Salesforce (NYSE:CRM) PT Raised to $230.00 at Wedbush

Salesforce (NYSE:CRM – Get Rating) had its price target boosted by Wedbush from $220.00 to $230.00 in a research report report published on Thursday morning, The Fly reports.

Several other research firms have also commented on CRM. Cowen lifted their price target on shares of Salesforce from $160.00 to $170.00 and gave the company an outperform rating in a report on Tuesday, February 21st. Evercore ISI lifted their price target on shares of Salesforce from $200.00 to $230.00 and gave the company an outperform rating in a report on Thursday, March 2nd. Robert W. Baird lifted their price target on shares of Salesforce from $150.00 to $200.00 and gave the company a neutral rating in a report on Thursday, March 2nd. UBS Group boosted their target price on shares of Salesforce from $162.00 to $210.00 and gave the company a neutral rating in a research note on Thursday, March 2nd. Finally, Morgan Stanley boosted their target price on shares of Salesforce from $236.00 to $240.00 and gave the company an overweight rating in a research note on Thursday, March 2nd. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $211.62.

Salesforce Price Performance

CRM opened at $209.91 on Thursday. The company has a 50-day moving average of $197.11 and a 200-day moving average of $168.94. The company has a market capitalization of $205.89 billion, a P/E ratio of 999.57, a PEG ratio of 2.53 and a beta of 1.24. Salesforce has a 1-year low of $126.34 and a 1-year high of $213.88. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.02 and a current ratio of 1.02.

Salesforce (NYSE:CRM – Get Rating) last released its earnings results on Wednesday, March 1st. The CRM provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.32. Salesforce had a net margin of 0.66% and a return on equity of 4.48%. The company had revenue of $8.38 billion during the quarter, compared to the consensus estimate of $7.99 billion. During the same quarter in the previous year, the firm earned $0.24 EPS. The company’s revenue was up 14.4% on a year-over-year basis. Equities analysts expect that Salesforce will post 4.88 EPS for the current fiscal year.

Salesforce announced that its board has initiated a share buyback plan on Wednesday, March 1st that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the CRM provider to reacquire up to 10.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 221 shares of the business’s stock in a transaction that occurred on Thursday, March 23rd. The shares were sold at an average price of $187.96, for a total transaction of $41,539.16. Following the sale, the chief accounting officer now owns 1,625 shares in the company, valued at $305,435. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Sundeep G. Reddy sold 221 shares of the business’s stock in a transaction that occurred on Thursday, March 23rd. The shares were sold at an average price of $187.96, for a total transaction of $41,539.16. Following the transaction, the chief accounting officer now directly owns 1,625 shares of the company’s stock, valued at $305,435. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 164 shares of the business’s stock in a transaction that occurred on Monday, April 24th. The shares were sold at an average price of $196.33, for a total transaction of $32,198.12. Following the transaction, the chief accounting officer now directly owns 1,884 shares in the company, valued at $369,885.72. The disclosure for this sale can be found here. Insiders have sold 45,356 shares of company stock worth $8,542,009 over the last 90 days. 3.60% of the stock is owned by company insiders.

Institutional Trading of Salesforce

Large investors have recently added to or reduced their stakes in the business. Financial Management Professionals Inc. grew its position in Salesforce by 365.2% in the fourth quarter. Financial Management Professionals Inc. now owns 214 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 168 shares in the last quarter. Capital Directions Investment Advisors LLC bought a new stake in Salesforce in the fourth quarter worth approximately $28,000. GHP Investment Advisors Inc. grew its position in Salesforce by 113.4% in the third quarter. GHP Investment Advisors Inc. now owns 207 shares of the CRM provider’s stock worth $30,000 after acquiring an additional 110 shares in the last quarter. NewSquare Capital LLC grew its position in Salesforce by 132.8% in the first quarter. NewSquare Capital LLC now owns 149 shares of the CRM provider’s stock worth $30,000 after acquiring an additional 85 shares in the last quarter. Finally, MinichMacGregor Wealth Management LLC acquired a new stake in shares of Salesforce in the fourth quarter worth $31,000. 75.83% of the stock is owned by institutional investors.

Salesforce Company Profile

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Salesforce, Inc engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.