Salesforce (NYSE:CRM) Rating Reiterated by Needham & Company LLC

Salesforce (NYSE:CRM)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $345.00 price target on the CRM provider’s stock. Needham & Company LLC’s price objective points to a potential upside of 29.31% from the stock’s current price.

Several other equities analysts also recently issued reports on CRM. Barclays cut their price objective on shares of Salesforce from $355.00 to $305.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. UBS Group upped their price objective on shares of Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Truist Financial restated a “buy” rating and set a $315.00 price objective (up previously from $300.00) on shares of Salesforce in a report on Thursday. Oppenheimer upped their price objective on shares of Salesforce from $280.00 to $300.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, TD Cowen upped their price objective on shares of Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $306.00.

Salesforce Stock Performance

Shares of Salesforce stock opened at $266.80 on Friday. The company has a market capitalization of $258.53 billion, a PE ratio of 47.99, a P/E/G ratio of 2.26 and a beta of 1.29. 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 simple moving average of $254.14 and a two-hundred day simple moving average of $266.44. Salesforce has a one year low of $193.68 and a one year high of $318.71.

Salesforce (NYSE:CRM) last announced its 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. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm’s revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.63 earnings per share. Research analysts expect that Salesforce will post 7.55 EPS for the current fiscal year.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 2,800 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $28,362,888.82. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Parker Harris sold 2,800 shares of the stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at $28,362,888.82. The disclosure for this sale can be found here. Insiders sold a total of 66,576 shares of company stock valued at $16,957,573 in the last three months. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of Salesforce

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

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.