Salesforce (NYSE:CRM) Stock Rating Reaffirmed by Oppenheimer

Salesforce (NYSE:CRM)‘s stock had its “outperform” rating reissued by investment analysts at Oppenheimer in a research note issued to investors on Thursday, Benzinga reports. They presently have a $330.00 target price on the CRM provider’s stock, up from their previous target price of $300.00. Oppenheimer’s price target indicates a potential upside of 13.61% from the stock’s current price.

Several other brokerages have also issued reports on CRM. Erste Group Bank reaffirmed a “hold” rating on shares of Salesforce in a research note on Wednesday, September 11th. Bank of America reaffirmed a “buy” rating and set a $325.00 target price on shares of Salesforce in a report on Friday, September 6th. Canaccord Genuity Group increased their price target on Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Roth Mkm restated a “buy” rating and issued a $335.00 price target on shares of Salesforce in a research report on Thursday, August 29th. Finally, UBS Group increased their target price on Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $312.51.

Salesforce Price Performance

Shares of CRM stock opened at $290.46 on Thursday. Salesforce has a 1 year low of $193.68 and a 1 year high of $318.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average is $269.18 and its 200-day moving average is $263.40. The firm has a market capitalization of $281.46 billion, a price-to-earnings ratio of 52.24, a PEG ratio of 2.61 and a beta of 1.30.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.63 EPS. Sell-side analysts forecast that Salesforce will post 7.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total transaction of $675,416.00. Following the completion of the sale, the insider now owns 117,581 shares in the company, valued at approximately $28,362,888.82. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Parker Harris sold 2,800 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total transaction of $675,416.00. Following the transaction, the insider now owns 117,581 shares in the company, valued at approximately $28,362,888.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Brian Millham sold 6,161 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $289.75, for a total value of $1,785,149.75. Following the completion of the sale, the chief operating officer now owns 969 shares of the company’s stock, valued at $280,767.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 87,781 shares of company stock valued at $23,696,593 over the last ninety days. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of Salesforce

Hedge funds and other institutional investors have recently bought and sold shares of the business. XN LP boosted its stake in shares of Salesforce by 24.2% in the second quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after buying an additional 90,616 shares during the period. Atomi Financial Group Inc. lifted its position in shares of Salesforce by 27.5% during the 3rd quarter. Atomi Financial Group Inc. now owns 11,999 shares of the CRM provider’s stock valued at $3,284,000 after acquiring an additional 2,589 shares during the period. M&G Plc acquired a new stake in shares of Salesforce during the 1st quarter worth $2,178,000. First Foundation Advisors increased its position in shares of Salesforce by 38.0% in the first quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock worth $249,000 after purchasing an additional 228 shares during the period. Finally, Elevated Capital Advisors LLC bought a new stake in Salesforce during the third quarter worth about $523,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

About Salesforce

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.