Oppenheimer Reiterates Outperform Rating for Salesforce (NYSE:CRM)

Salesforce (NYSE:CRM - Get Free Report)'s stock had its "outperform" rating reaffirmed by equities researchers at Oppenheimer in a report released on Tuesday,Benzinga reports. They currently have a $370.00 price target on the CRM provider's stock. Oppenheimer's target price indicates a potential upside of 37.77% from the stock's current price.

A number of other equities analysts have also recently issued reports on CRM. Cantor Fitzgerald began coverage on Salesforce in a report on Tuesday, June 3rd. They issued an "overweight" rating and a $325.00 target price on the stock. Macquarie reaffirmed a "neutral" rating and issued a $320.00 price objective on shares of Salesforce in a research note on Thursday, March 20th. UBS Group decreased their target price on shares of Salesforce from $320.00 to $300.00 and set a "neutral" rating for the company in a research report on Tuesday, May 27th. Guggenheim raised shares of Salesforce from a "sell" rating to a "neutral" rating in a research report on Monday, April 21st. Finally, Piper Sandler lifted their price target on Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a research note on Wednesday, May 28th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have assigned a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $346.34.

Salesforce Trading Up 0.1%

Shares of NYSE CRM traded up $0.34 during trading on Tuesday, reaching $268.56. The company had a trading volume of 3,843,369 shares, compared to its average volume of 6,570,738. Salesforce has a 12 month low of $227.77 and a 12 month high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a market cap of $256.74 billion, a P/E ratio of 44.19, a PEG ratio of 2.58 and a beta of 1.38. The company's fifty day moving average price is $266.84 and its 200-day moving average price is $301.47.

Salesforce (NYSE:CRM - Get Free Report) last released its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business had revenue of $9.83 billion during the quarter, compared to the consensus estimate of $9.74 billion. During the same quarter in the prior year, the firm posted $2.44 EPS. The company's revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, research analysts expect that Salesforce will post 7.46 earnings per share for the current year.

Insider Buying and Selling at Salesforce

In other news, insider R David Schmaier sold 6,959 shares of the business's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the sale, the insider now owns 36,090 shares in the company, valued at approximately $9,141,957.90. The trade was a 16.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 1,909 shares of Salesforce stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $543,263.22. Following the transaction, the chief accounting officer now directly owns 11,310 shares of the company's stock, valued at approximately $3,218,599.80. This trade represents a 14.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,332 shares of company stock valued at $11,024,802. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Athena Investment Management bought a new position in Salesforce in the 4th quarter valued at approximately $236,000. Jag Capital Management LLC lifted its holdings in shares of Salesforce by 2,507.9% during the fourth quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider's stock valued at $7,926,000 after purchasing an additional 22,797 shares in the last quarter. Atlantic Union Bankshares Corp lifted its holdings in shares of Salesforce by 2.7% during the fourth quarter. Atlantic Union Bankshares Corp now owns 27,358 shares of the CRM provider's stock valued at $9,146,000 after purchasing an additional 723 shares in the last quarter. Dash Acquisitions Inc. increased its holdings in Salesforce by 2.6% in the 4th quarter. Dash Acquisitions Inc. now owns 60,521 shares of the CRM provider's stock worth $21,785,000 after buying an additional 1,525 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new position in Salesforce in the 4th quarter worth about $823,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

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.