Salesforce (NYSE:CRM) Receives Overweight Rating from Cantor Fitzgerald

Salesforce (NYSE:CRM - Get Free Report)'s stock had its "overweight" rating reaffirmed by Cantor Fitzgerald in a report issued on Thursday,Benzinga reports. They presently have a $325.00 target price on the CRM provider's stock. Cantor Fitzgerald's price objective would suggest a potential upside of 22.32% from the company's previous close.

CRM has been the subject of a number of other reports. Oppenheimer reaffirmed an "outperform" rating and set a $370.00 price target on shares of Salesforce in a research note on Tuesday, June 10th. Loop Capital decreased their target price on Salesforce from $330.00 to $300.00 and set a "hold" rating for the company in a research note on Thursday, February 27th. Robert W. Baird dropped their price target on shares of Salesforce from $430.00 to $400.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. Canaccord Genuity Group cut their price target on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Finally, Sanford C. Bernstein lifted their price objective on shares of Salesforce from $243.00 to $255.00 and gave the stock an "underperform" rating in a research note on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-eight have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Salesforce currently has a consensus rating of "Moderate Buy" and an average price target of $349.08.

Salesforce Stock Performance

NYSE CRM traded down $2.07 during trading hours on Thursday, hitting $265.69. The company had a trading volume of 272,792 shares, compared to its average volume of 6,485,922. The business has a fifty day simple moving average of $269.39 and a 200-day simple moving average of $295.75. Salesforce has a fifty-two week low of $230.00 and a fifty-two week high of $369.00. The firm has a market cap of $254.00 billion, a P/E ratio of 41.59, a price-to-earnings-growth ratio of 2.46 and a beta of 1.38. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM - Get Free Report) last announced its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.55 by $0.03. The firm had revenue of $9.83 billion for the quarter, compared to the consensus estimate of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.44 EPS. Equities analysts predict that Salesforce will post 7.46 EPS for the current year.

Insiders Place Their Bets

In other news, Director Oscar Munoz acquired 3,882 shares of the stock in a transaction dated Thursday, April 3rd. The shares were acquired at an average cost of $257.28 per share, for a total transaction of $998,760.96. Following the completion of the transaction, the director now owns 11,843 shares in the company, valued at approximately $3,046,967.04. This trade represents a 48.76% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 1,256 shares of Salesforce stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total transaction of $318,157.36. Following the sale, the chief accounting officer now owns 12,826 shares in the company, valued at $3,248,954.06. This represents a 8.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,284 shares of company stock worth $6,996,762 in the last ninety days. Insiders own 3.20% of the company's stock.

Institutional Trading of Salesforce

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mainstream Capital Management LLC raised its stake in Salesforce by 0.5% during the fourth quarter. Mainstream Capital Management LLC now owns 6,409 shares of the CRM provider's stock worth $2,143,000 after acquiring an additional 33 shares in the last quarter. Wulff Hansen & CO. lifted its holdings in Salesforce by 3.5% during the 4th quarter. Wulff Hansen & CO. now owns 1,035 shares of the CRM provider's stock valued at $346,000 after purchasing an additional 35 shares during the last quarter. WR Wealth Planners LLC boosted its position in Salesforce by 9.0% in the fourth quarter. WR Wealth Planners LLC now owns 449 shares of the CRM provider's stock valued at $150,000 after buying an additional 37 shares in the last quarter. Coign Capital Advisors LLC increased its holdings in shares of Salesforce by 1.7% during the first quarter. Coign Capital Advisors LLC now owns 2,183 shares of the CRM provider's stock worth $586,000 after buying an additional 37 shares in the last quarter. Finally, Fielder Capital Group LLC raised its stake in shares of Salesforce by 3.0% in the fourth quarter. Fielder Capital Group LLC now owns 1,289 shares of the CRM provider's stock valued at $431,000 after acquiring an additional 38 shares during the last quarter. 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.

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