Salesforce (NYSE:CRM) Price Target Raised to $400.00

Salesforce (NYSE:CRM - Get Free Report) had its price objective lifted by analysts at Needham & Company LLC from $375.00 to $400.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the CRM provider's stock. Needham & Company LLC's target price would suggest a potential upside of 22.45% from the stock's current price.

Several other brokerages have also issued reports on CRM. KeyCorp raised Salesforce from a "sector weight" rating to an "overweight" rating and set a $440.00 price target for the company in a research note on Friday, December 13th. Jefferies Financial Group increased their target price on shares of Salesforce from $400.00 to $425.00 and gave the company a "buy" rating in a report on Wednesday, December 4th. Loop Capital lifted their target price on shares of Salesforce from $340.00 to $360.00 and gave the stock a "hold" rating in a research report on Wednesday, December 4th. BMO Capital Markets boosted their target price on Salesforce from $385.00 to $425.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Finally, JMP Securities restated a "market outperform" rating and set a $450.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, thirty have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, Salesforce currently has an average rating of "Moderate Buy" and a consensus target price of $376.05.

Salesforce Price Performance

Shares of CRM stock traded up $1.74 on Wednesday, reaching $326.67. The company's stock had a trading volume of 3,787,103 shares, compared to its average volume of 4,624,980. The company 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 has a 12-month low of $212.00 and a 12-month high of $369.00. The stock's 50 day simple moving average is $334.65 and its 200-day simple moving average is $288.26. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.03). The business had revenue of $9.44 billion during the quarter, compared to analysts' expectations of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business's revenue was up 8.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.62 EPS. As a group, equities analysts predict that Salesforce will post 7.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Salesforce news, Director G Mason Morfit sold 722,300 shares of the business's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the completion of the sale, the director now directly owns 3,192,009 shares in the company, valued at approximately $1,104,786,234.99. The trade was a 18.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares of the company's stock, valued at $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 ninety days, insiders sold 1,181,817 shares of company stock worth $404,760,429. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Salesforce

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aviance Capital Partners LLC lifted its stake in shares of Salesforce by 0.5% during the 3rd quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider's stock valued at $1,860,000 after buying an additional 33 shares in the last quarter. EWA LLC raised its holdings in Salesforce by 1.7% during the third quarter. EWA LLC now owns 2,001 shares of the CRM provider's stock valued at $548,000 after acquiring an additional 33 shares during the period. Umpqua Bank lifted its position in shares of Salesforce by 0.4% in the third quarter. Umpqua Bank now owns 7,708 shares of the CRM provider's stock valued at $2,110,000 after acquiring an additional 34 shares in the last quarter. Principal Street Partners LLC boosted its stake in shares of Salesforce by 1.0% in the third quarter. Principal Street Partners LLC now owns 3,297 shares of the CRM provider's stock worth $891,000 after acquiring an additional 34 shares during the period. Finally, Nvwm LLC grew its position in shares of Salesforce by 1.4% during the third quarter. Nvwm LLC now owns 2,565 shares of the CRM provider's stock worth $667,000 after purchasing an additional 36 shares in the last quarter. Institutional investors own 80.43% of the company's stock.

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.