Truist Financial Reaffirms “Buy” Rating for Salesforce (NYSE:CRM)

Salesforce (NYSE:CRM)‘s stock had its “buy” rating reiterated by stock analysts at Truist Financial in a research note issued on Wednesday,Benzinga reports. They currently have a $400.00 price target on the CRM provider’s stock, up from their previous price target of $380.00. Truist Financial’s price target indicates a potential upside of 10.76% from the stock’s current price.

A number of other brokerages also recently issued reports on CRM. Royal Bank of Canada reissued an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research report on Thursday, September 19th. Northland Capmk upgraded Salesforce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. Raymond James upped their price objective on shares of Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 29th. Canaccord Genuity Group raised their target price on shares of Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Finally, Sanford C. Bernstein boosted their target price on shares of Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $372.86.

Salesforce Stock Down 1.8 %

CRM opened at $361.14 on Wednesday. The stock has a fifty day moving average of $308.26 and a 200-day moving average of $272.43. The company has a market capitalization of $345.25 billion, a P/E ratio of 59.40, a P/E/G ratio of 3.00 and a beta of 1.30. Salesforce has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The business had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.31% and a net margin of 15.96%. Salesforce’s revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.62 earnings per share. On average, equities analysts expect that Salesforce will post 7.55 EPS for the current year.

Insider Buying and Selling

In other news, insider Miguel Milano sold 719 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $342.81, for a total transaction of $246,480.39. Following the completion of the sale, the insider now owns 4,659 shares of the company’s stock, valued at $1,597,151.79. This trade represents a 13.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Sabastian Niles sold 2,484 shares of Salesforce stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total transaction of $608,108.04. Following the completion of the sale, the insider now owns 828 shares of the company’s stock, valued at $202,702.68. This represents a 75.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 140,982 shares of company stock valued at $41,591,457 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRM. U.S. Capital Wealth Advisors LLC lifted its holdings in shares of Salesforce by 1.3% in the second quarter. U.S. Capital Wealth Advisors LLC now owns 7,125 shares of the CRM provider’s stock valued at $1,832,000 after purchasing an additional 94 shares in the last quarter. BDF Gestion bought a new position in Salesforce during the 2nd quarter valued at $7,302,000. Manning & Napier Advisors LLC purchased a new position in Salesforce during the 2nd quarter worth $44,708,000. CCM Investment Advisers LLC grew its stake in shares of Salesforce by 0.9% in the 2nd quarter. CCM Investment Advisers LLC now owns 65,170 shares of the CRM provider’s stock worth $16,755,000 after acquiring an additional 572 shares in the last quarter. Finally, OLD National Bancorp IN raised its holdings in shares of Salesforce by 0.7% in the second quarter. OLD National Bancorp IN now owns 78,746 shares of the CRM provider’s stock valued at $20,246,000 after purchasing an additional 521 shares during the last quarter. 80.43% of the stock is 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.