Bachman and Guggenheim Boost Salesforce Price Targets
Financial analysts remain optimistic about Salesforce's (CRM) prospects, with Keith Bachman from BMO Capital maintaining a Buy rating on the company. In a report released yesterday, Bachman reiterated his price target of $285.00, which represents an 8.52% upside from the current market price. This is not the only positive view on CRM, as Guggenheim also maintained a Buy rating with a higher price target of $300.00.
Salesforce's latest earnings release for the quarter ending July 31 showed a quarterly revenue of $11.35 billion and a net profit of $3.53 billion. This represents significant growth from last year, when the company earned a revenue of $10.24 billion and had a net profit of $1.89 billion.
However, corporate insider activity paints a less rosy picture. Over the past quarter, 157 insiders have sold their shares of CRM, indicating a negative sentiment towards the stock.