Salesforce, a leading CRM provider, has had its “outperform” rating reissued by analysts at Evercore ISI. The research report, released on Monday, also includes a price target of $300.00 for the company’s stock. This indicates a potential upside of 13.51% from the stock’s current price.
Other research reports on Salesforce have also been published recently. UBS Group lowered their price objective on the stock from $310.00 to $250.00 and assigned a “neutral” rating. Robert W. Baird lowered their price target from $355.00 to $295.00 and maintained an “outperform” rating. Royal Bank of Canada reissued an “outperform” rating with a $350.00 target price. Oppenheimer lowered their price target from $325.00 to $280.00 and maintained an “outperform” rating. Raymond James restated a “strong-buy” rating with a revised price objective of $325.00 (previously $380.00).
According to data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus target price of $292.38.
In its most recent quarterly earnings report, Salesforce reported earnings per share (EPS) of $2.44, surpassing analysts’ consensus estimates of $2.38 by $0.06. The company generated $9.13 billion in revenue during the quarter, slightly below the consensus estimate of $9.15 billion. Salesforce’s quarterly revenue increased by 10.7% compared to the same quarter last year. The company’s return on equity was 11.57%, and its net margin stood at 15.30%.
Insider activity has also been observed at Salesforce. CAO Sundeep G. Reddy sold 413 shares of the stock at an average price of $255.78, totaling $105,637.14. CEO Marc Benioff sold 15,000 shares at an average price of $216.66, amounting to $3,249,900.00. Insiders have sold a total of 123,764 shares worth $30,102,367 over the past ninety days. Corporate insiders currently own 3.20% of the company’s stock.
Several hedge funds have made adjustments to their holdings of Salesforce. Ruedi Wealth Management Inc. increased its stake by 186.7% in the first quarter. Signature Resources Capital Management LLC acquired a new position in the fourth quarter. Piscataqua Savings Bank raised its position in the second quarter, while Red Tortoise LLC purchased shares in the first quarter. Clear Investment Research LLC significantly grew its holdings in the second quarter. Hedge funds and other institutional investors now own 80.43% of the company’s stock.