Oppenheimer Reiterates “Outperform” Rating for Salesforce (NYSE:CRM)

Salesforce (NYSE:CRM)‘s stock had its “outperform” rating reissued by stock analysts at Oppenheimer in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $415.00 price objective on the CRM provider’s stock, up from their previous price objective of $385.00. Oppenheimer’s target price points to a potential upside of 14.91% from the stock’s current price.

CRM has been the subject of a number of other reports. Erste Group Bank raised shares of Salesforce from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Northland Securities reissued an “outperform” rating and set a $440.00 price target (up previously from $400.00) on shares of Salesforce in a research report on Wednesday. Cfra set a $343.00 price objective on Salesforce in a research report on Thursday, October 17th. Sanford C. Bernstein lifted their price objective on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Truist Financial restated a “buy” rating and issued a $400.00 target price (up from $380.00) on shares of Salesforce in a report on Wednesday. Eight research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and a consensus target price of $372.86.

Salesforce Stock Performance

Shares of CRM stock opened at $361.14 on Wednesday. The stock has a fifty day moving average price of $308.26 and a 200 day moving average price of $272.43. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market cap of $345.25 billion, a PE ratio of 59.40, a P/E/G ratio of 3.00 and a beta of 1.30. Salesforce has a 1 year low of $212.00 and a 1 year high of $369.00.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). The firm had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a return on equity of 12.31% and a net margin of 15.96%. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the firm earned $1.62 EPS. Sell-side analysts forecast that Salesforce will post 7.55 earnings per share for the current fiscal year.

Insider Activity at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $257.04, for a total value of $1,079,568.00. Following the completion of the sale, the insider now owns 117,581 shares of the company’s stock, valued at approximately $30,223,020.24. The trade was a 3.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the transaction, the chief accounting officer now directly owns 7,006 shares in the company, valued at $1,998,741.74. The trade was a 5.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 140,982 shares of company stock valued at $41,591,457. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Institutional investors and hedge funds have recently bought and sold shares of the company. Piscataqua Savings Bank increased its holdings in shares of Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares during the last quarter. Infrastructure Capital Advisors LLC acquired a new position in Salesforce in the third quarter worth $27,000. Clear Investment Research LLC boosted its holdings in Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares during the period. Stephens Consulting LLC increased its stake in Salesforce by 3,125.0% during the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 125 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in shares of Salesforce during the second quarter worth $33,000. 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.