Oppenheimer Reaffirms “Outperform” Rating for Salesforce (NYSE:CRM)

Salesforce (NYSE:CRM)‘s stock had its “outperform” rating reiterated by research analysts at Oppenheimer in a report released on Thursday, Benzinga reports. They currently have a $330.00 target price on the CRM provider’s stock, up from their previous target price of $300.00. Oppenheimer’s price objective indicates a potential upside of 15.32% from the company’s current price.

Several other brokerages have also recently commented on CRM. Bank of America restated a “buy” rating and issued a $325.00 target price on shares of Salesforce in a research report on Friday, September 6th. Raymond James upped their target price on Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. Citigroup lifted their price target on Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. BNP Paribas raised Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Wedbush increased their target price on shares of Salesforce from $315.00 to $325.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Nine investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $312.51.

Salesforce Stock Up 0.6 %

Shares of CRM stock traded up $1.72 during trading on Thursday, reaching $286.15. The company’s stock had a trading volume of 831,521 shares, compared to its average volume of 6,337,286. The company has a market cap of $277.28 billion, a price-to-earnings ratio of 51.54, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The business has a fifty day moving average price of $268.70 and a 200-day moving average price of $263.24. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce has a one year low of $193.68 and a one year high of $318.71.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the previous year, the company posted $1.63 EPS. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. Analysts anticipate that Salesforce will post 7.55 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the sale, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the sale, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $255,905.13. Following the completion of the transaction, the chief financial officer now owns 52,930 shares in the company, valued at $15,100,399.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,812 shares of company stock valued at $23,418,916 over the last three months. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Several institutional investors and hedge funds have recently modified their holdings of the stock. Ruedi Wealth Management Inc. increased its position in shares of Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 56 shares in the last quarter. Piscataqua Savings Bank grew its position in Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares during the period. Clear Investment Research LLC boosted its position in Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares during the last quarter. Red Tortoise LLC purchased a new stake in shares of Salesforce during the 1st quarter valued at about $33,000. Finally, Stephens Consulting LLC increased its holdings in Salesforce by 3,125.0% during the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after buying an additional 125 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

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.