Citigroup Boosts Salesforce (NYSE:CRM) Price Target to $390.00

Salesforce (NYSE:CRM) had its price target increased by analysts at Citigroup from $368.00 to $390.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the CRM provider’s stock. Citigroup’s price objective would suggest a potential upside of 7.99% from the company’s current price.

A number of other analysts have also recently weighed in on CRM. Northland Securities reiterated an “outperform” rating and set a $440.00 price target (up from $400.00) on shares of Salesforce in a research report on Wednesday. Stifel Nicolaus raised their target price on Salesforce from $390.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday. Robert W. Baird boosted their price objective on Salesforce from $340.00 to $430.00 and gave the stock an “outperform” rating in a research report on Wednesday. UBS Group raised their price target on Salesforce from $275.00 to $360.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Finally, Wells Fargo & Company lifted their price objective on shares of Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 12th. Eight equities research analysts have rated the stock with a hold rating, thirty have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $372.86.

Salesforce Stock Performance

Shares of CRM opened at $361.14 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. Salesforce has a 12-month low of $212.00 and a 12-month high of $369.00. The business’s fifty day moving average price is $308.26 and its 200 day moving average price is $272.43. The stock has a market capitalization of $345.25 billion, a PE ratio of 59.40, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.31%. The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. During the same period last year, the firm posted $1.62 earnings per share. The company’s quarterly revenue was up 8.3% on a year-over-year basis. Equities research analysts forecast that Salesforce will post 7.55 EPS for the current year.

Insider Activity at Salesforce

In related news, 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 transaction of $117,824.77. Following the completion of the sale, the chief accounting officer now owns 7,006 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Miguel Milano sold 719 shares of the company’s 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 completion of the transaction, the insider now directly owns 4,659 shares in the company, 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 three months, insiders have sold 140,982 shares of company stock valued at $41,591,457. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Several large investors have recently added to or reduced their stakes in the business. Piscataqua Savings Bank lifted its stake in shares of Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares during the last quarter. Infrastructure Capital Advisors LLC acquired a new position in Salesforce during the third quarter worth $27,000. Clear Investment Research LLC raised its holdings in Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after buying an additional 98 shares in the last quarter. Godsey & Gibb Inc. lifted its position in shares of Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after buying an additional 90 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new stake in shares of Salesforce during the 2nd quarter worth about $33,000. 80.43% of the stock is owned by institutional investors.

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.