Piper Sandler Reiterates Neutral Rating for Salesforce (NYSE:CRM)
Salesforce (NYSE:CRM – Get Free Report)‘s stock had its “neutral” rating reiterated by analysts at Piper Sandler in a report issued on Monday, Benzinga reports. They currently have a $300.00 target price on the CRM provider’s stock. Piper Sandler’s target price would indicate a potential upside of 1.93% from the stock’s current price.
A number of other equities research analysts have also recently weighed in on the stock. Robert W. Baird upped their price objective on shares of Salesforce from $310.00 to $355.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Evercore ISI boosted their target price on Salesforce from $290.00 to $330.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Wedbush lifted their price target on Salesforce from $280.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. JMP Securities increased their price objective on shares of Salesforce from $293.00 to $342.00 and gave the company a “market outperform” rating in a research report on Thursday, February 29th. Finally, StockNews.com downgraded shares of Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. Nine investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $306.26.
Check Out Our Latest Stock Report on Salesforce
Salesforce Stock Down 1.6 %
CRM stock opened at $294.32 on Monday. The company has a market capitalization of $285.49 billion, a price-to-earnings ratio of 70.08, a price-to-earnings-growth ratio of 2.26 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The business’s 50 day moving average price is $298.82 and its two-hundred day moving average price is $259.77. Salesforce has a fifty-two week low of $190.45 and a fifty-two week high of $318.71.
Salesforce (NYSE:CRM – Get Free Report) last posted its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.01 earnings per share. As a group, analysts forecast that Salesforce will post 7.45 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, CFO Amy E. Weaver sold 7,074 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $284.00, for a total transaction of $2,009,016.00. Following the completion of the transaction, the chief financial officer now directly owns 38,993 shares in the company, valued at approximately $11,074,012. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $315.54, for a total transaction of $4,733,100.00. Following the sale, the chief executive officer now directly owns 13,311,166 shares of the company’s stock, valued at $4,200,205,319.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Amy E. Weaver sold 7,074 shares of the company’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $284.00, for a total value of $2,009,016.00. Following the completion of the transaction, the chief financial officer now directly owns 38,993 shares of the company’s stock, valued at approximately $11,074,012. The disclosure for this sale can be found here. Insiders sold a total of 907,375 shares of company stock worth $262,519,346 over the last quarter. 3.70% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the business. Walkner Condon Financial Advisors LLC grew its stake in Salesforce by 2.9% during the third quarter. Walkner Condon Financial Advisors LLC now owns 2,633 shares of the CRM provider’s stock valued at $534,000 after acquiring an additional 74 shares in the last quarter. Pure Financial Advisors LLC purchased a new position in shares of Salesforce during the fourth quarter valued at about $214,000. Riversedge Advisors LLC increased its holdings in shares of Salesforce by 21.7% in the third quarter. Riversedge Advisors LLC now owns 2,353 shares of the CRM provider’s stock worth $477,000 after purchasing an additional 420 shares during the last quarter. CHURCHILL MANAGEMENT Corp purchased a new stake in shares of Salesforce in the third quarter worth about $2,499,000. Finally, Lone Pine Capital LLC boosted its stake in Salesforce by 47.5% during the third quarter. Lone Pine Capital LLC now owns 2,499,630 shares of the CRM provider’s stock valued at $506,875,000 after buying an additional 804,634 shares during the last quarter. 80.43% of the stock is 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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