KeyBanc Believes Salesforce.com (NYSE: CRM) Still Has Room to Grow

In a report released yesterday, Brent Bracelin from KeyBanc maintained a Buy rating on Salesforce.com (CRMResearch Report), with a price target of $180. The company’s shares closed yesterday at $160.09, close to its 52-week high of $166.99.

Bracelin observed:

“We are lowering our $0.20 based on the accounting related adjustments of merging the two organizations, but raising our FY20E revenue by $180M. That said, this deal does little to influence our existing favorable view on CRM as a core cloud software holding; maintain at Overweight.”

According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 28.9% and a 77.8% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Everbridge Inc, and Veeva Systems.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Salesforce.com with a $183.53 average price target, representing a 14.6% upside. In a report issued on April 4, BTIG 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 January 31, the company reported a quarterly revenue of $3.6 billion and net profit of $362 million. In comparison, last year the company had a net profit of $67.56 million.

Based on the recent corporate insider activity of 517 insiders, corporate insider sentiment is negative on the stock.

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