Salesforce (NYSE:CRM) Given New $405.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley has raised its price target for Salesforce from $404.00 to $405.00, indicating a potential upside of 60.76% from the company’s current stock price.
• Salesforce has received mixed ratings from analysts, with one strong buy, twenty-four buy ratings, ten hold ratings, and one sell rating, contributing to an average price target of $341.50.
• CEO Marc Benioff recently sold 2,250 shares of the company's stock, which reflects a 0.02% decrease in ownership despite retaining significant holdings valued at nearly $2.96 billion.

Salesforce (NYSE:CRM - Get Free Report) had its price objective raised by analysts at Morgan Stanley from $404.00 to $405.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the CRM provider's stock. Morgan Stanley's price objective would suggest a potential upside of 60.76% from the company's current price.

Several other research firms also recently commented on CRM. Canaccord Genuity Group cut their target price on Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. The Goldman Sachs Group raised their price target on Salesforce from $340.00 to $385.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Northland Securities dropped their price target on Salesforce from $423.00 to $396.00 and set an "outperform" rating for the company in a report on Thursday, May 29th. Oppenheimer dropped their price target on Salesforce from $370.00 to $315.00 and set an "outperform" rating for the company in a report on Tuesday, August 26th. Finally, Piper Sandler raised their price target on Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a report on Wednesday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $341.50.

Salesforce Price Performance

Shares of CRM stock opened at $251.93 on Tuesday. The stock has a 50 day moving average of $257.20 and a two-hundred day moving average of $268.36. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce has a 12 month low of $226.48 and a 12 month high of $369.00. The company has a market capitalization of $240.84 billion, a P/E ratio of 39.45, a P/E/G ratio of 2.33 and a beta of 1.22.

Insider Activity at Salesforce

In related news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $248.56, for a total transaction of $559,260.00. Following the completion of the sale, the chief executive officer directly owned 11,911,571 shares of the company's stock, valued at $2,960,740,087.76. The trade was a 0.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 59,327 shares of company stock worth $15,201,738 over the last ninety days. 3.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Salesforce

A number of institutional investors have recently made changes to their positions in the stock. Bernard Wealth Management Corp. bought a new position in Salesforce during the fourth quarter worth about $25,000. Painted Porch Advisors LLC lifted its holdings in Salesforce by 260.0% during the second quarter. Painted Porch Advisors LLC now owns 90 shares of the CRM provider's stock worth $25,000 after acquiring an additional 65 shares in the last quarter. Evolution Wealth Management Inc. bought a new position in Salesforce during the second quarter worth about $27,000. Capital A Wealth Management LLC lifted its holdings in Salesforce by 450.0% during the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after acquiring an additional 90 shares in the last quarter. Finally, CBIZ Investment Advisory Services LLC lifted its holdings in Salesforce by 314.8% during the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after acquiring an additional 85 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

About Salesforce

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.

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