Salesforce (NYSE:CRM) Upgraded to Overweight at Piper Sandler

Salesforce (NYSE:CRM) was upgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The firm presently has a $325.00 price objective on the CRM provider’s stock, up from their previous price objective of $268.00. Piper Sandler’s price objective would indicate a potential upside of 23.01% from the company’s previous close.

Other research analysts have also issued reports about the company. TD Cowen increased their price objective on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Barclays cut their price target on shares of Salesforce from $355.00 to $305.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Citigroup upped their price objective on shares of Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Morgan Stanley raised their price objective on shares of Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Finally, Sanford C. Bernstein boosted their target price on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $307.73.

Salesforce Price Performance

NYSE:CRM opened at $264.21 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The company has a 50-day moving average of $254.37 and a 200-day moving average of $265.91. Salesforce has a 52 week low of $193.68 and a 52 week high of $318.71. The company has a market capitalization of $256.02 billion, a price-to-earnings ratio of 47.52, a PEG ratio of 2.26 and a beta of 1.29.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter last year, the company earned $1.63 earnings per share. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Salesforce will post 7.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 942 shares of Salesforce stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $264.78, for a total value of $249,422.76. Following the transaction, the insider now owns 118,514 shares of the company’s stock, valued at $31,380,136.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Salesforce news, insider Parker Harris sold 942 shares of Salesforce stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $264.78, for a total value of $249,422.76. Following the sale, the insider now owns 118,514 shares of the company’s stock, valued at approximately $31,380,136.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Brian Millham sold 5,735 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $266.22, for a total value of $1,526,771.70. Following the transaction, the chief operating officer now directly owns 1,663 shares of the company’s stock, valued at $442,723.86. The disclosure for this sale can be found here. In the last three months, insiders sold 70,633 shares of company stock valued at $18,100,349. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of Salesforce

A number of institutional investors have recently made changes to their positions in the business. Greater Midwest Financial Group LLC increased its stake in Salesforce by 4.2% in the 2nd quarter. Greater Midwest Financial Group LLC now owns 20,768 shares of the CRM provider’s stock valued at $5,302,000 after buying an additional 845 shares during the last quarter. Centaurus Financial Inc. increased its position in shares of Salesforce by 23.4% in the second quarter. Centaurus Financial Inc. now owns 12,464 shares of the CRM provider’s stock valued at $3,204,000 after acquiring an additional 2,365 shares during the last quarter. Anchor Investment Management LLC raised its holdings in Salesforce by 5.5% during the second quarter. Anchor Investment Management LLC now owns 3,709 shares of the CRM provider’s stock worth $954,000 after acquiring an additional 195 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Salesforce by 130.7% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 187,072 shares of the CRM provider’s stock valued at $48,096,000 after purchasing an additional 105,972 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. boosted its position in Salesforce by 12.8% during the second quarter. University of Texas Texas AM Investment Management Co. now owns 950 shares of the CRM provider’s stock valued at $244,000 after purchasing an additional 108 shares during the last quarter. Institutional investors 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.