Salesforce (NYSE:CRM) Trading 1.5% Higher
Salesforce, Inc. (NYSE:CRM – Get Free Report)’s share price was up 1.5% during mid-day trading on Friday . The stock traded as high as $235.25 and last traded at $232.54. Approximately 2,433,456 shares were traded during trading, a decline of 64% from the average daily volume of 6,675,427 shares. The stock had previously closed at $229.03.
Wall Street Analyst Weigh In
Several research analysts have issued reports on CRM shares. Needham & Company LLC reiterated a “buy” rating and set a $345.00 price objective on shares of Salesforce in a research note on Thursday, May 30th. Jefferies Financial Group lowered their target price on Salesforce from $360.00 to $350.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. Raymond James restated a “strong-buy” rating and issued a $325.00 target price (down from $380.00) on shares of Salesforce in a research note on Thursday, May 30th. Mizuho lowered their target price on Salesforce from $345.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. Finally, Wells Fargo & Company lowered their target price on Salesforce from $300.00 to $250.00 and set an “equal weight” rating for the company in a research note on Thursday, May 30th. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $292.79.
View Our Latest Stock Analysis on CRM
Salesforce Stock Performance
The company has a market cap of $225.07 billion, a price-to-earnings ratio of 41.82, a price-to-earnings-growth ratio of 2.07 and a beta of 1.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a 50-day moving average price of $270.19 and a 200 day moving average price of $276.53.
Salesforce (NYSE:CRM – Get Free Report) last released its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. The company had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. Salesforce’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.15 earnings per share. As a group, analysts anticipate that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.
Insider Activity at Salesforce
In other Salesforce news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $299.60, for a total transaction of $1,258,320.00. Following the completion of the sale, the insider now directly owns 104,904 shares in the company, valued at $31,429,238.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Craig Conway sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $239.64, for a total transaction of $1,437,840.00. Following the transaction, the director now directly owns 6,855 shares of the company’s stock, valued at $1,642,732.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $299.60, for a total transaction of $1,258,320.00. Following the transaction, the insider now directly owns 104,904 shares in the company, valued at $31,429,238.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 634,670 shares of company stock valued at $178,310,008. 3.20% of the stock is owned by insiders.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the business. Bear Mountain Capital Inc. bought a new position in Salesforce in the fourth quarter valued at approximately $26,000. Signature Resources Capital Management LLC bought a new position in shares of Salesforce in the fourth quarter worth about $26,000. Ruedi Wealth Management Inc. lifted its holdings in shares of Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 56 shares during the last quarter. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Salesforce in the 4th quarter valued at approximately $31,000. Finally, Pacifica Partners Inc. increased its position in Salesforce by 333.3% during the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. 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.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Salesforce, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Salesforce wasn’t on the list.
While Salesforce currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
Need to stretch out your 401K or Roth IRA plan? Use these time-tested investing strategies to grow the monthly retirement income that your stock portfolio generates.
