Salesforce (NYSE:CRM) Earns "Outperform" Rating from Wolfe Research

Salesforce (NYSE:CRM - Get Free Report)'s stock had its "outperform" rating restated by stock analysts at Wolfe Research in a report issued on Tuesday, Benzinga reports. They presently have a $365.00 price target on the CRM provider's stock. Wolfe Research's price target suggests a potential upside of 31.57% from the company's previous close.

Several other equities research analysts have also weighed in on CRM. Robert W. Baird lifted their price target on Salesforce from $310.00 to $355.00 and gave the company an "outperform" rating in a research report on Thursday, February 29th. Piper Sandler restated a "neutral" rating and set a $300.00 price target on shares of Salesforce in a research report on Monday. JPMorgan Chase & Co. lifted their price target on Salesforce from $260.00 to $310.00 and gave the company an "overweight" rating in a research report on Thursday, February 29th. Bank of America raised their price target on Salesforce from $350.00 to $360.00 and gave the company a "buy" rating in a report on Thursday, February 29th. Finally, TheStreet upgraded shares of Salesforce from a "c+" rating to a "b-" rating in a report on Friday, January 19th. Nine investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $307.87.

Salesforce Trading Up 1.7 %

Shares of CRM stock traded up $4.51 during trading hours on Tuesday, reaching $277.41. The company's stock had a trading volume of 7,609,935 shares, compared to its average volume of 5,727,201. The stock has a market capitalization of $269.09 billion, a P/E ratio of 66.05, a P/E/G ratio of 2.26 and a beta of 1.28. Salesforce has a one year low of $190.57 and a one year high of $318.71. The firm's fifty day simple moving average is $298.35 and its 200 day simple moving average is $260.79. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, topping analysts' consensus estimates of $1.72 by $0.06. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same period last year, the company earned $1.01 EPS. The business's quarterly revenue was up 10.8% compared to the same quarter last year. Equities research analysts expect that Salesforce will post 7.45 EPS for the current year.

Insiders Place Their Bets

In other Salesforce news, CAO Sundeep G. Reddy sold 216 shares of the company's stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total value of $60,201.36. Following the completion of the transaction, the chief accounting officer now owns 2,869 shares in the company, valued at $799,618.99. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, COO Brian Millham sold 293,965 shares of the company's stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $280.00, for a total transaction of $82,310,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 216 shares of the company's stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total transaction of $60,201.36. Following the transaction, the chief accounting officer now owns 2,869 shares of the company's stock, valued at approximately $799,618.99. The disclosure for this sale can be found here. Over the last quarter, insiders sold 897,375 shares of company stock worth $260,206,096. Company insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Bear Mountain Capital Inc. acquired a new position in shares of Salesforce during the 4th quarter worth about $26,000. Signature Resources Capital Management LLC acquired a new stake in Salesforce in the 4th quarter valued at about $26,000. Aspect Partners LLC acquired a new stake in Salesforce in the 4th quarter valued at about $29,000. Kathleen S. Wright Associates Inc. acquired a new stake in Salesforce in the 4th quarter valued at about $31,000. Finally, Main Street Group LTD acquired a new stake in Salesforce in the 4th quarter valued at about $31,000. Institutional investors and hedge funds 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.