Salesforce (NYSE:CRM) Given New $360.00 Price Target at Jefferies Financial Group

Salesforce (NYSE:CRMGet Free Report) had its price target hoisted by stock analysts at Jefferies Financial Group from $350.00 to $360.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the CRM provider’s stock. Jefferies Financial Group’s target price points to a potential upside of 33.15% from the stock’s current price.

Several other brokerages have also commented on CRM. TheStreet raised Salesforce from a “c+” rating to a “b-” rating in a report on Friday, January 19th. BMO Capital Markets raised their price objective on Salesforce from $325.00 to $335.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. Citigroup raised their price objective on Salesforce from $265.00 to $325.00 and gave the company a “neutral” rating in a report on Monday, February 26th. Mizuho reissued a “buy” rating and issued a $345.00 price objective (up from $325.00) on shares of Salesforce in a report on Thursday, February 29th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $350.00 price objective on shares of Salesforce in a report on Thursday, March 7th. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $310.61.

View Our Latest Report on Salesforce

Salesforce Stock Down 0.6 %

Shares of CRM stock opened at $270.37 on Monday. The stock has a 50 day moving average of $297.28 and a 200 day moving average of $262.29. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $262.26 billion, a P/E ratio of 64.37, a P/E/G ratio of 2.08 and a beta of 1.28. Salesforce has a twelve month low of $190.57 and a twelve month high of $318.71.

Salesforce (NYSE:CRMGet Free Report) last announced its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.06. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. Salesforce’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the business earned $1.01 earnings per share. As a group, sell-side analysts expect that Salesforce will post 7.45 EPS for the current year.

Insider Buying and Selling at Salesforce

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $276.83, for a total value of $4,152,450.00. Following the sale, the chief executive officer now owns 12,857,327 shares in the company, valued at $3,559,293,833.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $276.83, for a total value of $4,152,450.00. Following the sale, the chief executive officer now owns 12,857,327 shares in the company, valued at $3,559,293,833.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Srinivas Tallapragada sold 2,890 shares of Salesforce stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $893,934.80. Following the completion of the sale, the insider now owns 60,416 shares in the company, valued at approximately $18,687,877.12. The disclosure for this sale can be found here. Insiders have sold 581,595 shares of company stock worth $171,584,072 over the last quarter. 3.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Salesforce

Several institutional investors and hedge funds have recently modified their holdings of CRM. Bear Mountain Capital Inc. purchased a new stake in shares of Salesforce in the 4th quarter valued at $26,000. Signature Resources Capital Management LLC acquired a new position in Salesforce during the 4th quarter worth $26,000. Aspect Partners LLC acquired a new position in Salesforce during the 4th quarter worth $29,000. Kathleen S. Wright Associates Inc. acquired a new position in Salesforce during the 4th quarter worth $31,000. Finally, Main Street Group LTD acquired a new position in Salesforce during the 4th quarter worth $31,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

About Salesforce

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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.

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