Salesforce (CRM) has garnered a new Buy recommendation from analyst Daniel Ives at Yorkville Ives & Co, who initiated coverage with a price target of $290.00. The stock closed yesterday at $224.99, suggesting significant upside potential according to Ives.
The broader analyst consensus on Salesforce is Moderate Buy, with an average price target of $273.11, implying a 21.39% upside from current levels. Barclays also maintained a Buy rating with a slightly higher price target of $276.00.
Salesforce’s latest earnings report for the quarter ending July 31 revealed quarterly revenue of $11.35 billion and a net profit of $3.53 billion. This marks an increase from last year’s revenue of $10.24 billion and net profit of $1.89 billion, showcasing strong financial growth.
Corporate insider sentiment remains neutral, with recent activity involving 129 insiders. Notably, Director David Blair Kirk purchased 4,176 shares for a total of $999,442.08 last month.