Jefferies Financial Group Increases Salesforce (NYSE:CRM) Price Target to $360.00

Salesforce (NYSE:CRM) had its price objective increased by analysts at Jefferies Financial Group from $350.00 to $360.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the CRM provider’s stock. Jefferies Financial Group’s price target would suggest a potential upside of 30.14% from the company’s previous close.

CRM has been the subject of several other research reports. Wedbush lifted their price objective on Salesforce from $280.00 to $325.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Evercore ISI increased their price objective on shares of Salesforce from $290.00 to $330.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Robert W. Baird boosted their target price on shares of Salesforce from $310.00 to $355.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. KeyCorp began coverage on shares of Salesforce in a research report on Thursday, March 21st. They issued a “sector weight” rating on the stock. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $350.00 price target on shares of Salesforce in a research note on Thursday, March 7th. Nine analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $310.61.

Salesforce Trading Up 1.0 %

Shares of NYSE:CRM opened at $276.63 on Monday. Salesforce has a 1 year low of $190.57 and a 1 year high of $318.71. The stock’s fifty day moving average price is $296.91 and its 200-day moving average price is $263.28. The company has a market cap of $268.33 billion, a P/E ratio of 65.86, a PEG ratio of 2.08 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

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

Insiders Place Their Bets

In other Salesforce news, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the sale, the chief accounting officer now directly owns 5,856 shares in the company, valued at $1,599,566.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Salesforce news, CAO Sundeep G. Reddy sold 2,425 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the transaction, the chief accounting officer now owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $280.79, for a total value of $4,211,850.00. Following the sale, the chief executive officer now owns 13,671,166 shares in the company, valued at approximately $3,838,726,701.14. The disclosure for this sale can be found here. Over the last three months, insiders have sold 616,589 shares of company stock valued at $181,071,306. 3.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Salesforce

Several institutional investors and hedge funds have recently modified their holdings of CRM. Bear Mountain Capital Inc. purchased a new position in shares of Salesforce in the fourth quarter valued at approximately $26,000. Signature Resources Capital Management LLC acquired a new stake in Salesforce during the 4th quarter worth $26,000. Kathleen S. Wright Associates Inc. purchased a new stake in Salesforce during the 4th quarter valued at about $31,000. Pacifica Partners Inc. increased its holdings in shares of Salesforce by 333.3% in the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Finally, Red Tortoise LLC acquired a new position in Salesforce during the first quarter worth $33,000. Hedge funds and other 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.