CRM

Salesforce (NYSE:CRM) Given New $295.00 Price Target at Robert W. Baird

May 31, 2024

15 4 minutes read

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Salesforce (NYSE:CRM – Free Report) had its target price decreased by Robert W. Baird from $355.00 to $295.00 in a report released on Thursday, Benzinga reports. Robert W. Baird currently has an outperform rating on the CRM provider’s stock.

Several other analysts also recently issued reports on CRM. Needham & Company LLC reissued a buy rating and issued a $345.00 price target on shares of Salesforce in a report on Thursday. Argus raised their price target on Salesforce from $290.00 to $354.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Stifel Nicolaus reissued a buy rating and issued a $350.00 price target on shares of Salesforce in a report on Wednesday, April 3rd. Wolfe Research reaffirmed an outperform rating and set a $365.00 target price on shares of Salesforce in a research note on Tuesday, April 16th. Finally, Royal Bank of Canada reissued an outperform rating and issued a $350.00 price objective on shares of Salesforce in a research note on Friday, May 24th. One analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce has an average rating of Moderate Buy and an average price target of $293.33.

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Salesforce Price Performance

Shares of NYSE CRM opened at $218.04 on Thursday. Salesforce has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The business has a 50 day moving average price of $283.26 and a two-hundred day moving average price of $275.45. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market cap of $211.06 billion, a PE ratio of 51.91, a price-to-earnings-growth ratio of 2.38 and a beta of 1.30.

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

Insider Buying and Selling at Salesforce

In other Salesforce news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $269.26, for a total value of $1,130,892.00. Following the completion of the sale, the insider now owns 115,762 shares of the company’s stock, valued at $31,170,076.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated 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 owns 115,762 shares of the company’s stock, valued at approximately $31,170,076.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $309.64, for a total value of $4,644,600.00. Following the transaction, the chief executive officer now directly owns 13,101,166 shares of the company’s stock, valued at approximately $4,056,645,040.24. The disclosure for this sale can be found here. Insiders have sold 623,070 shares of company stock worth $179,662,826 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Salesforce

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ruedi Wealth Management Inc. grew 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 period. Bear Mountain Capital Inc. acquired a new position in Salesforce during the 4th quarter worth $26,000. Signature Resources Capital Management LLC acquired a new position in Salesforce during the 4th quarter worth $26,000. Red Tortoise LLC acquired a new position in Salesforce during the 1st quarter worth $33,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in shares of Salesforce in the 4th quarter valued at $31,000. 80.43% of the stock is currently owned by 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.