CRM

Salesforce (NYSE:CRM) Given New $320.00 Price Target at Morgan Stanley

May 31, 2024

19 4 minutes read

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Salesforce (NYSE:CRM – Free Report) had its target price cut by Morgan Stanley from $350.00 to $320.00 in a report published on Thursday morning, Benzinga reports. They currently have an overweight rating on the CRM provider’s stock.

CRM has been the subject of several other research reports. Wolfe Research reaffirmed an outperform rating and issued a $365.00 price target on shares of Salesforce in a report on Tuesday, April 16th. KeyCorp assumed coverage on Salesforce in a report on Thursday, March 21st. They issued a sector weight rating for the company. Robert W. Baird lifted their price target on Salesforce from $310.00 to $355.00 and gave the stock an outperform rating in a report on Thursday, February 29th. Truist Financial reiterated a buy rating and set a $360.00 target price (up previously from $275.00) on shares of Salesforce in a research report on Thursday, February 29th. Finally, Evercore ISI boosted their price target on Salesforce from $290.00 to $330.00 and gave the company an outperform rating in a research report on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $293.33.

View Our Latest Report on Salesforce

Salesforce Stock Down 19.7 %

Shares of CRM stock opened at $218.04 on Thursday. The stock’s 50-day simple moving average is $283.26 and its 200-day simple moving average is $275.45. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market capitalization of $211.06 billion, a PE ratio of 51.91, a P/E/G ratio of 2.38 and a beta of 1.30. Salesforce has a fifty-two week low of $193.68 and a fifty-two week high of $318.71.

Salesforce (NYSE:CRM – Get Free Report) last issued 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. The company had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.15 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. Salesforce’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.15 earnings per share. Equities analysts expect that Salesforce will post 7.45 earnings per share for the current year.

Insider Buying and Selling at Salesforce

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $304.25, for a total value of $4,563,750.00. Following the completion of the transaction, the chief executive officer now directly owns 13,266,166 shares in the company, valued at approximately $4,036,231,005.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the sale, the chief accounting officer now directly owns 5,856 shares in the company, valued at approximately $1,599,566.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $304.25, for a total value of $4,563,750.00. Following the sale, the chief executive officer now owns 13,266,166 shares of the company’s stock, valued at $4,036,231,005.50. The disclosure for this sale can be found here. In the last three months, insiders sold 623,070 shares of company stock worth $179,662,826. Insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Graypoint LLC increased its holdings in shares of Salesforce by 0.3% during the 4th quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock worth $2,764,000 after buying an additional 36 shares during the last quarter. Chase Investment Counsel Corp increased its holdings in Salesforce by 0.3% in the 4th quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock valued at $2,730,000 after purchasing an additional 36 shares in the last quarter. JFS Wealth Advisors LLC increased its holdings in Salesforce by 11.4% in the 4th quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock valued at $93,000 after purchasing an additional 36 shares in the last quarter. Opes Wealth Management LLC increased its holdings in Salesforce by 2.9% in the 4th quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock valued at $341,000 after purchasing an additional 37 shares in the last quarter. Finally, Prentice Wealth Management LLC increased its holdings in Salesforce by 1.7% in the 4th quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock valued at $604,000 after purchasing an additional 38 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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.