Salesforce Receives Price Target Increase from TD Cowen Analysts

Salesforce, a leading CRM provider, has seen its price target raised by TD Cowen analysts from $285.00 to $290.00, according to a research report released on Thursday. The stock currently holds a “hold” rating from the brokerage. TD Cowen’s new target price suggests a potential upside of 14.67% from the current price of the stock.

Other research analysts have also recently provided their insights on Salesforce. Morgan Stanley increased their price target from $320.00 to $330.00, giving the stock an “overweight” rating. Deutsche Bank Aktiengesellschaft, on the other hand, lowered their price target from $350.00 to $300.00 but maintained a “buy” rating. Stifel Nicolaus raised their price target from $300.00 to $320.00, while Wells Fargo & Company increased theirs from $250.00 to $275.00, both with “buy” ratings. Oppenheimer also raised their price target from $280.00 to $300.00, giving the company an “outperform” rating.

In total, nine research analysts have rated the stock as “hold,” twenty-seven as “buy,” and one as “strong buy.” The consensus rating for Salesforce, according to MarketBeat, is currently “Moderate Buy,” with a consensus price target of $302.00.

Salesforce recently reported its quarterly earnings results, exceeding analysts’ expectations. The company posted earnings per share of $2.56, surpassing the consensus estimate of $2.36 by $0.20. Salesforce’s return on equity was 11.57%, with a net margin of 15.30%. The firm generated $9.33 billion in revenue during the quarter, compared to the estimated $9.22 billion. Year-over-year, the revenue increased by 8.5%. Analysts anticipate that Salesforce will post earnings per share of 7.47 for the current fiscal year.

In terms of insider transactions, Parker Harris, an insider at Salesforce, sold 4,200 shares of the stock at an average price of $262.90, totaling $1,104,180.00. Following the sale, Harris now holds 117,581 shares of the company’s stock, valued at approximately $30,912,044.90. Additionally, CFO Amy E. Weaver sold 897 shares at an average price of $255.78, amounting to $229,434.66. Weaver now holds 51,109 shares in the company, valued at $13,072,660.02. In the last three months, insiders have sold a total of 112,964 shares, valued at $27,956,647. Corporate insiders own 3.20% of the stock.

Institutional investors and hedge funds have also been active in trading Salesforce shares. Spartan Planning & Wealth Management increased its stake by 66.3%, while Parnassus Investments LLC raised its stake by 0.3%. TD Asset Management Inc and Chicago Partners Investment Group LLC also boosted their stakes, with M&G Plc acquiring a new stake in the company.