CRM

Salesforce, Inc. (NYSE:CRM) Given Average Recommendation of “Moderate Buy” by Brokerages

June 12, 2024

20 4 minutes read

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Shares of Salesforce, Inc. (NYSE:CRM – Get Free Report) have earned a consensus recommendation of “Moderate Buy” from the thirty-five ratings firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $292.79.

CRM has been the subject of a number of research analyst reports. JMP Securities reiterated a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a report on Monday, April 15th. BMO Capital Markets dropped their target price on shares of Salesforce from $335.00 to $265.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. TD Cowen decreased their price target on Salesforce from $330.00 to $285.00 and set a “hold” rating on the stock in a research note on Thursday, May 30th. Citigroup dropped their price objective on Salesforce from $323.00 to $260.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 price objective on shares of Salesforce in a report on Thursday, May 30th.

Check Out Our Latest Analysis on Salesforce

Salesforce Trading Down 0.3 %

Shares of Salesforce stock opened at $241.09 on Wednesday. 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 firm has a market cap of $233.62 billion, a price-to-earnings ratio of 43.36, a price-to-earnings-growth ratio of 2.12 and a beta of 1.26. Salesforce has a 52-week low of $193.68 and a 52-week high of $318.71. The company’s 50-day simple moving average is $272.87 and its 200-day simple moving average is $277.15.

Salesforce (NYSE:CRM – Get Free Report) last released its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The company had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same quarter in the previous year, the firm posted $1.15 EPS. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. As a group, equities research analysts anticipate that Salesforce will post 7.47 earnings per share for the current year.

Insider Buying and Selling at Salesforce

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $296.12, for a total transaction of $4,441,800.00. Following the completion of the sale, the chief executive officer now directly owns 13,161,166 shares in the company, valued at $3,897,284,475.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Salesforce news, Director G Mason Morfit purchased 428,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was purchased at an average cost of $233.17 per share, with a total value of $99,796,760.00. Following the transaction, the director now owns 3,914,309 shares in the company, valued at $912,699,429.53. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $296.12, for a total value of $4,441,800.00. Following the completion of the sale, the chief executive officer now owns 13,161,166 shares of the company’s stock, valued at $3,897,284,475.92. The disclosure for this sale can be found here. Insiders have sold a total of 640,870 shares of company stock worth $180,640,848 in the last quarter. 3.20% of the stock is owned by insiders.

Institutional Trading of Salesforce

A number of hedge funds have recently made changes to their positions in the company. Bear Mountain Capital Inc. purchased a new position in Salesforce in the fourth quarter valued at about $26,000. Signature Resources Capital Management LLC acquired a new stake in shares of Salesforce during the fourth quarter worth approximately $26,000. Ruedi Wealth Management Inc. increased its stake in shares of Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after buying an additional 56 shares during the last quarter. Kathleen S. Wright Associates Inc. acquired a new stake in Salesforce in the fourth quarter valued at $31,000. Finally, Pacifica Partners Inc. boosted its stake in Salesforce by 333.3% during the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

About Salesforce

(Get Free Report

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.