Robert W. Baird Forecasts Strong Price Appreciation for Salesforce (NYSE:CRM) Stock

Salesforce (NYSE:CRM) had its price target increased by stock analysts at Robert W. Baird from $340.00 to $430.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the CRM provider’s stock. Robert W. Baird’s target price would indicate a potential upside of 19.07% from the stock’s previous close.

Several other brokerages have also recently issued reports on CRM. FBN Securities raised Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Phillip Securities reiterated an “accumulate” rating and issued a $305.00 price target on shares of Salesforce in a report on Friday, August 30th. JPMorgan Chase & Co. boosted their price target on Salesforce from $310.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. Truist Financial boosted their price objective on shares of Salesforce from $315.00 to $380.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Loop Capital upped their price target on Salesforce from $270.00 to $340.00 and gave the stock a “hold” rating in a research report on Thursday, November 14th. Eight research analysts have rated the stock with a hold rating, thirty have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $372.86.

Salesforce Stock Performance

CRM stock opened at $361.14 on Wednesday. The company has a market cap of $345.25 billion, a P/E ratio of 59.40, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The stock’s fifty day moving average price is $308.26 and its 200-day moving average price is $272.43. Salesforce has a 1 year low of $212.00 and a 1 year high of $369.00.

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

Insider Buying and Selling

In related news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Miguel Milano sold 719 shares of the 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 transaction, the insider now directly owns 4,659 shares of the company’s stock, valued at $1,597,151.79. The trade was a 13.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 140,982 shares of company stock worth $41,591,457 in the last 90 days. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

A number of hedge funds have recently made changes to their positions in the stock. Oddo BHF Asset Management Sas purchased a new position in Salesforce in the 3rd quarter valued at approximately $15,894,000. Inspire Trust Co. N.A. acquired a new stake in Salesforce during the 3rd quarter worth $821,000. Beaird Harris Wealth Management LLC increased its stake in Salesforce by 1,639.5% in the third quarter. Beaird Harris Wealth Management LLC now owns 661 shares of the CRM provider’s stock valued at $181,000 after purchasing an additional 623 shares during the period. Tidal Investments LLC increased its stake in Salesforce by 37.6% in the third quarter. Tidal Investments LLC now owns 196,584 shares of the CRM provider’s stock valued at $53,807,000 after purchasing an additional 53,739 shares during the period. Finally, Wilmington Savings Fund Society FSB increased its stake in Salesforce by 7.4% in the third quarter. Wilmington Savings Fund Society FSB now owns 43,812 shares of the CRM provider’s stock valued at $11,992,000 after purchasing an additional 3,021 shares during the period. Hedge funds and other institutional investors own 80.43% 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 artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.