Salesforce's (CRM) "Market Outperform" Rating Reiterated at JMP Securities

Key Points

• JMP Securities has reiterated its "market outperform" rating on Salesforce (CRM) with a target price of $430.00, indicating a potential upside of 70.06% from its current trading price.
• Salesforce's stock is currently down 1.3%, trading at $252.85, which is below its twelve-month high of $369.00.
• Institutional investors hold 80.43% of Salesforce's stock, reflecting significant interest from major financial players in the company.

Salesforce (NYSE:CRM - Get Free Report)'s stock had its "market outperform" rating reaffirmed by equities researchers at JMP Securities in a note issued to investors on Tuesday,Benzinga reports. They currently have a $430.00 target price on the CRM provider's stock. JMP Securities' price target would suggest a potential upside of 70.06% from the stock's current price.

Several other research firms have also weighed in on CRM. Barclays cut their target price on Salesforce from $347.00 to $316.00 and set an "overweight" rating on the stock in a report on Monday, August 18th. Bank of America cut their target price on Salesforce from $350.00 to $325.00 and set a "buy" rating on the stock in a report on Tuesday, August 26th. Needham & Company LLC reiterated a "buy" rating and issued a $400.00 price objective on shares of Salesforce in a research note on Wednesday, May 28th. DA Davidson raised Salesforce from an "underperform" rating to a "neutral" rating and set a $225.00 price objective for the company in a research report on Friday, August 15th. Finally, Citigroup reissued a "neutral" rating on shares of Salesforce in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $341.50.

Salesforce Stock Down 1.3%

NYSE CRM traded down $3.40 during trading on Tuesday, hitting $252.85. 1,084,108 shares of the company traded hands, compared to its average volume of 7,198,970. Salesforce has a 12 month low of $226.48 and a 12 month high of $369.00. The business has a fifty day simple moving average of $257.20 and a 200 day simple moving average of $268.36. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $241.73 billion, a P/E ratio of 39.54, a PEG ratio of 2.33 and a beta of 1.22.

Insiders Place Their Bets

In other Salesforce news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $248.56, for a total transaction of $559,260.00. Following the sale, the chief executive officer directly owned 11,911,571 shares of the company's stock, valued at approximately $2,960,740,087.76. The trade was a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 59,327 shares of company stock worth $15,201,738 over the last 90 days. 3.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Salesforce

A number of institutional investors have recently added to or reduced their stakes in the stock. Evolution Wealth Management Inc. acquired a new stake in Salesforce during the second quarter valued at approximately $27,000. Total Investment Management Inc. acquired a new stake in Salesforce during the second quarter valued at approximately $115,000. Centaurus Financial Inc. boosted its holdings in Salesforce by 7.9% during the second quarter. Centaurus Financial Inc. now owns 15,016 shares of the CRM provider's stock valued at $4,095,000 after purchasing an additional 1,102 shares in the last quarter. Orion Porfolio Solutions LLC boosted its holdings in Salesforce by 12.6% during the second quarter. Orion Porfolio Solutions LLC now owns 87,816 shares of the CRM provider's stock valued at $23,947,000 after purchasing an additional 9,834 shares in the last quarter. Finally, MASTERINVEST Kapitalanlage GmbH acquired a new stake in Salesforce during the second quarter valued at approximately $8,244,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.