After BMO Capital and Barclays assigned a Buy rating to Salesforce.com in the last month, the company received another Buy, this time from Drexel Hamilton. Analyst Brian White reiterated a Buy rating on Salesforce.com (NYSE: CRM) today and set a price target of $100. The company’s shares opened today at $87.75, close to its 52-week high of $90.28.
White commented:
“We believe this evening’s results provides further support for the stock.”
According to TipRanks.com, White is a 5-star analyst with an average return of 11.3% and a 65.3% success rate. White covers the Technology sector, focusing on stocks such as Juniper Networks, Amphenol Corp, and Cisco Systems.
Currently, the analyst consensus on Salesforce.com is Strong Buy and the average price target is $95.90, representing a 9.3% upside.
In a report issued on May 12, Piper Jaffray also maintained a Buy rating on the stock with a $100 price target.
Based on Salesforce.com’s latest earnings report for the quarter ending January 31, the company posted quarterly revenue of $2.29 billion and GAAP net loss of $51.44 million. In comparison, last year the company earned revenue of $1.92 billion and had a net profit of $38.76 million.
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salesforce.com, inc. is a customer relationship management company, which provides enterprise software. Its Customer Success Platform offers a comprehensive portfolio of services, such as sales force automation, customer service and support, marketing automation, digital commerce, community management, analytics, application development, IoT integration, collaborative productivity tools and professional cloud services. The company enables industries and companies of all sizes to connect their customers using cloud, social, mobile and data science technologies. It also encourages third parties to develop additional functionality and new apps that run on its platform and other developer tools. salesforce.com was founded by Marc Russell Benioff, Parker Harris, David Moellenhoff, and Frank Dominguez in February 1999 and is headquartered in San Francisco, CA.