Loop Capital Forecasts Strong Price Appreciation for Salesforce (NYSE:CRM) Stock

Salesforce (NYSE:CRM) had its target price increased by stock analysts at Loop Capital from $270.00 to $340.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “hold” rating on the CRM provider’s stock. Loop Capital’s target price indicates a potential upside of 1.78% from the stock’s current price.

Several other analysts also recently issued reports on the company. Raymond James raised their price target on Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 29th. Wells Fargo & Company upped their price target on shares of Salesforce from $275.00 to $330.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Stifel Nicolaus lifted their price objective on shares of Salesforce from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Phillip Securities restated an “accumulate” rating and issued a $305.00 target price on shares of Salesforce in a research report on Friday, August 30th. Finally, Piper Sandler cut Salesforce from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 10th. Nine analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $320.23.

Salesforce Stock Down 2.2 %

NYSE CRM traded down $7.66 during mid-day trading on Thursday, reaching $334.06. 4,002,965 shares of the company’s stock traded hands, compared to its average volume of 6,299,815. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce has a 1-year low of $212.00 and a 1-year high of $348.86. The company has a fifty day simple moving average of $283.28 and a 200-day simple moving average of $265.84. The company has a market cap of $319.36 billion, a price-to-earnings ratio of 58.02, a P/E/G ratio of 3.09 and a beta of 1.29.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating 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 business had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the prior year, the business posted $1.63 EPS. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, equities research analysts expect that Salesforce will post 7.55 EPS for the current year.

Insider Activity at Salesforce

In other Salesforce news, insider Parker Harris sold 3,970 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $296.74, for a total transaction of $1,178,057.80. Following the completion of the sale, the insider now directly owns 119,402 shares in the company, valued at approximately $35,431,349.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Salesforce news, insider Parker Harris sold 3,970 shares of Salesforce stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $296.74, for a total transaction of $1,178,057.80. Following the completion of the sale, the insider now owns 119,402 shares of the company’s stock, valued at $35,431,349.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the company’s 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 transaction, the chief accounting officer now directly owns 7,006 shares in the company, valued at $1,998,741.74. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 144,373 shares of company stock valued at $41,250,680. 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. Infrastructure Capital Advisors LLC acquired a new position in shares of Salesforce during the 3rd quarter worth $27,000. Northwest & Ethical Investments L.P. lifted its position in shares of Salesforce by 89.4% in the third quarter. Northwest & Ethical Investments L.P. now owns 1,710 shares of the CRM provider’s stock worth $468,000 after buying an additional 807 shares during the last quarter. Elite Wealth Management Inc. boosted its stake in shares of Salesforce by 1.1% during the 3rd quarter. Elite Wealth Management Inc. now owns 19,368 shares of the CRM provider’s stock worth $5,301,000 after acquiring an additional 211 shares in the last quarter. Financial Counselors Inc. raised its stake in shares of Salesforce by 2.9% in the 3rd quarter. Financial Counselors Inc. now owns 169,323 shares of the CRM provider’s stock valued at $46,345,000 after acquiring an additional 4,817 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its holdings in Salesforce by 1.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 461,207 shares of the CRM provider’s stock worth $126,237,000 after purchasing an additional 4,700 shares during 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.