Salesforce (NYSE:CRM) Price Target Increased to $250.00 by Analysts at Oppenheimer

Salesforce (NYSE:CRM) had its target price hoisted by Oppenheimer from $235.00 to $250.00 in a research note published on Thursday morning, MarketBeat Ratings reports. The firm currently has an outperform rating on the CRM provider’s stock.

A number of other equities research analysts have also weighed in on the company. Piper Sandler boosted their target price on Salesforce from $230.00 to $248.00 in a research note on Thursday, June 1st. Loop Capital boosted their price objective on Salesforce from $190.00 to $215.00 in a research report on Thursday, June 1st. Northland Securities raised their target price on shares of Salesforce from $181.00 to $210.00 in a report on Thursday, June 1st. Barclays upped their price target on shares of Salesforce from $245.00 to $260.00 in a report on Thursday. Finally, StockNews.com assumed coverage on shares of Salesforce in a research report on Thursday, August 17th. They issued a buy rating on the stock. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $237.16.

Salesforce Stock Performance

NYSE:CRM opened at $221.46 on Thursday. Salesforce has a 1-year low of $126.34 and a 1-year high of $238.22. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.02 and a quick ratio of 1.02. The business has a 50 day moving average of $215.98 and a 200 day moving average of $201.91. The company has a market capitalization of $215.70 billion, a price-to-earnings ratio of 582.80, a PEG ratio of 2.09 and a beta of 1.20.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.22. The firm had revenue of $8.60 billion during the quarter, compared to analyst estimates of $8.53 billion. Salesforce had a net margin of 1.18% and a return on equity of 5.75%. The business’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 EPS. On average, sell-side analysts predict that Salesforce will post 5.27 earnings per share for the current fiscal year.

Insider Transactions at Salesforce

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $213.73, for a total value of $3,205,950.00. Following the completion of the transaction, the chief executive officer now owns 15,951,166 shares of the company’s stock, valued at approximately $3,409,242,709.18. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $213.73, for a total transaction of $3,205,950.00. Following the completion of the transaction, the chief executive officer now directly owns 15,951,166 shares of the company’s stock, valued at $3,409,242,709.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 164 shares of Salesforce stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $225.05, for a total transaction of $36,908.20. Following the completion of the sale, the chief accounting officer now directly owns 2,230 shares of the company’s stock, valued at approximately $501,861.50. The disclosure for this sale can be found here. Insiders sold 1,247,764 shares of company stock worth $265,660,783 over the last quarter. 3.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Salesforce

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRM. Western Wealth Management LLC increased its stake in shares of Salesforce by 7.1% in the second quarter. Western Wealth Management LLC now owns 6,226 shares of the CRM provider’s stock worth $1,315,000 after purchasing an additional 414 shares in the last quarter. DT Investment Partners LLC increased its stake in Salesforce by 16.1% in the 2nd quarter. DT Investment Partners LLC now owns 662 shares of the CRM provider’s stock worth $148,000 after buying an additional 92 shares in the last quarter. Strategy Asset Managers LLC lifted its position in shares of Salesforce by 6.4% in the second quarter. Strategy Asset Managers LLC now owns 2,197 shares of the CRM provider’s stock valued at $464,000 after acquiring an additional 133 shares in the last quarter. ProVise Management Group LLC boosted its stake in shares of Salesforce by 2.3% in the second quarter. ProVise Management Group LLC now owns 6,119 shares of the CRM provider’s stock worth $1,293,000 after acquiring an additional 137 shares during the period. Finally, Alberta Investment Management Corp grew its position in shares of Salesforce by 7.7% during the second quarter. Alberta Investment Management Corp now owns 129,997 shares of the CRM provider’s stock worth $27,463,000 after purchasing an additional 9,333 shares in the last quarter. Institutional investors own 77.52% of the company’s stock.

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 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.