Salesforce (NYSE:CRM) Price Target Raised to $360.00 at UBS Group

Salesforce (NYSE:CRM) had its price objective lifted by research analysts at UBS Group from $275.00 to $360.00 in a report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the CRM provider’s stock. UBS Group’s target price would indicate a potential upside of 5.26% from the stock’s previous close.

Several other brokerages have also recently weighed in on CRM. Citigroup boosted their price objective on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Jefferies Financial Group upped their price target on Salesforce from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Phillip Securities reaffirmed an “accumulate” rating and set a $305.00 price target on shares of Salesforce in a research report on Friday, August 30th. Wedbush upped their price target on Salesforce from $315.00 to $325.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Finally, Loop Capital raised their target price on shares of Salesforce from $270.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday, November 14th. Eight research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $334.47.

Salesforce Stock Performance

Shares of NYSE:CRM traded up $6.24 during trading on Friday, reaching $342.02. The stock had a trading volume of 5,439,039 shares, compared to its average volume of 6,300,737. Salesforce has a 52 week low of $212.00 and a 52 week high of $348.86. The firm has a market capitalization of $326.97 billion, a price-to-earnings ratio of 59.48, a P/E/G ratio of 2.93 and a beta of 1.29. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a fifty day simple moving average of $292.86 and a two-hundred day simple moving average of $268.20.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the previous year, the company earned $1.63 earnings per share. The business’s revenue was up 8.5% compared to the same quarter last year. As a group, analysts anticipate that Salesforce will post 7.55 earnings per share for the current fiscal year.

Insider Activity at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $262.90, for a total transaction of $1,104,180.00. Following the completion of the sale, the insider now owns 117,581 shares in the company, valued at $30,912,044.90. This trade represents a 3.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the sale, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. The trade was a 5.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 133,183 shares of company stock valued at $38,314,066. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Gabelli Funds LLC boosted its holdings in Salesforce by 34.0% in the 1st quarter. Gabelli Funds LLC now owns 2,150 shares of the CRM provider’s stock valued at $648,000 after purchasing an additional 545 shares during the period. Steel Grove Capital Advisors LLC bought a new position in Salesforce in the 1st quarter valued at $387,000. BOKF NA boosted its holdings in Salesforce by 37.5% in the 1st quarter. BOKF NA now owns 24,543 shares of the CRM provider’s stock valued at $7,418,000 after purchasing an additional 6,694 shares during the period. Ceeto Capital Group LLC boosted its holdings in Salesforce by 2.6% in the 1st quarter. Ceeto Capital Group LLC now owns 7,750 shares of the CRM provider’s stock valued at $2,338,000 after purchasing an additional 200 shares during the period. Finally, Morse Asset Management Inc boosted its holdings in Salesforce by 22.4% in the 1st quarter. Morse Asset Management Inc now owns 7,834 shares of the CRM provider’s stock valued at $2,359,000 after purchasing an additional 1,435 shares during the period. 80.43% 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 artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.