Citigroup Increases Salesforce (NYSE:CRM) Price Target to $192.00

Salesforce (NYSE:CRMGet Rating) had its price target boosted by research analysts at Citigroup to $192.00 in a report released on Friday, Stock Target Advisor reports. Citigroup’s price objective would suggest a potential upside of 3.83% from the stock’s previous close.

Several other research firms have also commented on CRM. Oppenheimer reissued a “buy” rating and set a $205.00 price objective on shares of Salesforce in a research note on Wednesday. Jefferies Financial Group cut their price target on Salesforce from $330.00 to $260.00 in a research note on Monday, May 23rd. Bank of America reduced their price objective on Salesforce from $360.00 to $300.00 and set a “buy” rating for the company in a research report on Wednesday, March 2nd. Piper Sandler dropped their target price on Salesforce from $330.00 to $250.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, The Goldman Sachs Group set a $360.00 price target on Salesforce and gave the company a “buy” rating in a report on Wednesday, March 2nd. Five equities research analysts have rated the stock with a hold rating, thirty-six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $271.80.

Shares of CRM traded down $3.49 on Friday, reaching $184.91. The stock had a trading volume of 9,217,881 shares, compared to its average volume of 7,914,634. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.03. Salesforce has a 12-month low of $154.55 and a 12-month high of $311.75. The firm has a market capitalization of $183.13 billion, a price-to-earnings ratio of 179.53, a price-to-earnings-growth ratio of 5.06 and a beta of 1.16. The company has a 50-day simple moving average of $181.42 and a 200-day simple moving average of $216.36.

Salesforce (NYSE:CRMGet Rating) last posted its quarterly earnings data on Tuesday, May 31st. The CRM provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.04. Salesforce had a return on equity of 3.92% and a net margin of 3.59%. The business had revenue of $7.41 billion during the quarter, compared to the consensus estimate of $7.38 billion. During the same quarter in the prior year, the company earned $0.74 earnings per share. The firm’s quarterly revenue was up 24.3% compared to the same quarter last year. On average, analysts expect that Salesforce will post 2.08 EPS for the current fiscal year.

In other Salesforce news, CEO Marc Benioff sold 2,300 shares of the stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $162.85, for a total transaction of $374,555.00. Following the completion of the transaction, the chief executive officer now owns 28,926,000 shares in the company, valued at $4,710,599,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Amy E. Weaver sold 2,625 shares of Salesforce stock in a transaction on Wednesday, March 23rd. The stock was sold at an average price of $210.93, for a total transaction of $553,691.25. The disclosure for this sale can be found here. Over the last quarter, insiders sold 137,435 shares of company stock worth $26,544,985. 4.10% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of CRM. Vanguard Group Inc. increased its position in Salesforce by 1.9% during the first quarter. Vanguard Group Inc. now owns 77,620,937 shares of the CRM provider’s stock valued at $16,480,478,000 after acquiring an additional 1,458,042 shares during the last quarter. State Street Corp grew its holdings in Salesforce by 1.0% during the 1st quarter. State Street Corp now owns 44,687,516 shares of the CRM provider’s stock valued at $9,488,053,000 after purchasing an additional 433,659 shares during the last quarter. Morgan Stanley raised its position in Salesforce by 20.2% in the 2nd quarter. Morgan Stanley now owns 16,563,897 shares of the CRM provider’s stock worth $4,046,065,000 after purchasing an additional 2,787,393 shares during the period. Wellington Management Group LLP lifted its stake in Salesforce by 5.3% in the third quarter. Wellington Management Group LLP now owns 15,889,819 shares of the CRM provider’s stock worth $4,309,637,000 after purchasing an additional 805,630 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Salesforce by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 15,448,821 shares of the CRM provider’s stock valued at $3,914,460,000 after buying an additional 564,493 shares during the period. 77.75% of the stock is currently owned by institutional investors.

Salesforce Company Profile (Get Rating)

Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include Sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and Service that enables companies to deliver trusted and highly personalized customer service and support at scale.

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