Pacific Crest Believes CRM Still Has Room to GrowBy Austin Angelo
In a report released yesterday, Brent Bracelin from Pacific Crest reiterated a Buy rating on Salesforce.com (NYSE: CRM), with a price target of $95. The company’s shares opened today at $79.57, close to its 52-week high of $84.48.
“We are raising our estimates slightly for this year and next.”
According to TipRanks.com, Bracelin is a 3-star analyst with an average return of 1.1% and a 56.5% success rate. Bracelin covers the Technology sector, focusing on stocks such as Cornerstone Ondemand, Riverbed Technology, and Tyler Technologies.
Currently, the analyst consensus on Salesforce.com is Strong Buy and the average price target is $93.56, representing a 17.6% upside.
In a report issued on November 11, Barclays also reiterated a Buy rating on the stock with a $89 price target.
Salesforce.com’s market cap is currently $51.51B and has a P/E ratio of 242.55. The company has a book value ratio of 8.3986.
Based on the recent corporate insider activity of 409 insiders, corporate insider sentiment is negative on the stock. Most recently, in September 2016, Parker Harris, the Co-Founder of CRM sold 5,000 shares for a total of $366,028.
salesforce.com, inc. provides enterprise cloud computing applications. It provides a comprehensive customer and collaboration relationship management service to businesses of all sizes and industries and also provides a technology platform for customers and developers to build and run applications. It’s designs and develops applications to be easy-to-use and intuitive solutions that can be deployed, customized and integrated with other software applications. Its also offer services on a subscription basis, primarily through its direct sales efforts and indirectly through partners. The company was founded by Marc Benioff, Parker Harris, David Moellenhoff, and Frank Dominguez in February 1999 and is headquartered in San Francisco, CA.