Recent Research Analysts’ Ratings Updates for Salesforce (CRM)

Posted by Caroline Horne on Apr 19th, 2024

Salesforce (NYSE: CRM) has recently received a number of price target changes and ratings updates:

4/16/2024 – Salesforce had its “outperform” rating reaffirmed by analysts at Wolfe Research. They now have a $365.00 price target on the stock.
4/15/2024 – Salesforce had its “neutral” rating reaffirmed by analysts at Piper Sandler. They now have a $300.00 price target on the stock.
4/15/2024 – Salesforce had its “market outperform” rating reaffirmed by analysts at JMP Securities. They now have a $342.00 price target on the stock.
4/15/2024 – Salesforce had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $345.00 price target on the stock.
4/12/2024 – Salesforce had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $350.00 price target on the stock, up previously from $325.00.
4/3/2024 – Salesforce had its “buy” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $350.00 price target on the stock.
3/21/2024 – Salesforce is now covered by analysts at KeyCorp. They set a “sector weight” rating on the stock.
3/19/2024 – Salesforce was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating.
3/7/2024 – Salesforce had its “buy” rating reaffirmed by analysts at Canaccord Genuity Group Inc.. They now have a $350.00 price target on the stock.
3/6/2024 – Salesforce had its price target raised by analysts at Argus from $290.00 to $354.00. They now have a “buy” rating on the stock.
3/1/2024 – Salesforce was upgraded by analysts at StockNews.com from a “buy” rating to a “strong-buy” rating.
2/29/2024 – Salesforce had its price target raised by analysts at JPMorgan Chase & Co. from $260.00 to $310.00. They now have an “overweight” rating on the stock.
2/29/2024 – Salesforce had its price target raised by analysts at Royal Bank of Canada from $285.00 to $325.00. They now have an “outperform” rating on the stock.
2/29/2024 – Salesforce had its price target raised by analysts at Evercore ISI from $290.00 to $330.00. They now have an “outperform” rating on the stock.
2/29/2024 – Salesforce had its price target raised by analysts at Robert W. Baird from $310.00 to $355.00. They now have an “outperform” rating on the stock.
2/29/2024 – Salesforce had its price target raised by analysts at BMO Capital Markets from $325.00 to $335.00. They now have an “outperform” rating on the stock.
2/29/2024 – Salesforce had its price target raised by analysts at JMP Securities from $293.00 to $342.00. They now have a “market outperform” rating on the stock.
2/29/2024 – Salesforce had its price target raised by analysts at Wedbush from $280.00 to $325.00. They now have a “buy” rating on the stock.
2/29/2024 – Salesforce had its price target raised by analysts at Bank of America Co. from $350.00 to $360.00. They now have a “buy” rating on the stock.
2/29/2024 – Salesforce had its “buy” rating reaffirmed by analysts at Truist Financial Co.. They now have a $360.00 price target on the stock, up previously from $275.00.
2/29/2024 – Salesforce had its price target raised by analysts at Canaccord Genuity Group Inc. from $290.00 to $350.00. They now have a “buy” rating on the stock.
2/29/2024 – Salesforce had its “buy” rating reaffirmed by analysts at Mizuho. They now have a $345.00 price target on the stock, up previously from $325.00.
2/29/2024 – Salesforce had its price target raised by analysts at Needham & Company LLC from $275.00 to $345.00. They now have a “buy” rating on the stock.
2/28/2024 – Salesforce had its “neutral” rating reaffirmed by analysts at Piper Sandler. They now have a $285.00 price target on the stock.
2/26/2024 – Salesforce had its price target raised by analysts at Citigroup Inc. from $265.00 to $325.00. They now have a “neutral” rating on the stock.
2/21/2024 – Salesforce had its price target raised by analysts at Wells Fargo & Company from $280.00 to $290.00. They now have an “equal weight” rating on the stock.
2/21/2024 – Salesforce was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating.
2/21/2024 – Salesforce had its price target raised by analysts at Stifel Nicolaus from $300.00 to $330.00. They now have a “buy” rating on the stock.

Salesforce Stock Performance

NYSE:CRM traded down $0.15 during mid-day trading on Friday, hitting $271.77. The stock had a trading volume of 1,562,533 shares, compared to its average volume of 5,651,740. Salesforce, Inc. has a twelve month low of $190.57 and a twelve month high of $318.71. The stock has a market cap of $263.62 billion, a price-to-earnings ratio of 64.71, a PEG ratio of 2.13 and a beta of 1.28. The company’s 50 day simple moving average is $297.70 and its 200 day simple moving average is $260.97. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the previous year, the company posted $1.01 earnings per share. The business’s revenue was up 10.8% on a year-over-year basis. On average, equities research analysts forecast that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th were issued a dividend of $0.40 per share. The ex-dividend date was Wednesday, March 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.59%. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.

Insider Buying and Selling

In other news, CAO Sundeep G. Reddy sold 216 shares of the stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total transaction of $60,201.36. Following the transaction, the chief accounting officer now owns 2,869 shares of the company’s stock, valued at approximately $799,618.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Brian Millham sold 393 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $280.00, for a total value of $110,040.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 216 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total transaction of $60,201.36. Following the completion of the transaction, the chief accounting officer now directly owns 2,869 shares of the company’s stock, valued at $799,618.99. The disclosure for this sale can be found here. Insiders have sold a total of 628,184 shares of company stock valued at $184,794,698 over the last 90 days. 3.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRM. Vanguard Group Inc. boosted its stake in shares of Salesforce by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 83,626,413 shares of the CRM provider’s stock valued at $22,005,454,000 after purchasing an additional 1,240,821 shares in the last quarter. State Street Corp raised its holdings in shares of Salesforce by 0.9% during the first quarter. State Street Corp now owns 45,509,345 shares of the CRM provider’s stock valued at $9,091,832,000 after purchasing an additional 391,648 shares during the last quarter. Capital World Investors raised its holdings in shares of Salesforce by 2.4% during the fourth quarter. Capital World Investors now owns 19,561,325 shares of the CRM provider’s stock valued at $5,147,402,000 after purchasing an additional 457,463 shares during the last quarter. Morgan Stanley raised its holdings in shares of Salesforce by 0.8% during the fourth quarter. Morgan Stanley now owns 19,003,836 shares of the CRM provider’s stock valued at $2,519,719,000 after purchasing an additional 149,012 shares during the last quarter. Finally, Fisher Asset Management LLC increased its holdings in Salesforce by 5.3% during the fourth quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock valued at $3,926,323,000 after buying an additional 752,566 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.