Truist Financial Increases Salesforce (NYSE:CRM) Price Target to $380.00

Salesforce (NYSE:CRM) had its target price hoisted by research analysts at Truist Financial from $315.00 to $380.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the CRM provider’s stock. Truist Financial’s price objective would suggest a potential upside of 10.72% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Roth Mkm reiterated a “buy” rating and issued a $335.00 price objective on shares of Salesforce in a report on Thursday, August 29th. Wedbush upped their price objective on Salesforce from $325.00 to $375.00 and gave the stock an “outperform” rating in a report on Monday. Loop Capital upped their price target on Salesforce from $270.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, November 14th. Piper Sandler lowered Salesforce from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 10th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $385.00 price target (up previously from $330.00) on shares of Salesforce in a research report on Thursday, November 21st. Eight research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $339.66.

Salesforce Price Performance

CRM opened at $343.21 on Monday. The stock has a 50-day moving average price of $298.02 and a 200-day moving average price of $269.44. Salesforce has a 12-month low of $212.00 and a 12-month high of $348.86. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $328.11 billion, a P/E ratio of 59.69, a PEG ratio of 3.10 and a beta of 1.29.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the prior year, the business earned $1.63 EPS. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. Equities analysts predict that Salesforce will post 7.55 earnings per share for the current fiscal year.

Insider Buying and Selling at Salesforce

In other Salesforce news, insider Sabastian Niles sold 2,484 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total transaction of $608,108.04. Following the completion of the transaction, the insider now owns 828 shares in the company, valued at $202,702.68. The trade was a 75.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $255,905.13. Following the transaction, the chief financial officer now owns 52,930 shares of the company’s stock, valued at $15,100,399.70. This trade represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 144,510 shares of company stock worth $42,475,538 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Institutional investors and hedge funds have recently modified their holdings of the stock. Piscataqua Savings Bank raised its stake in shares of Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares in the last quarter. Infrastructure Capital Advisors LLC bought a new stake in shares of Salesforce during the third quarter valued at approximately $27,000. Clear Investment Research LLC raised its stake in shares of Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after acquiring an additional 98 shares in the last quarter. Godsey & Gibb Inc. raised its stake in Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after buying an additional 90 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Salesforce during the second quarter worth $33,000. Institutional investors own 80.43% of the company’s stock.

Salesforce Company Profile

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.