Macquarie Initiates Coverage on Salesforce (NYSE:CRM)

Macquarie started coverage on shares of Salesforce (NYSE:CRM) in a research report issued on Thursday, Marketbeat reports. The firm set a “neutral” rating and a $370.00 price target on the CRM provider’s stock. Macquarie’s price target suggests a potential upside of 4.43% from the stock’s current price.

CRM has been the topic of several other reports. Sanford C. Bernstein raised their price objective on Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Robert W. Baird boosted their price target on Salesforce from $340.00 to $430.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Roth Mkm restated a “buy” rating and issued a $335.00 price target on shares of Salesforce in a report on Thursday, August 29th. Northland Securities reiterated an “outperform” rating and set a $440.00 price objective (up previously from $400.00) on shares of Salesforce in a research note on Wednesday, December 4th. Finally, Barclays upped their target price on shares of Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Eight equities research analysts have rated the stock with a hold rating, thirty have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $377.24.

Salesforce Stock Performance

NYSE CRM opened at $354.30 on Thursday. The business’s 50-day simple moving average is $317.48 and its 200-day simple moving average is $275.57. The firm has a market capitalization of $339.07 billion, a P/E ratio of 58.27, a P/E/G ratio of 3.21 and a beta of 1.30. Salesforce has a 1-year low of $212.00 and a 1-year high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. During the same period last year, the firm earned $1.62 earnings per share. The company’s quarterly revenue was up 8.3% on a year-over-year basis. Equities analysts predict that Salesforce will post 7.48 EPS for the current year.

Insider Activity

In related news, insider Parker Harris sold 4,200 shares of Salesforce 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 sale, the insider now directly owns 117,581 shares in the company, valued at $30,223,020.24. This trade represents a 3.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $255,905.13. Following the completion of the transaction, the chief financial officer now owns 52,930 shares of the company’s stock, valued at approximately $15,100,399.70. This trade represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 138,498 shares of company stock valued at $40,983,349. 3.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Legacy Wealth Management LLC MS bought a new position in Salesforce in the 3rd quarter valued at about $210,000. Garden State Investment Advisory Services LLC lifted its stake in shares of Salesforce by 28.0% in the 3rd quarter. Garden State Investment Advisory Services LLC now owns 3,274 shares of the CRM provider’s stock worth $898,000 after acquiring an additional 717 shares during the period. Copley Financial Group Inc. bought a new position in shares of Salesforce in the third quarter valued at approximately $463,000. Oddo BHF Asset Management Sas acquired a new position in shares of Salesforce during the third quarter valued at approximately $15,894,000. Finally, Inspire Trust Co. N.A. bought a new stake in Salesforce during the third quarter worth approximately $821,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

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.