Salesforce (NYSE:CRM) Rating Reiterated by Evercore ISI

Salesforce (NYSE:CRM)‘s stock had its “outperform” rating reiterated by equities researchers at Evercore ISI in a report issued on Monday, Benzinga reports. They currently have a $300.00 price objective on the CRM provider’s stock. Evercore ISI’s target price suggests a potential upside of 13.51% from the company’s previous close.

Several other equities research analysts also recently issued reports on the stock. Raymond James reissued a “strong-buy” rating and set a $325.00 price objective (down previously from $380.00) on shares of Salesforce in a research report on Thursday, May 30th. Mizuho dropped their price target on Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Oppenheimer reduced their price objective on Salesforce from $325.00 to $280.00 and set an “outperform” rating for the company in a research report on Thursday, May 30th. Piper Sandler reissued a “neutral” rating and issued a $250.00 target price on shares of Salesforce in a research report on Friday, July 12th. Finally, Robert W. Baird reduced their price target on Salesforce from $355.00 to $295.00 and set an “outperform” rating for the company in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $292.38.

Salesforce Stock Down 0.4 %

NYSE:CRM opened at $264.30 on Monday. Salesforce has a 1 year low of $193.68 and a 1 year high of $318.71. The stock has a 50-day moving average price of $252.79 and a two-hundred day moving average price of $271.82. The stock has a market cap of $256.11 billion, a price-to-earnings ratio of 47.54, a PEG ratio of 2.22 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.06. The business had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. Salesforce’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.15 EPS. As a group, equities analysts expect that Salesforce will post 7.47 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $216.66, for a total value of $3,249,900.00. Following the completion of the sale, the chief executive officer now owns 12,407,327 shares of the company’s stock, valued at approximately $2,688,171,467.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. The disclosure for this sale can be found here. Insiders sold 123,764 shares of company stock worth $30,102,367 over the last three months. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

A number of large investors have recently added to or reduced their stakes in CRM. Spartan Planning & Wealth Management grew its holdings in shares of Salesforce by 66.3% during the 4th quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock worth $412,000 after purchasing an additional 625 shares in the last quarter. Parnassus Investments LLC lifted its position in Salesforce by 0.3% during the fourth quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after purchasing an additional 18,397 shares during the period. TD Asset Management Inc grew its stake in Salesforce by 32.6% during the fourth quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock worth $207,756,000 after buying an additional 194,224 shares in the last quarter. Chicago Partners Investment Group LLC increased its holdings in Salesforce by 1.3% in the 4th quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock valued at $1,983,000 after buying an additional 95 shares during the period. Finally, M&G Plc bought a new position in Salesforce in the 1st quarter valued at about $2,178,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Company Profile

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 artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.