CRM

Salesforce (NYSE:CRM) Given New $234.00 Price Target at Sanford C. Bernstein

May 31, 2024

20 4 minutes read

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Salesforce (NYSE:CRM – Free Report) had its price objective hoisted by Sanford C. Bernstein from $231.00 to $234.00 in a report released on Thursday morning, Benzinga reports. The brokerage currently has an underperform rating on the CRM provider’s stock.

Several other research firms have also recently weighed in on CRM. Royal Bank of Canada restated an outperform rating and issued a $350.00 price objective on shares of Salesforce in a research report on Friday, May 24th. JPMorgan Chase & Co. upped their price objective on shares of Salesforce from $260.00 to $310.00 and gave the stock an overweight rating in a research report on Thursday, February 29th. Jefferies Financial Group boosted their price objective on shares of Salesforce from $350.00 to $360.00 and gave the stock a buy rating in a report on Monday, April 22nd. Oppenheimer lowered their price objective on shares of Salesforce from $325.00 to $280.00 and set an outperform rating for the company in a report on Thursday. Finally, Wedbush lowered their price objective on shares of Salesforce from $325.00 to $315.00 and set an outperform rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $293.33.

Get Our Latest Analysis on CRM

Salesforce Trading Down 19.7 %

Shares of Salesforce stock opened at $218.04 on Thursday. Salesforce has a 12-month low of $193.68 and a 12-month high of $318.71. The company has a market cap of $211.06 billion, a price-to-earnings ratio of 51.91, a PEG ratio of 2.38 and a beta of 1.30. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company’s 50-day moving average price is $283.26 and its 200-day moving average price is $275.45.

Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The firm had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.15 billion. During the same period in the prior year, the firm posted $1.15 earnings per share. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, equities analysts expect that Salesforce will post 7.45 earnings per share for the current fiscal year.

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $269.26, for a total transaction of $1,130,892.00. Following the completion of the transaction, the insider now directly owns 115,762 shares of the company’s stock, valued at approximately $31,170,076.12. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $269.26, for a total transaction of $1,130,892.00. Following the completion of the sale, the insider now directly owns 115,762 shares in the company, valued at $31,170,076.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 942 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $305.46, for a total value of $287,743.32. Following the sale, the chief financial officer now owns 39,416 shares of the company’s stock, valued at $12,040,011.36. The disclosure for this sale can be found here. Insiders sold a total of 623,070 shares of company stock valued at $179,662,826 in the last three months. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of Salesforce

Several large investors have recently added to or reduced their stakes in CRM. Bear Mountain Capital Inc. purchased a new stake in Salesforce in the 4th quarter valued at $26,000. Signature Resources Capital Management LLC acquired a new position in shares of Salesforce in the 4th quarter valued at $26,000. Ruedi Wealth Management Inc. lifted its stake in shares of Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares during the last quarter. Kathleen S. Wright Associates Inc. acquired a new position in shares of Salesforce in the 4th quarter valued at $31,000. Finally, Pacifica Partners Inc. lifted its stake in shares of Salesforce by 333.3% in the 4th 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. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Company Profile

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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.