Salesforce (NYSE:CRM) Given “Outperform” Rating at Royal Bank of Canada
Salesforce (NYSE:CRM – Get Free Report)‘s stock had its “outperform” rating reiterated by investment analysts at Royal Bank of Canada in a research note issued on Friday, Benzinga reports. They currently have a $350.00 target price on the CRM provider’s stock, up from their previous target price of $325.00. Royal Bank of Canada’s price objective points to a potential upside of 18.30% from the stock’s previous close.
Several other analysts have also issued reports on the company. Bank of America upped their target price on Salesforce from $350.00 to $360.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. JMP Securities upped their price objective on shares of Salesforce from $293.00 to $342.00 and gave the company a “market outperform” rating in a research note on Thursday, February 29th. BMO Capital Markets boosted their price target on shares of Salesforce from $325.00 to $335.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Needham & Company LLC upped their price target on shares of Salesforce from $275.00 to $345.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Finally, Wedbush lifted their price objective on Salesforce from $280.00 to $325.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $305.77.
View Our Latest Research Report on Salesforce
Salesforce Price Performance
Shares of NYSE:CRM traded down $3.29 on Friday, hitting $295.86. The company’s stock had a trading volume of 854,658 shares, compared to its average volume of 5,478,506. Salesforce has a 1 year low of $190.45 and a 1 year high of $318.71. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market capitalization of $286.98 billion, a PE ratio of 70.45, a PEG ratio of 2.30 and a beta of 1.28. The company has a 50-day simple moving average of $298.65 and a 200 day simple moving average of $258.37.
Salesforce (NYSE:CRM – Get Free Report) last announced its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same period last year, the firm posted $1.01 earnings per share. Salesforce’s quarterly revenue was up 10.8% on a year-over-year basis. Sell-side analysts forecast that Salesforce will post 7.45 EPS for the current fiscal year.
Insider Transactions at Salesforce
In other Salesforce news, CFO Amy E. Weaver sold 7,074 shares of Salesforce stock in a transaction 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 owns 38,993 shares in the company, valued at $11,074,012. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Salesforce news, CFO Amy E. Weaver sold 7,074 shares of the firm’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $284.00, for a total transaction of $2,009,016.00. Following the completion of the sale, the chief financial officer now directly owns 38,993 shares in the company, valued at approximately $11,074,012. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $299.42, for a total transaction of $4,491,300.00. Following the completion of the transaction, the chief executive officer now owns 12,958,721 shares in the company, valued at approximately $3,880,100,241.82. The disclosure for this sale can be found here. Insiders have sold a total of 907,375 shares of company stock valued at $262,519,346 in the last ninety days. 3.70% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Salesforce
Several large investors have recently bought and sold shares of the business. Bear Mountain Capital Inc. purchased a new position in shares of Salesforce in the 4th quarter worth $26,000. Signature Resources Capital Management LLC bought a new position in Salesforce in the fourth quarter valued at about $26,000. Aspect Partners LLC purchased a new position in Salesforce in the fourth quarter worth about $29,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Salesforce during the 4th quarter valued at about $31,000. Finally, Main Street Group LTD purchased a new stake in shares of Salesforce during the 4th quarter valued at about $31,000. 80.43% of the stock is currently owned by 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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