salesforce.com (NYSE:CRM) Given New $315.00 Price Target at Truist

salesforce.com (NYSE:CRM) had its price target upped by Truist from $300.00 to $315.00 in a research report report published on Friday morning, The Fly reports. They currently have a buy rating on the CRM provider’s stock.

A number of other research firms have also recently commented on CRM. Jefferies Financial Group started coverage on salesforce.com in a research note on Tuesday. They set a buy rating and a $325.00 target price on the stock. Piper Sandler upgraded salesforce.com from a neutral rating to an overweight rating and boosted their price objective for the company from $280.00 to $365.00 in a research note on Friday. Evercore ISI boosted their price objective on salesforce.com from $290.00 to $300.00 and gave the company an outperform rating in a research note on Wednesday, June 30th. Monness Crespi & Hardt boosted their price objective on salesforce.com from $300.00 to $328.00 and gave the company a buy rating in a research note on Friday. Finally, Loop Capital boosted their price objective on salesforce.com from $265.00 to $275.00 and gave the company a hold rating in a research note on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating, thirty-three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average target price of $310.17.

NYSE CRM opened at $285.63 on Friday. The stock has a market capitalization of $279.63 billion, a price-to-earnings ratio of 114.71, a PEG ratio of 7.35 and a beta of 1.09. salesforce.com has a one year low of $201.51 and a one year high of $286.36. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.93 and a quick ratio of 0.93. The business’s fifty day moving average is $254.77 and its 200-day moving average is $237.86.

salesforce.com (NYSE:CRM) last released its earnings results on Tuesday, August 24th. The CRM provider reported $1.48 EPS for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.56. The company had revenue of $6.34 billion for the quarter, compared to analysts’ expectations of $6.25 billion. salesforce.com had a return on equity of 7.15% and a net margin of 9.99%. The business’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.44 EPS. Research analysts expect that salesforce.com will post 2.09 EPS for the current fiscal year.

In related news, CEO Marc Benioff sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 30th. The stock was sold at an average price of $244.91, for a total transaction of $4,898,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Joe Allanson sold 151 shares of the company’s stock in a transaction that occurred on Monday, July 26th. The shares were sold at an average price of $248.00, for a total value of $37,448.00. The disclosure for this sale can be found here. Insiders sold 786,605 shares of company stock valued at $198,242,927 in the last quarter. Corporate insiders own 4.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in CRM. Amundi bought a new position in salesforce.com in the second quarter worth $1,100,891,000. Akre Capital Management LLC bought a new position in salesforce.com in the second quarter worth $683,956,000. Morgan Stanley raised its holdings in salesforce.com by 20.2% in the second quarter. Morgan Stanley now owns 16,563,897 shares of the CRM provider’s stock worth $4,046,065,000 after purchasing an additional 2,787,393 shares in the last quarter. Polen Capital Management LLC raised its holdings in salesforce.com by 31.0% in the first quarter. Polen Capital Management LLC now owns 9,228,555 shares of the CRM provider’s stock worth $1,955,254,000 after purchasing an additional 2,186,033 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in salesforce.com by 134.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,472,998 shares of the CRM provider’s stock worth $735,824,000 after purchasing an additional 1,993,259 shares in the last quarter. Institutional investors own 77.33% of the company’s stock.

salesforce.com Company Profile

salesforce.com, 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.

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