Salesforce (NYSE:CRM) Raised to Buy at Erste Group Bank

Salesforce (NYSE:CRM) was upgraded by analysts at Erste Group Bank from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday,Benzinga reports.

Several other research firms have also recently weighed in on CRM. Robert W. Baird boosted their price target on shares of Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Wells Fargo & Company boosted their price objective on Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 12th. Citigroup lifted their price target on Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research report on Monday, August 26th. Scotiabank started coverage on shares of Salesforce in a research report on Monday. They issued a “sector outperform” rating and a $425.00 target price for the company. Finally, Oppenheimer reissued an “outperform” rating and set a $330.00 target price (up from $300.00) on shares of Salesforce in a research note on Thursday, October 24th. Eight research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and a consensus target price of $326.19.

Salesforce Price Performance

Shares of NYSE:CRM opened at $325.70 on Tuesday. The business has a fifty day moving average price of $291.21 and a 200-day moving average price of $267.72. The company has a market capitalization of $311.37 billion, a PE ratio of 56.64, a PEG ratio of 2.94 and a beta of 1.29. Salesforce has a 1-year low of $212.00 and a 1-year high of $348.86. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping 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 firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same period in the prior year, the business posted $1.63 EPS. Salesforce’s revenue was up 8.5% on a year-over-year basis. As a group, equities analysts expect that Salesforce will post 7.55 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction on Wednesday, October 23rd. The shares were 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. This trade represents a 5.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Brian Millham sold 60,522 shares of Salesforce stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total value of $18,156,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 136,117 shares of company stock worth $39,085,562. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Salesforce

Several hedge funds have recently bought and sold shares of the company. Prime Capital Investment Advisors LLC boosted its stake in Salesforce by 13.6% in the third quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock worth $15,885,000 after buying an additional 6,938 shares in the last quarter. Aljian Capital Management LLC raised its holdings in shares of Salesforce by 16.1% during the third quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock valued at $3,629,000 after acquiring an additional 1,834 shares in the last quarter. AIA Group Ltd lifted its position in shares of Salesforce by 8.9% in the 3rd quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock worth $6,577,000 after purchasing an additional 1,962 shares during the period. Harvest Portfolios Group Inc. lifted its stake in shares of Salesforce by 13.6% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 89,098 shares of the CRM provider’s stock valued at $24,387,000 after purchasing an additional 10,656 shares during the period. Finally, XN LP grew its position in shares of Salesforce by 24.2% in the 2nd quarter. XN LP now owns 464,489 shares of the CRM provider’s stock worth $119,420,000 after buying an additional 90,616 shares during the period. Hedge funds and other 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.