Salesforce (NYSE:CRM) Given New $230.00 Price Target at Loop Capital

Posted by Defense World Staff on Sep 1st, 2023

Salesforce (NYSE:CRM – Free Report) had its price objective upped by Loop Capital from $215.00 to $230.00 in a research note published on Thursday, MarketBeat reports. They currently have a hold rating on the CRM provider’s stock.

A number of other equities research analysts have also recently issued reports on CRM. Oppenheimer upped their price target on shares of Salesforce from $235.00 to $250.00 and gave the company an outperform rating in a report on Thursday. Wedbush raised their price target on shares of Salesforce from $240.00 to $255.00 and gave the stock an outperform rating in a research report on Thursday. Evercore ISI upped their price objective on shares of Salesforce from $230.00 to $240.00 in a research report on Thursday, June 1st. Bank of America boosted their price target on Salesforce from $250.00 to $280.00 and gave the company a buy rating in a research note on Thursday. Finally, Royal Bank of Canada boosted their price target on Salesforce from $225.00 to $240.00 in a research note on Thursday, June 1st. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $237.16.

View Our Latest Stock Report on Salesforce

Salesforce Stock Performance

CRM opened at $221.46 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market cap of $215.70 billion, a PE ratio of 582.80, a price-to-earnings-growth ratio of 2.09 and a beta of 1.20. The stock has a 50-day moving average of $215.98 and a 200-day moving average of $201.91. Salesforce has a 52-week low of $126.34 and a 52-week high of $238.22.

Salesforce (NYSE:CRM – Get Free Report) last posted its earnings results on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share 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 firm had revenue of $8.60 billion during the quarter, compared to analyst estimates of $8.53 billion. During the same period in the previous year, the company earned $0.52 EPS. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, equities research analysts forecast that Salesforce will post 5.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $234.71, for a total value of $3,520,650.00. Following the sale, the chief executive officer now owns 16,401,166 shares of the company’s stock, valued at $3,849,517,671.86. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $234.71, for a total transaction of $3,520,650.00. Following the completion of the transaction, the chief executive officer now owns 16,401,166 shares in the company, valued at $3,849,517,671.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Parker Harris sold 1,250 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $206.75, for a total value of $258,437.50. Following the completion of the sale, the insider now directly owns 101,790 shares of the company’s stock, valued at $21,045,082.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,247,764 shares of company stock worth $265,660,783. Corporate insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRM. Atlas Brown Inc. increased its stake in shares of Salesforce by 0.7% during the second quarter. Atlas Brown Inc. now owns 6,237 shares of the CRM provider’s stock worth $1,318,000 after purchasing an additional 44 shares during the period. Country Club Bank GFN boosted its holdings in Salesforce by 0.9% in the 2nd quarter. Country Club Bank GFN now owns 5,778 shares of the CRM provider’s stock valued at $1,216,000 after purchasing an additional 50 shares during the period. Summit X LLC increased its holdings in shares of Salesforce by 4.8% during the second quarter. Summit X LLC now owns 1,084 shares of the CRM provider’s stock worth $229,000 after purchasing an additional 50 shares during the period. Walkner Condon Financial Advisors LLC raised its position in shares of Salesforce by 2.0% in the first quarter. Walkner Condon Financial Advisors LLC now owns 2,599 shares of the CRM provider’s stock valued at $519,000 after buying an additional 51 shares in the last quarter. Finally, Western Pacific Wealth Management LP boosted its stake in shares of Salesforce by 1.2% in the first quarter. Western Pacific Wealth Management LP now owns 4,545 shares of the CRM provider’s stock valued at $908,000 after buying an additional 53 shares during the period. 77.52% of the stock is owned by institutional investors.

Salesforce Company Profile

(Get Free Report)

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.