Truist Financial, an equities research firm, has reaffirmed its “buy” rating for Salesforce stock (NYSE:CRM) in a research report released on Friday. The firm also set a price target of $300.00 for the CRM provider’s stock, indicating a potential upside of 18.62% from its current price. This rating comes after several other research firms, including Roth Mkm, Macquarie, Oppenheimer, Deutsche Bank Aktiengesellschaft, and Barclays, have also issued positive reports on Salesforce.
Salesforce recently posted its quarterly earnings results, reporting $2.56 EPS for the quarter, surpassing the consensus estimate of $2.36 by $0.20. The company’s net margin stood at 15.30%, with a return on equity of 11.57%. Salesforce generated $9.33 billion in revenue during the quarter, exceeding analysts’ expectations of $9.22 billion. Compared to the same quarter last year, the company’s revenue increased by 8.5%.
In terms of insider trading, Director G Mason Morfit purchased 428,000 shares of Salesforce stock in a transaction valued at $99,796,760.00. Additionally, insider Parker Harris sold 4,200 shares of the company’s stock for a total transaction value of $1,104,180.00. Overall, insiders have sold 112,964 shares of Salesforce stock in the past three months, representing 3.20% of the company’s total shares.
Several large institutional investors have also made modifications to their holdings of Salesforce stock. Notable among them is JFS Wealth Advisors LLC, which increased its position by 11.4% during the fourth quarter. Other investors include Fox Hill Wealth Management, Pinnacle Wealth Planning Services Inc., Glassman Wealth Services, and Blue Barn Wealth LLC.
Salesforce, Inc. is a global provider of Customer Relationship Management (CRM) technology, facilitating the connection between companies and customers. Its services encompass sales, data management, lead monitoring, opportunity forecasting, analytics, artificial intelligence, and customer support. The company operates worldwide.