Salesforce (NYSE:CRM – Free Report) had its target price boosted by Piper Sandler from $248.00 to $268.00 in a report issued on Thursday morning, MarketBeat Ratings reports. They currently have an overweight rating on the CRM provider’s stock.
CRM has been the subject of a number of other research reports. Barclays increased their price objective on shares of Salesforce from $245.00 to $260.00 in a research report on Thursday. JMP Securities lifted their price objective on Salesforce from $250.00 to $275.00 in a research note on Thursday, June 1st. Roth Capital reiterated a buy rating on shares of Salesforce in a report on Thursday, June 1st. Bank of America raised their target price on Salesforce from $250.00 to $280.00 and gave the company a buy rating in a report on Thursday. Finally, Mizuho boosted their price target on shares of Salesforce from $250.00 to $255.00 and gave the stock a buy rating 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 given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Salesforce currently has a consensus rating of Moderate Buy and a consensus price target of $237.16.
Check Out Our Latest Analysis on Salesforce
Salesforce Price Performance
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 analysts’ consensus estimates 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 the consensus estimate of $8.53 billion. During the same period last year, the company earned $0.52 EPS. The company’s quarterly revenue was up 11.4% on a year-over-year basis. As a group, research analysts anticipate that Salesforce will post 5.27 earnings per share for the current year.
Insider Transactions at Salesforce
In related news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $213.73, for a total transaction of $3,205,950.00. Following the completion of the transaction, the chief executive officer now directly owns 15,951,166 shares of the company’s stock, valued at $3,409,242,709.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Srinivas Tallapragada sold 150,344 shares of Salesforce 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 completion of the sale, the insider now owns 55,962 shares in the company, valued at approximately $11,786,716.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $213.73, for a total transaction of $3,205,950.00. Following the sale, the chief executive officer now directly owns 15,951,166 shares in the company, valued at $3,409,242,709.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,247,764 shares of company stock worth $265,660,783. Company insiders own 3.70% of the company’s stock.
Institutional Trading of Salesforce
A number of hedge funds have recently bought and sold shares of the company. Bank Julius Baer & Co. Ltd Zurich lifted its stake in shares of Salesforce by 92,823.1% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 238,763,957 shares of the CRM provider’s stock worth $50,441,274,000 after purchasing an additional 238,507,009 shares during the period. State Street Corp lifted its position in Salesforce by 0.3% during the second quarter. State Street Corp now owns 45,653,307 shares of the CRM provider’s stock worth $9,644,718,000 after buying an additional 143,962 shares during the period. FMR LLC boosted its stake in Salesforce by 1.9% in the 1st quarter. FMR LLC now owns 36,357,722 shares of the CRM provider’s stock worth $7,263,546,000 after buying an additional 695,355 shares during the last quarter. Capital World Investors grew its holdings in Salesforce by 30.2% in the 2nd quarter. Capital World Investors now owns 19,242,436 shares of the CRM provider’s stock valued at $4,065,157,000 after buying an additional 4,458,227 shares during the period. Finally, Morgan Stanley increased its stake in shares of Salesforce by 0.8% during the 4th quarter. Morgan Stanley now owns 19,003,836 shares of the CRM provider’s stock valued at $2,519,719,000 after acquiring an additional 149,012 shares during the last quarter. Institutional investors and hedge funds own 77.52% of the company’s stock.
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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