Salesforce (NYSE:CRM) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Salesforce (NYSE:CRM) had its price target upped by analysts at Needham & Company LLC from $375.00 to $400.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the CRM provider’s stock. Needham & Company LLC’s target price would indicate a potential upside of 22.45% from the company’s previous close.

Several other equities research analysts have also weighed in on CRM. Jefferies Financial Group increased their price objective on shares of Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Macquarie reiterated a “neutral” rating and set a $370.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. Morgan Stanley boosted their price objective on Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Robert W. Baird increased their target price on Salesforce from $340.00 to $430.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Wedbush restated an “outperform” rating and set a $425.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, thirty have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $376.05.

Salesforce Trading Up 0.5 %

Shares of NYSE CRM opened at $326.67 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock’s 50 day moving average price is $335.36 and its two-hundred day moving average price is $288.53. Salesforce has a 52-week low of $212.00 and a 52-week high of $369.00. The stock has a market capitalization of $312.62 billion, a P/E ratio of 53.73, a PEG ratio of 3.21 and a beta of 1.30.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. During the same quarter last year, the business earned $1.62 earnings per share. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. On average, analysts anticipate that Salesforce will post 7.48 earnings per share for the current fiscal year.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction 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 completion of the sale, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This trade represents a 5.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R David Schmaier sold 1,785 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $344.00, for a total value of $614,040.00. Following the completion of the transaction, the insider now directly owns 19,116 shares in the company, valued at approximately $6,575,904. The trade was a 8.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,181,817 shares of company stock valued at $404,760,429. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

A number of hedge funds have recently added to or reduced their stakes in the company. Nabity Jensen Investment Management Inc bought a new position in shares of Salesforce during the 3rd quarter valued at $1,215,000. Prime Capital Investment Advisors LLC lifted its position in shares of Salesforce by 13.6% in the third quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock worth $15,885,000 after buying an additional 6,938 shares during the last quarter. Aljian Capital Management LLC boosted its stake in shares of Salesforce by 16.1% during the 3rd quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock worth $3,629,000 after acquiring an additional 1,834 shares in the last quarter. AIA Group Ltd increased its holdings in shares of Salesforce by 8.9% during the 3rd quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock valued at $6,577,000 after acquiring an additional 1,962 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Salesforce by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after acquiring an additional 257,501 shares in the last quarter. Institutional investors and hedge funds own 80.43% 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 artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.