salesforce.com (NYSE:CRM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The brokerage currently has a $185.00 price target on the CRM provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 7.12% from the stock’s previous close.
According to Zacks, “Salesforce recently delivered better-than-expected results for first-quarter fiscal 2021. The company has been benefiting from a robust demand environment as customers are undergoing a major digital transformation. The rapid adoption of its cloud-based solutions is driving demand for its products. Continued deal wins in the international market is another growth driver. Furthermore, Salesforce’s recent acquisition of Tableau positions the company to be a leader in business analytics for actionable results in everything from operations to HR. However, stiff competition from Oracle and Microsoft is a concern. Besides, increasing investments in international expansions and data centers are an overhang on near-term profitability. Shares of the company have underperformed the industry in the past year.”
Other equities analysts have also recently issued research reports about the stock. Deutsche Bank increased their price objective on shares of salesforce.com from $185.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Morgan Stanley dropped their price objective on shares of salesforce.com from $225.00 to $195.00 and set an “overweight” rating for the company in a research note on Wednesday, March 25th. Robert W. Baird increased their target price on shares of salesforce.com from $200.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. Sanford C. Bernstein reiterated a “neutral” rating and set a $180.00 target price on shares of salesforce.com in a research report on Wednesday, February 26th. Finally, Oppenheimer increased their target price on shares of salesforce.com from $165.00 to $195.00 and gave the stock an “outperform” rating in a research report on Monday, May 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-nine have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $198.15.
Shares of CRM stock traded down $3.66 during mid-day trading on Tuesday, reaching $172.70. The company’s stock had a trading volume of 150,455 shares, compared to its average volume of 6,909,155. salesforce.com has a 1-year low of $115.29 and a 1-year high of $195.72. The company has a market cap of $158.53 billion, a P/E ratio of -957.83, a PEG ratio of 8.01 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.08 and a current ratio of 1.15. The firm’s 50-day moving average is $166.18 and its two-hundred day moving average is $166.50.
salesforce.com (NYSE:CRM) last announced its quarterly earnings data on Thursday, May 28th. The CRM provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. salesforce.com had a negative net margin of 0.92% and a positive return on equity of 2.45%. The company had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter in the prior year, the company posted $0.93 EPS. The business’s revenue was up 30.2% on a year-over-year basis. Sell-side analysts anticipate that salesforce.com will post 1.21 EPS for the current year.
In related news, CEO Marc Benioff sold 10,000 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $172.47, for a total value of $1,724,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Craig Conway sold 225 shares of salesforce.com stock in a transaction on Monday, March 16th. The stock was sold at an average price of $131.00, for a total transaction of $29,475.00. Following the transaction, the director now directly owns 10,165 shares of the company’s stock, valued at $1,331,615. The disclosure for this sale can be found here. Insiders have sold a total of 398,873 shares of company stock worth $63,247,303 over the last 90 days. Corporate insiders own 4.40% of the company’s stock.
A number of hedge funds have recently bought and sold shares of CRM. NWK Group Inc. acquired a new position in salesforce.com in the fourth quarter valued at about $28,000. AlphaCore Capital LLC acquired a new position in salesforce.com in the first quarter valued at about $28,000. Red Door Wealth Management LLC acquired a new position in salesforce.com in the first quarter valued at about $29,000. Delta Asset Management LLC TN raised its stake in salesforce.com by 166.7% in the first quarter. Delta Asset Management LLC TN now owns 200 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 125 shares in the last quarter. Finally, Accurate Investment Solutions Inc. raised its stake in salesforce.com by 632.1% in the first quarter. Accurate Investment Solutions Inc. now owns 205 shares of the CRM provider’s stock valued at $30,000 after purchasing an additional 177 shares in the last quarter. 81.54% of the stock is owned by institutional investors and hedge funds.
salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management. The company offers Sales Cloud to store data, monitor leads and progress, forecast opportunities, and gain insights through analytics and relationship intelligence, as well as deliver quotes, contracts, and invoices.
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