G. Reddy sold 164 shares of the stock in a transaction that occurred 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 in the company, valued at $501,861.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Marc Benioff sold 500,000 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $209.14, for a total transaction of $104,570,000.00. Following the completion of the transaction, the chief executive officer now owns 16,671,609 shares of the company’s stock, valued at approximately $3,486,700,306.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Sundeep G. Reddy sold 164 shares of Salesforce stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $225.05, for a total value of $36,908.20. Following the completion of the transaction, the chief accounting officer now directly owns 2,230 shares in the company, valued at $501,861.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,247,764 shares of company stock valued at $265,660,783. Corporate insiders own 3.70% of the company’s stock.
Hedge Funds Weigh In On Salesforce
Institutional investors and hedge funds have recently bought and sold shares of the stock. Farmers & Merchants Trust Co of Chambersburg PA increased its holdings in shares of Salesforce by 374.1% during the 2nd quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 128 shares of the CRM provider’s stock worth $27,000 after purchasing an additional 101 shares during the period. Union Savings Bank bought a new position in Salesforce during the second quarter valued at about $27,000. NewSquare Capital LLC raised its holdings in Salesforce by 132.8% in the 1st quarter. NewSquare Capital LLC now owns 149 shares of the CRM provider’s stock valued at $30,000 after acquiring an additional 85 shares in the last quarter. GHP Investment Advisors Inc. lifted its position in shares of Salesforce by 30.4% in the 4th quarter. GHP Investment Advisors Inc. now owns 270 shares of the CRM provider’s stock worth $36,000 after acquiring an additional 63 shares during the period. Finally, Live Oak Investment Partners acquired a new stake in shares of Salesforce during the 4th quarter worth approximately $36,000. Institutional investors own 77.52% of the company’s stock.
About Salesforce
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.
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