Salesforce (NYSE:CRM – Free Report) had its price target boosted by TD Cowen from $210.00 to $230.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a market perform rating on the CRM provider’s stock.
Other equities analysts also recently issued research reports about the stock. Loop Capital increased their price target on shares of Salesforce from $215.00 to $230.00 and gave the stock a hold rating in a report on Thursday. Roth Capital reiterated a buy rating on shares of Salesforce in a research note on Thursday, June 1st. Royal Bank of Canada boosted their target price on shares of Salesforce from $225.00 to $240.00 in a research report on Thursday, June 1st. JMP Securities increased their price target on Salesforce from $250.00 to $275.00 in a research report on Thursday, June 1st. Finally, Stifel Nicolaus boosted their price objective on Salesforce from $250.00 to $275.00 and gave the company a buy rating in a report on Thursday. One investment 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 assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $237.16.
Salesforce Trading Up 3.0 %
Salesforce (NYSE:CRM – Get Free Report) last issued its earnings results on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.22. The company had revenue of $8.60 billion during the quarter, compared to analyst estimates of $8.53 billion. Salesforce had a return on equity of 5.75% and a net margin of 1.18%. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. On average, analysts forecast that Salesforce will post 5.27 earnings per share for the current year.
Insider Activity
In other Salesforce news, CAO Sundeep G. Reddy sold 164 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now directly owns 2,230 shares in the company, valued at approximately $501,861.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Salesforce news, insider Srinivas Tallapragada sold 150,344 shares of Salesforce stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $210.62, for a total transaction of $31,665,453.28. Following the transaction, the insider now directly owns 55,962 shares of the company’s stock, valued at $11,786,716.44. The sale 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 the 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 sale, the chief accounting officer now directly owns 2,230 shares of the company’s stock, valued at approximately $501,861.50. The disclosure for this sale can be found here. Insiders sold 1,247,764 shares of company stock worth $265,660,783 over the last ninety days. Corporate insiders own 3.70% of the company’s stock.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in CRM. Fairfield Bush & CO. grew its holdings in shares of Salesforce by 8.7% during the 1st quarter. Fairfield Bush & CO. now owns 4,468 shares of the CRM provider’s stock worth $949,000 after purchasing an additional 357 shares during the period. Roundview Capital LLC boosted its stake in Salesforce by 18.8% during the first quarter. Roundview Capital LLC now owns 24,037 shares of the CRM provider’s stock worth $5,104,000 after buying an additional 3,809 shares during the period. Covestor Ltd increased its position in shares of Salesforce by 42.8% during the first quarter. Covestor Ltd now owns 621 shares of the CRM provider’s stock valued at $132,000 after acquiring an additional 186 shares during the last quarter. Ergoteles LLC purchased a new stake in shares of Salesforce in the 1st quarter valued at approximately $455,000. Finally, Mackenzie Financial Corp lifted its holdings in shares of Salesforce by 21.3% in the 1st quarter. Mackenzie Financial Corp now owns 860,950 shares of the CRM provider’s stock worth $182,797,000 after acquiring an additional 151,440 shares during the last quarter. 77.52% of the stock is currently owned by institutional investors and hedge funds.
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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