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

Salesforce (NYSE:CRM) had its price target upped by investment analysts at Piper Sandler from $325.00 to $395.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the CRM provider’s stock. Piper Sandler’s price target indicates a potential upside of 19.70% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Bank of America lifted their price objective on Salesforce from $325.00 to $390.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Phillip Securities reaffirmed an “accumulate” rating and set a $305.00 price target on shares of Salesforce in a research note on Friday, August 30th. Sanford C. Bernstein lifted their price objective on shares of Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Erste Group Bank upgraded shares of Salesforce from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Finally, FBN Securities raised shares of Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Seven 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $343.89.

Salesforce Stock Down 0.0 %

CRM opened at $329.99 on Monday. The company has a market capitalization of $315.47 billion, a PE ratio of 57.39, a price-to-earnings-growth ratio of 2.99 and a beta of 1.29. The firm has a 50-day simple moving average of $302.12 and a two-hundred day simple moving average of $270.49. The company has a quick ratio of 1.04, a current 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.

Insiders Place Their Bets

In other news, insider Parker Harris sold 3,528 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $250.59, for a total transaction of $884,081.52. Following the transaction, the insider now owns 117,581 shares in the company, valued at $29,464,622.79. This represents a 2.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Miguel Milano sold 719 shares of Salesforce stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $342.81, for a total transaction of $246,480.39. Following the completion of the sale, the insider now owns 4,659 shares of the company’s stock, valued at $1,597,151.79. This trade represents a 13.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 144,510 shares of company stock valued at $42,475,538. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Salesforce

Institutional investors and hedge funds have recently made changes to their positions in the stock. Veritas Asset Management LLP purchased a new position in shares of Salesforce in the third quarter worth about $733,805,000. Massachusetts Financial Services Co. MA raised its position in Salesforce by 48.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after buying an additional 1,922,674 shares during the last quarter. KBC Group NV lifted its stake in Salesforce by 171.2% during the 3rd quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock valued at $447,470,000 after acquiring an additional 1,032,068 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of Salesforce by 23,664.2% in the 3rd quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock valued at $274,490,000 after acquiring an additional 998,628 shares during the last quarter. Finally, Farallon Capital Management LLC increased its stake in shares of Salesforce by 51.0% in the second quarter. Farallon Capital Management LLC now owns 2,946,838 shares of the CRM provider’s stock worth $757,632,000 after acquiring an additional 994,670 shares during the period. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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.