Royal Bank of Canada restated their outperform rating on shares of Salesforce (NYSE:CRM – Free Report) in a research note released on Thursday, Benzinga reports. The firm currently has a $240.00 price target on the CRM provider’s stock.
Other equities analysts have also recently issued reports about the company. Raymond James lifted their price target on Salesforce from $260.00 to $280.00 and gave the company a strong-buy rating in a research report on Thursday. Roth Mkm upped their price target on Salesforce from $242.00 to $265.00 and gave the company a buy rating in a research report on Thursday. Citigroup raised their price objective on shares of Salesforce from $220.00 to $229.00 in a research report on Thursday. Evercore ISI boosted their price target on shares of Salesforce from $240.00 to $275.00 and gave the company an outperform rating in a research report on Thursday. Finally, Barclays increased their price target on shares of Salesforce from $245.00 to $260.00 in a report on Thursday. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce presently has a consensus rating of Moderate Buy and an average price target of $237.16.
Read Our Latest Report on Salesforce
Salesforce Price Performance
Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings results on Wednesday, August 30th. The CRM provider reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.22. Salesforce had a net margin of 1.18% and a return on equity of 5.75%. The company had revenue of $8.60 billion for the quarter, compared to analysts’ expectations of $8.53 billion. During the same period in the prior year, the company posted $0.52 EPS. Salesforce’s revenue was up 11.4% compared to the same quarter last year. Research analysts predict that Salesforce will post 5.27 earnings per share for the current year.
Insider Buying and Selling at Salesforce
In related news, CEO Marc Benioff sold 500,000 shares of Salesforce stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 16,671,609 shares in the company, valued at $3,486,700,306.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Sundeep G. Reddy sold 164 shares of Salesforce stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $225.05, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Benioff sold 500,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $209.14, for a total value of $104,570,000.00. Following the completion of the sale, the chief executive officer now owns 16,671,609 shares in the company, valued at approximately $3,486,700,306.26. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,247,764 shares of company stock valued at $265,660,783. 3.70% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Salesforce
Several hedge funds have recently added to or reduced their stakes in CRM. Graham Capital Wealth Management LLC bought a new position in Salesforce in the 1st quarter worth about $233,743,000. Union Savings Bank purchased a new position in Salesforce in the second quarter worth about $27,000. Farmers & Merchants Trust Co of Chambersburg PA lifted its stake in shares of Salesforce by 374.1% in the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 128 shares of the CRM provider’s stock worth $27,000 after buying an additional 101 shares in the last quarter. NewSquare Capital LLC increased its position in shares of Salesforce by 132.8% during the first 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. Finally, Hanseatic Management Services Inc. purchased a new position in Salesforce in the 2nd quarter worth approximately $40,000. 77.52% of the stock is owned by institutional investors.
Salesforce Company Profile
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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