Salesforce (NYSE:CRM) Rating Reiterated by Wolfe Research

Salesforce (NYSE:CRM)‘s stock had its “outperform” rating reissued by equities researchers at Wolfe Research in a research report issued on Tuesday, Benzinga reports. They currently have a $365.00 price target on the CRM provider’s stock. Wolfe Research’s price objective points to a potential upside of 32.09% from the company’s previous close.

CRM has been the topic of a number of other research reports. Stifel Nicolaus reiterated a “buy” rating and issued a $350.00 target price on shares of Salesforce in a research report on Wednesday, April 3rd. Truist Financial reiterated a “buy” rating and issued a $360.00 target price (up previously from $275.00) on shares of Salesforce in a research report on Thursday, February 29th. Bank of America upped their target price on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. TheStreet upgraded Salesforce from a “c+” rating to a “b-” rating in a research report on Friday, January 19th. Finally, StockNews.com lowered Salesforce from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 19th. Nine investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and an average target price of $307.87.

Salesforce Price Performance

Shares of CRM stock opened at $276.33 on Tuesday. Salesforce has a fifty-two week low of $190.57 and a fifty-two week high of $318.71. The firm has a market capitalization of $268.04 billion, a price-to-earnings ratio of 65.79, a PEG ratio of 2.10 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock’s 50-day simple moving average is $298.10 and its 200-day simple moving average is $260.89.

Salesforce (NYSE:CRM) last issued its quarterly earnings results 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 business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the previous year, the firm earned $1.01 earnings per share. The company’s revenue was up 10.8% on a year-over-year basis. As a group, equities analysts forecast that Salesforce will post 7.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Salesforce news, COO Brian Millham sold 293,965 shares of the firm’s stock in a transaction on Friday, January 19th. The stock was sold at an average price of $280.00, for a total value of $82,310,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Brian Millham sold 293,965 shares of the stock in a transaction on Friday, January 19th. The stock was sold at an average price of $280.00, for a total transaction of $82,310,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sundeep G. Reddy sold 216 shares of the stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total value of $60,201.36. Following the transaction, the chief accounting officer now owns 2,869 shares of the company’s stock, valued at $799,618.99. The disclosure for this sale can be found here. Insiders sold 907,149 shares of company stock valued at $262,952,448 in the last three months. 3.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Salesforce

A number of hedge funds have recently modified their holdings of CRM. Norges Bank purchased a new position in shares of Salesforce during the 4th quarter worth $1,420,381,000. Moneta Group Investment Advisors LLC boosted its holdings in Salesforce by 125,717.4% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 10,260,412 shares of the CRM provider’s stock valued at $1,360,428,000 after acquiring an additional 10,252,257 shares during the period. Capital International Investors boosted its holdings in Salesforce by 76.4% during the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock valued at $3,607,493,000 after acquiring an additional 5,935,973 shares during the period. Cerity Partners LLC boosted its holdings in Salesforce by 1,254.7% during the 4th quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock valued at $916,693,000 after acquiring an additional 3,226,512 shares during the period. Finally, Starboard Value LP purchased a new position in Salesforce during the 4th quarter valued at about $401,215,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

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.