Salesforce.com (CRM) Received its Third Buy in a Row


After Robert W. Baird and UBS gave Salesforce.com (NYSE: CRM) a Buy rating last month, the company received another Buy, this time from KeyBanc. Analyst Brent Bracelin maintained a Buy rating on Salesforce.com yesterday and set a price target of $180. The company’s shares closed on Friday at $158.08.

Bracelin commented:

“We jointly hosted a Salesforce customer and partner event this week. We jointly hosted a Perspectives event in New York this week with six customers and five partners.”

According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 31.9% and a 77.8% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Coupa Software Inc, and Everbridge Inc.

Currently, the analyst consensus on Salesforce.com is a Strong Buy with an average price target of $183.20, a 15.9% upside from current levels. In a report issued on July 1, Robert W. Baird also maintained a Buy rating on the stock with a $175 price target.

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Based on Salesforce.com’s latest earnings release for the quarter ending April 30, the company reported a quarterly revenue of $3.74 billion and net profit of $392 million. In comparison, last year the company earned revenue of $3.01 billion and had a net profit of $344 million.

Based on the recent corporate insider activity of 504 insiders, corporate insider sentiment is negative on the stock. Most recently, in May 2019, Parker Harris, the Co-Founder and CTO of CRM sold 1,315 shares for a total of $201,905.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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