Bank of America Raises Salesforce's Price Target to $360

Investment analysts at Bank of America have recently increased their price target on shares of Salesforce (NYSE:CRM) from $350.00 to $360.00, maintaining a 'buy' rating on the customer relationship management (CRM) service provider. A reported increase of approximately 13.57% over the previous share price is anticipated with this new target, according to financial news outlet Benzinga.

Analysts' Perspectives on Salesforce

Several other analysts have also updated their views on Salesforce. Wells Fargo raised its target from $280.00 to $290.00 while maintaining an 'equal weight' rating. Wolfe Research upgraded the stock to 'outperform' with a target of $315.00, Wedbush lifted its aim to $280.00, Royal Bank of Canada to $285.00, and JPMorgan Chase to $260.00, all suggesting optimistic outlooks. Overall, Salesforce garners a 'Moderate Buy' consensus based on MarketBeat data, with an average price target of $291.86 from multiple investment analysts.

Financial Status of Salesforce

On the financial front, Salesforce's stock opened at $316.99, featuring a substantial market capitalization and a solid PE ratio. The company's 12-month financial performance shows a low of $170.00 and a high of $318.71. Financial analysts noted that Salesforce exceeded expectations with their latest quarterly earnings, reporting a $1.78 EPS, and saw a considerable year-over-year revenue growth. The company's records suggest a consistent performance with an expected annual EPS of 7.23.

Insider Sales and Institutional Movements

Internal company movements indicate CEO Marc Benioff's sale of 15,000 Salesforce shares. There have also been notable insider transactions involving shares sold. Meanwhile, institutional investors and hedge funds own a majority of the Salesforce stock, indicative of significant institutional confidence in the business.

About Salesforce

Salesforce is a global leader in CRM technology, providing comprehensive services such as sales intelligence, contract delivery, and personalized customer service at scale. Their influence stretches across industries, establishing themselves as an essential tool for business-client relationships.

BankOfAmerica, Salesforce, StockTarget