Royal Bank of Canada Reiterates “Outperform” Rating for Salesforce (NYSE:CRM)
Salesforce (NYSE:CRM – Get Free Report)‘s stock had its “outperform” rating reissued by investment analysts at Royal Bank of Canada in a report released on Friday, Benzinga reports. They presently have a $350.00 price target on the CRM provider’s stock, up from their prior price target of $325.00. Royal Bank of Canada’s price objective points to a potential upside of 18.92% from the stock’s current price.
Other analysts have also recently issued reports about the company. Piper Sandler reissued a “neutral” rating and set a $285.00 price objective on shares of Salesforce in a report on Wednesday, February 28th. UBS Group upped their price target on Salesforce from $285.00 to $310.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Bank of America upped their price target on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Wells Fargo & Company upped their price target on Salesforce from $280.00 to $290.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 21st. Finally, Citigroup upped their price target on Salesforce from $265.00 to $325.00 and gave the company a “neutral” rating in a research note on Monday, February 26th. Nine research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $305.77.
Check Out Our Latest Research Report on CRM
Salesforce Stock Down 1.6 %
Shares of NYSE CRM opened at $294.32 on Friday. The firm’s 50-day simple moving average is $298.82 and its 200 day simple moving average is $259.37. The company has a market cap of $285.49 billion, a price-to-earnings ratio of 70.08, a price-to-earnings-growth ratio of 2.30 and a beta of 1.28. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. Salesforce has a 12-month low of $190.45 and a 12-month high of $318.71.
Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.06. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.01 EPS. On average, research analysts expect that Salesforce will post 7.45 earnings per share for the current fiscal year.
Insider Activity at Salesforce
In related news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $315.54, for a total value of $4,733,100.00. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available through this link. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Friday, March 1st. The shares were sold at an average price of $315.54, for a total transaction of $4,733,100.00. Following the completion of the transaction, 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 document filed with the SEC, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 216 shares of Salesforce stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total transaction of $60,201.36. Following the transaction, the chief accounting officer now directly owns 2,869 shares of the company’s stock, valued at $799,618.99. The disclosure for this sale can be found here. Over the last three months, insiders sold 907,375 shares of company stock valued at $262,519,346. 3.70% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Salesforce
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRM. Bear Mountain Capital Inc. acquired a new stake in shares of Salesforce during the fourth quarter worth $26,000. Signature Resources Capital Management LLC acquired a new stake in shares of Salesforce during the fourth quarter worth $26,000. Aspect Partners LLC acquired a new stake in shares of Salesforce during the fourth quarter worth $29,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Salesforce during the fourth quarter worth $31,000. Finally, Main Street Group LTD acquired a new stake in shares of Salesforce during the fourth quarter worth $31,000. 80.43% of the stock is owned by institutional investors.
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.
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