Salesforce (NYSE:CRM) Receives Buy Rating from Truist Financial
Truist Financial reaffirmed their buy rating on shares of Salesforce (NYSE:CRM – Free Report) in a report published on Thursday, Benzinga reports. They currently have a $300.00 price objective on the CRM provider’s stock, down from their prior price objective of $360.00.
Other research analysts have also recently issued reports about the stock. Wells Fargo & Company dropped their target price on shares of Salesforce from $310.00 to $300.00 and set an equal weight rating on the stock in a research note on Thursday, May 23rd. JPMorgan Chase & Co. boosted their target price on shares of Salesforce from $260.00 to $310.00 and gave the company an overweight rating in a research note on Thursday, February 29th. Bank of America boosted their target price on shares of Salesforce from $350.00 to $360.00 and gave the company a buy rating in a research note on Thursday, February 29th. Royal Bank of Canada reissued an outperform rating and issued a $350.00 price target on shares of Salesforce in a research report on Friday, May 24th. Finally, JMP Securities reissued a market outperform rating and issued a $342.00 price target on shares of Salesforce in a research report on Monday, April 15th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-five 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 a consensus rating of Moderate Buy and a consensus price target of $293.33.
View Our Latest Analysis on Salesforce
Salesforce Stock Down 19.7 %
Salesforce stock opened at $218.04 on Thursday. Salesforce has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The stock has a market cap of $211.06 billion, a PE ratio of 51.91, a price-to-earnings-growth ratio of 2.38 and a beta of 1.30. The firm’s 50-day simple moving average is $283.26 and its 200 day simple moving average is $275.45. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.
Salesforce (NYSE:CRM – Get Free Report) last released its quarterly 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. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The business had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same period in the previous year, the company earned $1.15 earnings per share. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. Research analysts predict that Salesforce will post 7.45 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, CFO Amy E. Weaver sold 7,075 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $2,188,439.00. Following the completion of the sale, the chief financial officer now directly owns 38,483 shares of the company’s stock, valued at approximately $11,903,561.56. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Amy E. Weaver sold 7,075 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $2,188,439.00. Following the completion of the sale, the chief financial officer now directly owns 38,483 shares of the company’s stock, valued at approximately $11,903,561.56. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $269.26, for a total transaction of $1,130,892.00. Following the completion of the sale, the insider now directly owns 115,762 shares of the company’s stock, valued at $31,170,076.12. The disclosure for this sale can be found here. Insiders have sold a total of 623,070 shares of company stock valued at $179,662,826 in the last quarter. Insiders own 3.20% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the business. Bear Mountain Capital Inc. bought a new stake in Salesforce during the fourth quarter valued at approximately $26,000. Signature Resources Capital Management LLC bought a new stake in Salesforce during the fourth quarter valued at approximately $26,000. Ruedi Wealth Management Inc. grew its position in Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares during the period. Kathleen S. Wright Associates Inc. bought a new stake in Salesforce during the fourth quarter valued at approximately $31,000. Finally, Pacifica Partners Inc. boosted its position in shares of Salesforce by 333.3% in the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 100 shares during the period. 80.43% of the stock is owned by hedge funds and other 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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