Salesforce (NYSE:CRM – Free Report) had its target price upped by Mizuho from $250.00 to $255.00 in a report released on Thursday, MarketBeat reports. The firm currently has a buy rating on the CRM provider’s stock.
Other research analysts have also issued reports about the stock. Stifel Nicolaus boosted their target price on shares of Salesforce from $240.00 to $250.00 in a research note on Thursday, June 1st. Jefferies Financial Group increased their price objective on Salesforce from $250.00 to $275.00 in a report on Thursday. Citigroup lifted their target price on Salesforce from $220.00 to $229.00 in a research note on Thursday. Raymond James raised their price target on Salesforce from $240.00 to $260.00 in a report on Thursday, June 1st. Finally, Wells Fargo & Company increased their target price on shares of Salesforce from $250.00 to $275.00 and gave the company an overweight rating in a research report on Thursday. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $237.16.
Read Our Latest Stock Report on Salesforce
Salesforce Stock Performance
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, topping analysts’ consensus estimates of $1.90 by $0.22. The firm had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.53 billion. Salesforce had a return on equity of 5.75% and a net margin of 1.18%. The firm’s revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.52 EPS. As a group, analysts anticipate that Salesforce will post 5.27 EPS for the current year.
Insider Buying and Selling at Salesforce
In other news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $205.12, for a total transaction of $3,076,800.00. Following the completion of the sale, the chief executive officer now directly owns 16,086,166 shares in the company, valued at approximately $3,299,594,369.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Salesforce news, CFO Amy E. Weaver sold 16,275 shares of the stock in a transaction on Friday, July 14th. The shares were sold at an average price of $231.01, for a total transaction of $3,759,687.75. Following the transaction, the chief financial officer now directly owns 35,107 shares of the company’s stock, valued at $8,110,068.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $205.12, for a total value of $3,076,800.00. Following the transaction, the chief executive officer now owns 16,086,166 shares in the company, valued at $3,299,594,369.92. The disclosure for this sale can be found here. Insiders have sold 1,247,764 shares of company stock worth $265,660,783 over the last 90 days. 3.70% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the stock. Financial Management Professionals Inc. grew its holdings in Salesforce by 237.4% during the first quarter. Financial Management Professionals Inc. now owns 722 shares of the CRM provider’s stock valued at $144,000 after purchasing an additional 508 shares during the last quarter. William Blair Investment Management LLC boosted its holdings in shares of Salesforce by 1.1% during the 1st quarter. William Blair Investment Management LLC now owns 1,047,620 shares of the CRM provider’s stock worth $209,294,000 after buying an additional 11,322 shares during the period. VELA Investment Management LLC grew its stake in Salesforce by 5.9% in the 1st quarter. VELA Investment Management LLC now owns 5,040 shares of the CRM provider’s stock valued at $1,007,000 after buying an additional 283 shares during the last quarter. Csenge Advisory Group bought a new position in Salesforce in the 1st quarter worth $329,000. Finally, Ethic Inc. lifted its position in Salesforce by 66.7% during the 1st quarter. Ethic Inc. now owns 55,264 shares of the CRM provider’s stock worth $11,041,000 after acquiring an additional 22,112 shares during the last quarter. Institutional investors and hedge funds 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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