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

Salesforce (NYSE:CRM)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $345.00 target price on the CRM provider’s stock. Needham & Company LLC’s target price suggests a potential upside of 40.15% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. BMO Capital Markets boosted their target price on Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. BNP Paribas upgraded Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Oppenheimer boosted their target price on Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Loop Capital boosted their target price on Salesforce from $240.00 to $270.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Finally, Robert W. Baird boosted their target price on Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $304.41.

Salesforce Price Performance

CRM stock opened at $246.16 on Friday. The company has a market capitalization of $238.53 billion, a P/E ratio of 44.27, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.04. Salesforce has a 52-week low of $193.68 and a 52-week high of $318.71. The business has a 50-day simple moving average of $254.78 and a two-hundred day simple moving average of $270.11.

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 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 return on equity of 12.01% and a net margin of 15.44%. The company’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.63 EPS. Research analysts expect that Salesforce will post 7.52 EPS for the current fiscal year.

Insider Buying and Selling at Salesforce

In related news, insider Parker Harris sold 3,528 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $250.59, for a total value of $884,081.52. Following the completion of the sale, the insider now owns 117,581 shares of the company’s stock, valued at $29,464,622.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Parker Harris sold 3,528 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $250.59, for a total value of $884,081.52. Following the completion of the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at $29,464,622.79. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Miguel Milano sold 2,934 shares of Salesforce stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $262.95, for a total value of $771,495.30. Following the sale, the insider now directly owns 3,716 shares in the company, valued at $977,122.20. The disclosure for this sale can be found here. Insiders sold 83,692 shares of company stock valued at $21,006,957 in the last 90 days. Insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Hedge funds have recently modified their holdings of the business. Ruedi Wealth Management Inc. boosted its stake in Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 56 shares in the last quarter. Piscataqua Savings Bank lifted its holdings in shares of Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares during the last quarter. Red Tortoise LLC bought a new stake in shares of Salesforce in the 1st quarter worth approximately $33,000. Clear Investment Research LLC grew 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 buying an additional 98 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new position in Salesforce during the 2nd quarter valued at approximately $33,000. Institutional investors 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.