Needham & Company LLC reaffirmed their buy rating on shares of Salesforce (NYSE:CRM – Free Report) in a research note issued to investors on Friday, Benzinga reports. Needham & Company LLC currently has a $250.00 price objective on the CRM provider’s stock.
A number of other analysts have also commented on CRM. Wedbush boosted their price target on Salesforce from $240.00 to $255.00 and gave the company an outperform rating in a report on Thursday, August 31st. BMO Capital Markets lifted their target price on Salesforce from $255.00 to $262.00 and gave the company an outperform rating in a research report on Thursday, August 31st. Morgan Stanley downgraded Salesforce from an overweight rating to an equal weight rating and lifted their target price for the company from $251.00 to $278.00 in a research report on Monday, July 31st. Societe Generale downgraded Salesforce from a buy rating to a hold rating in a research report on Thursday, June 1st. Finally, Oppenheimer upped their target price on Salesforce from $235.00 to $250.00 and gave the company an outperform rating in a research report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Salesforce currently has a consensus rating of Moderate Buy and an average target price of $240.59.
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Salesforce Price Performance
Salesforce stock opened at $215.02 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $209.21 billion, a PE ratio of 135.22, a price-to-earnings-growth ratio of 1.66 and a beta of 1.19. Salesforce has a one year low of $126.34 and a one year high of $238.22. The business has a 50 day simple moving average of $218.24 and a 200 day simple moving average of $206.68.
Salesforce (NYSE:CRM – Get Free Report) last released its quarterly earnings results on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.22. Salesforce had a return on equity of 7.67% and a net margin of 4.77%. The firm had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.53 billion. During the same period last year, the firm posted $0.52 EPS. The business’s revenue was up 11.4% on a year-over-year basis. On average, sell-side analysts forecast that Salesforce will post 5.86 EPS for the current fiscal year.
Insider Buying and Selling at Salesforce
In other news, CAO Sundeep G. Reddy sold 164 shares of Salesforce stock in a transaction on Monday, July 24th. The stock was sold at an average price of $225.05, for a total value of $36,908.20. Following the transaction, the chief accounting officer now owns 2,230 shares in the company, valued at approximately $501,861.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $210.95, for a total value of $3,164,250.00. Following the completion of the transaction, the chief executive officer now directly owns 16,473,609 shares of the company’s stock, valued at $3,475,107,818.55. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Sundeep G. Reddy sold 164 shares of the firm’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $225.05, for a total value of $36,908.20. Following the completion of the sale, the chief accounting officer now directly owns 2,230 shares of the company’s stock, valued at $501,861.50. The disclosure for this sale can be found here. Insiders sold 633,071 shares of company stock valued at $138,539,253 in the last three months. Corporate insiders own 3.70% of the company’s stock.
Hedge Funds Weigh In On Salesforce
A number of large investors have recently made changes to their positions in the stock. CGC Financial Services LLC purchased a new stake in Salesforce during the second quarter valued at about $47,000. Farther Finance Advisors LLC boosted its position in Salesforce by 9.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,905 shares of the CRM provider’s stock valued at $825,000 after acquiring an additional 324 shares in the last quarter. Prosperity Financial Group Inc. bought a new stake in shares of Salesforce in the 2nd quarter worth approximately $265,000. Davidson Kempner Capital Management LP bought a new stake in shares of Salesforce in the 2nd quarter worth approximately $36,125,000. Finally, Jag Capital Management LLC boosted its position in shares of Salesforce by 32.1% in the 2nd quarter. Jag Capital Management LLC now owns 87,700 shares of the CRM provider’s stock worth $18,528,000 after purchasing an additional 21,288 shares in the last quarter. 77.52% of the stock is owned by institutional investors.
Salesforce Company Profile
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Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company’s service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer service and support at scale.
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