Piper Sandler Boosts Salesforce (NYSE:CRM) Price Target to $395.00

Salesforce (NYSE:CRM) had its price objective boosted by Piper Sandler from $325.00 to $395.00 in a research note published on Monday,Benzinga reports. They currently have an overweight rating on the CRM provider’s stock.

A number of other research firms have also recently issued reports on CRM. Roth Mkm restated a “buy” rating and set a $335.00 price objective on shares of Salesforce in a research report on Thursday, August 29th. Morgan Stanley upped their price target on Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Stifel Nicolaus upped their price target on Salesforce from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Oppenheimer reiterated an “outperform” rating and issued a $385.00 price target (up from $330.00) on shares of Salesforce in a research report on Thursday, November 21st. Finally, Northland Capmk upgraded Salesforce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. Eight investment analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $370.50.

Salesforce Stock Performance

CRM opened at $367.94 on Monday. The stock has a market cap of $351.75 billion, a PE ratio of 63.99, a P/E/G ratio of 3.00 and a beta of 1.30. 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 $369.00. The stock’s 50 day simple moving average is $306.55 and its 200-day simple moving average is $271.81.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The firm had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.62 earnings per share. Sell-side analysts forecast that Salesforce will post 7.54 EPS for the current year.

Insider Buying and Selling at Salesforce

In related news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction dated 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 approximately $1,998,741.74. This trade represents a 5.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Miguel Milano sold 719 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $342.81, for a total value of $246,480.39. Following the transaction, the insider now owns 4,659 shares of the company’s stock, valued at approximately $1,597,151.79. The trade was a 13.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 140,982 shares of company stock valued at $41,591,457. 3.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Piscataqua Savings Bank grew its stake in Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares in the last quarter. Infrastructure Capital Advisors LLC acquired a new stake in shares of Salesforce in the third quarter valued at approximately $27,000. Clear Investment Research LLC lifted its holdings in Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares during the last quarter. Godsey & Gibb Inc. lifted its holdings in Salesforce by 300.0% during the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 90 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in Salesforce during the 2nd quarter worth approximately $33,000. 80.43% of the stock is currently owned by institutional investors.

About Salesforce

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.