Salesforce (NYSE:CRM) Given New $405.00 Price Target at Morgan Stanley

Salesforce (NYSE:CRM) had its target price boosted by Morgan Stanley from $330.00 to $405.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the CRM provider’s stock.

Other analysts have also issued research reports about the stock. Loop Capital boosted their price target on shares of Salesforce from $270.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, November 14th. Erste Group Bank raised shares of Salesforce from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. BMO Capital Markets upped their target price on shares of Salesforce from $305.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. JPMorgan Chase & Co. upped their target price on shares of Salesforce from $310.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Finally, Truist Financial upped their target price on shares of Salesforce from $315.00 to $380.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Eight equities research analysts have rated the stock with a hold rating, thirty have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $370.50.

Salesforce Stock Performance

NYSE CRM opened at $367.94 on Wednesday. The company’s 50 day moving average is $306.55 and its 200-day moving average is $271.81. Salesforce has a 12-month low of $212.00 and a 12-month high of $369.00. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a market cap of $351.75 billion, a P/E ratio of 63.99, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. During the same period last year, the firm earned $1.62 EPS. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. Sell-side analysts predict that Salesforce will post 7.54 earnings per share for the current year.

Insider Buying and Selling at Salesforce

In other news, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $255,905.13. Following the sale, the chief financial officer now directly owns 52,930 shares in the company, valued at approximately $15,100,399.70. This trade represents a 1.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the sale, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. This represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 140,982 shares of company stock worth $41,591,457. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Salesforce

A number of large investors have recently made changes to their positions in the business. Piscataqua Savings Bank raised its position in shares of Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 96 shares in the last quarter. Infrastructure Capital Advisors LLC bought a new position in shares of Salesforce in the 3rd quarter worth approximately $27,000. Clear Investment Research LLC raised its position in shares of Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 98 shares in the last quarter. Godsey & Gibb Inc. raised its position in shares of Salesforce by 300.0% in the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 90 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Salesforce in the 2nd quarter worth approximately $33,000. 80.43% of the stock is currently owned by institutional investors.

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.