Salesforce (NYSE:CRM) Price Target Raised to $300.00 at DA Davidson

Salesforce (NYSE:CRM) had its target price raised by analysts at DA Davidson from $250.00 to $300.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the CRM provider’s stock. DA Davidson’s price target suggests a potential downside of 9.04% from the company’s previous close.

CRM has been the subject of a number of other reports. JMP Securities reiterated a “market outperform” rating and set a $450.00 price objective on shares of Salesforce in a research report on Tuesday. Piper Sandler upped their price target on shares of Salesforce from $325.00 to $395.00 and gave the stock an “overweight” rating in a report on Monday. Needham & Company LLC restated a “buy” rating and set a $345.00 price objective on shares of Salesforce in a research report on Friday, September 20th. Northland Securities upgraded Salesforce from a “market perform” rating to an “outperform” rating and increased their target price for the company from $270.00 to $400.00 in a research report on Wednesday, October 2nd. Finally, Bank of America boosted their price target on Salesforce from $325.00 to $390.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Seven research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $345.31.

Salesforce Price Performance

Salesforce stock traded down $1.18 during midday trading on Tuesday, reaching $329.83. The company’s stock had a trading volume of 851,491 shares, compared to its average volume of 6,265,328. The stock has a market cap of $315.32 billion, a PE ratio of 57.53, a price-to-earnings-growth ratio of 2.99 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 52 week low of $212.00 and a 52 week high of $348.86. The business has a 50-day moving average price of $302.12 and a 200-day moving average price of $270.49.

Insider Activity

In other news, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $257.04, for a total transaction of $1,079,568.00. Following the sale, the insider now owns 117,581 shares in the company, valued at $30,223,020.24. This represents a 3.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Sabastian Niles sold 2,484 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total transaction of $608,108.04. Following the sale, the insider now directly owns 828 shares of the company’s stock, valued at $202,702.68. This trade represents a 75.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 140,982 shares of company stock worth $41,591,457 over the last quarter. Insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

A number of institutional investors and hedge funds have recently modified their holdings of the business. Inspire Trust Co. N.A. bought a new stake in Salesforce in the 3rd quarter worth approximately $821,000. Beaird Harris Wealth Management LLC increased its position in Salesforce by 1,639.5% during the third quarter. Beaird Harris Wealth Management LLC now owns 661 shares of the CRM provider’s stock valued at $181,000 after acquiring an additional 623 shares during the last quarter. Tidal Investments LLC lifted its holdings in Salesforce by 37.6% in the third quarter. Tidal Investments LLC now owns 196,584 shares of the CRM provider’s stock valued at $53,807,000 after acquiring an additional 53,739 shares during the period. Wilmington Savings Fund Society FSB boosted its position in Salesforce by 7.4% in the third quarter. Wilmington Savings Fund Society FSB now owns 43,812 shares of the CRM provider’s stock worth $11,992,000 after purchasing an additional 3,021 shares during the last quarter. Finally, Arvest Bank Trust Division bought a new stake in shares of Salesforce during the 3rd quarter valued at about $380,000. Institutional investors 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.