JMP Securities Reaffirms “Market Outperform” Rating for Salesforce (NYSE:CRM)

Salesforce (NYSE:CRM)‘s stock had its “market outperform” rating reiterated by research analysts at JMP Securities in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $450.00 price target on the CRM provider’s stock. JMP Securities’ price target would indicate a potential upside of 35.95% from the company’s previous close.

A number of other analysts have also weighed in on CRM. Bank of America upped their target price on shares of Salesforce from $325.00 to $390.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Northland Capmk upgraded shares of Salesforce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. upped their target price on Salesforce from $310.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. UBS Group raised their price objective on shares of Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Finally, Citigroup increased their target price on shares of Salesforce from $290.00 to $368.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 27th. Seven equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $345.31.

Salesforce Price Performance

NYSE:CRM opened at $331.01 on Tuesday. The company has a market capitalization of $316.45 billion, a P/E ratio of 57.53, a P/E/G ratio of 2.99 and a beta of 1.30. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock’s fifty day moving average is $302.12 and its two-hundred day moving average is $270.49. Salesforce has a 52 week low of $212.00 and a 52 week high of $348.86.

Insider Activity

In other news, insider Miguel Milano sold 719 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $342.81, for a total transaction of $246,480.39. Following the transaction, the insider now owns 4,659 shares of the company’s stock, valued at approximately $1,597,151.79. This represents a 13.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sabastian Niles sold 2,484 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total value of $608,108.04. Following the transaction, the insider now directly owns 828 shares of the company’s stock, valued at $202,702.68. This represents a 75.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 140,982 shares of company stock valued at $41,591,457. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

A number of institutional investors have recently added to or reduced their stakes in the company. Contravisory Investment Management Inc. raised its stake in shares of Salesforce by 4.1% in the 2nd quarter. Contravisory Investment Management Inc. now owns 1,846 shares of the CRM provider’s stock valued at $475,000 after buying an additional 73 shares in the last quarter. Simplicity Wealth LLC increased its stake in shares of Salesforce by 4.2% in the 2nd quarter. Simplicity Wealth LLC now owns 28,588 shares of the CRM provider’s stock valued at $7,350,000 after buying an additional 1,141 shares during the period. Csenge Advisory Group raised its holdings in Salesforce by 14.0% during the 2nd quarter. Csenge Advisory Group now owns 4,260 shares of the CRM provider’s stock worth $1,095,000 after purchasing an additional 524 shares during the last quarter. Guinness Asset Management LTD lifted its holdings in Salesforce by 3.8% in the second quarter. Guinness Asset Management LTD now owns 142,876 shares of the CRM provider’s stock valued at $36,721,000 after buying an additional 5,237 shares during the period. Finally, Wesbanco Bank Inc. boosted its position in shares of Salesforce by 10.8% in the 2nd quarter. Wesbanco Bank Inc. now owns 106,657 shares of the CRM provider’s stock worth $27,422,000 after purchasing an additional 10,365 shares during the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

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.