BMO Capital Markets Forecasts Strong Price Appreciation for Salesforce (NYSE:CRM) Stock

Salesforce (NYSE:CRM) had its price objective boosted by analysts at BMO Capital Markets from $305.00 to $385.00 in a report released on Friday, Marketbeat Ratings reports. The brokerage currently has an “outperform” rating on the CRM provider’s stock. BMO Capital Markets’ price target would suggest a potential upside of 18.37% from the company’s current price.

CRM has been the subject of several other research reports. Roth Mkm restated a “buy” rating and issued a $335.00 price target on shares of Salesforce in a research note on Thursday, August 29th. JMP Securities restated a “market outperform” rating and issued a $342.00 price objective on shares of Salesforce in a research report on Wednesday, August 28th. FBN Securities upgraded Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Phillip Securities reissued an “accumulate” rating and issued a $305.00 price target on shares of Salesforce in a report on Friday, August 30th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a report on Monday, August 26th. Nine analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $322.51.

Salesforce Trading Down 1.9 %

Shares of NYSE:CRM opened at $325.26 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce has a 12-month low of $212.00 and a 12-month high of $348.86. The business has a 50 day moving average of $286.61 and a two-hundred day moving average of $266.64. The company has a market capitalization of $310.95 billion, a PE ratio of 56.57, a PEG ratio of 3.09 and a beta of 1.29.

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

Insider Buying and Selling at Salesforce

In other news, COO Brian Millham sold 60,522 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total transaction of $18,156,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $298.04, for a total value of $1,251,768.00. Following the completion of the sale, the insider now owns 119,402 shares in the company, valued at $35,586,572.08. This represents a 3.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 144,373 shares of company stock valued at $41,250,680 over the last 90 days. 3.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Capital Research Global Investors boosted its position in Salesforce by 26.9% in the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after buying an additional 3,044,611 shares during the period. GQG Partners LLC purchased a new stake in Salesforce during the 1st quarter worth about $910,220,000. Swedbank AB acquired a new stake in Salesforce in the 1st quarter valued at about $874,748,000. Veritas Asset Management LLP purchased a new position in shares of Salesforce in the 3rd quarter valued at about $733,805,000. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Salesforce by 48.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after buying an additional 1,922,674 shares in the last quarter. Institutional investors and hedge funds 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.