Salesforce (NYSE:CRM) Trading 0.6% Higher
Salesforce, Inc. (NYSE:CRM – Get Free Report) traded up 0.6% on Wednesday . The stock traded as high as $232.29 and last traded at $231.81. 7,119,770 shares traded hands during trading, a decline of 46% from the average session volume of 13,280,099 shares. The stock had previously closed at $230.48.
Analysts Set New Price Targets
CRM has been the topic of several recent research reports. UBS Group dropped their target price on Salesforce from $310.00 to $250.00 and set a “neutral” rating on the stock in a research report on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and set a $345.00 target price on shares of Salesforce in a research report on Thursday, May 30th. Macquarie dropped their target price on Salesforce from $330.00 to $275.00 and set an “outperform” rating on the stock in a research report on Friday, May 31st. Sanford C. Bernstein increased their target price on Salesforce from $231.00 to $234.00 and gave the stock an “underperform” rating in a research report on Thursday, May 30th. Finally, Wolfe Research restated an “outperform” rating and set a $365.00 target price on shares of Salesforce in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $292.79.
Get Our Latest Stock Analysis on Salesforce
Salesforce Price Performance
The company has a market cap of $224.62 billion, a P/E ratio of 41.69, a P/E/G ratio of 2.02 and a beta of 1.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm’s fifty day moving average is $265.95 and its two-hundred day moving average is $276.92.
Salesforce (NYSE:CRM – Get Free Report) last issued its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.06. The company had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. Salesforce’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.15 EPS. As a group, analysts anticipate that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $216.66, for a total value of $3,249,900.00. Following the sale, the chief executive officer now owns 12,407,327 shares in the company, valued at approximately $2,688,171,467.82. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the sale, the chief accounting officer now directly owns 5,856 shares in the company, valued at approximately $1,599,566.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $216.66, for a total transaction of $3,249,900.00. Following the sale, the chief executive officer now owns 12,407,327 shares in the company, valued at $2,688,171,467.82. The disclosure for this sale can be found here. In the last quarter, insiders sold 615,470 shares of company stock valued at $172,557,838. Company insiders own 3.20% of the company’s stock.
Institutional Trading of Salesforce
Several hedge funds have recently made changes to their positions in the business. Mosaic Family Wealth Partners LLC grew its holdings in Salesforce by 6.9% during the 1st quarter. Mosaic Family Wealth Partners LLC now owns 1,044 shares of the CRM provider’s stock valued at $314,000 after purchasing an additional 67 shares during the last quarter. OMC Financial Services LTD bought a new position in Salesforce during the 1st quarter valued at about $3,415,000. Objective Capital Management LLC grew its holdings in Salesforce by 10.7% during the 1st quarter. Objective Capital Management LLC now owns 1,035 shares of the CRM provider’s stock valued at $312,000 after purchasing an additional 100 shares during the last quarter. Maxwell Wealth Strategies Inc. grew its holdings in Salesforce by 569.1% during the 1st quarter. Maxwell Wealth Strategies Inc. now owns 9,448 shares of the CRM provider’s stock valued at $2,846,000 after purchasing an additional 8,036 shares during the last quarter. Finally, Motiv8 Investments LLC grew its holdings in Salesforce by 20.1% during the 1st quarter. Motiv8 Investments LLC now owns 2,448 shares of the CRM provider’s stock valued at $737,000 after purchasing an additional 409 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.
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.
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