CRM

Salesforce’s (CRM) “Strong-Buy” Rating Reaffirmed at Raymond James

May 31, 2024

60 4 minutes read

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Raymond James reaffirmed their strong-buy rating on shares of Salesforce (NYSE:CRM – Free Report) in a research report released on Thursday, Benzinga reports. They currently have a $325.00 price target on the CRM provider’s stock, down from their prior price target of $380.00.

Other equities research analysts also recently issued research reports about the stock. Mizuho cut their target price on shares of Salesforce from $345.00 to $300.00 and set a buy rating for the company in a research report on Thursday. Needham & Company LLC reaffirmed a buy rating and issued a $345.00 target price on shares of Salesforce in a research report on Thursday. Wedbush lifted their target price on shares of Salesforce from $280.00 to $325.00 and gave the stock a buy rating in a research report on Thursday, February 29th. JMP Securities reaffirmed a market outperform rating and issued a $342.00 target price on shares of Salesforce in a research report on Monday, April 15th. Finally, Stifel Nicolaus cut their target price on shares of Salesforce from $350.00 to $300.00 and set a buy rating for the company in a research report on Thursday. One research 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce has a consensus rating of Moderate Buy and a consensus target price of $293.33.

Read Our Latest Stock Analysis on CRM

Salesforce Price Performance

Shares of NYSE CRM opened at $218.04 on Thursday. Salesforce has a twelve month low of $193.68 and a twelve month high of $318.71. The firm has a market cap of $211.06 billion, a P/E ratio of 51.91, a PEG ratio of 2.38 and a beta of 1.30. The company has a 50 day moving average of $283.26 and a 200 day moving average of $275.45. 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 (NYSE:CRM – Get Free Report) last announced its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The company had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. During the same period in the previous year, the business earned $1.15 EPS. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, research analysts expect that Salesforce will post 7.45 EPS for the current fiscal year.

Insider Activity

In other news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $304.25, for a total transaction of $4,563,750.00. Following the sale, the chief executive officer now directly owns 13,266,166 shares in the company, valued at approximately $4,036,231,005.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $304.25, for a total transaction of $4,563,750.00. Following the sale, the chief executive officer now directly owns 13,266,166 shares in the company, valued at approximately $4,036,231,005.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Amy E. Weaver sold 7,075 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the sale, the chief financial officer now owns 38,483 shares in the company, valued at $11,903,561.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 623,070 shares of company stock worth $179,662,826. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Salesforce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Motiv8 Investments LLC raised its position in Salesforce by 20.1% in the 1st quarter. Motiv8 Investments LLC now owns 2,448 shares of the CRM provider’s stock worth $737,000 after purchasing an additional 409 shares during the period. Cetera Advisor Networks LLC raised its position in Salesforce by 7.1% in the 1st quarter. Cetera Advisor Networks LLC now owns 132,020 shares of the CRM provider’s stock worth $39,762,000 after purchasing an additional 8,730 shares during the period. Cetera Advisors LLC raised its position in Salesforce by 27.1% in the 1st quarter. Cetera Advisors LLC now owns 131,076 shares of the CRM provider’s stock worth $39,477,000 after purchasing an additional 27,976 shares during the period. Cetera Investment Advisers raised its position in Salesforce by 476.5% in the 1st quarter. Cetera Investment Advisers now owns 297,453 shares of the CRM provider’s stock worth $89,587,000 after purchasing an additional 245,857 shares during the period. Finally, Farallon Capital Management LLC raised its position in Salesforce by 1.4% in the 1st quarter. Farallon Capital Management LLC now owns 1,952,168 shares of the CRM provider’s stock worth $587,954,000 after purchasing an additional 26,430 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Company Profile

(Get Free Report)

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.