Salesforce (NYSE:CRM) Earns Equal Weight Rating from Analysts at Stephens

Stephens began coverage on shares of Salesforce (NYSE:CRM) in a research report issued to clients and investors on Wednesday, Marketbeat reports. The brokerage set an “equal weight” rating and a $311.00 price target on the CRM provider’s stock. Stephens’ price target suggests a potential upside of 11.44% from the stock’s previous close.

Several other research firms have also weighed in on CRM. DA Davidson decreased their price target on Salesforce from $300.00 to $275.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. JPMorgan Chase & Co. raised their target price on shares of Salesforce from $340.00 to $380.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Morgan Stanley upped their price objective on shares of Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Jefferies Financial Group increased their target price on Salesforce from $400.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Barclays increased their price target on shares of Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $362.74.

Salesforce Price Performance

Shares of Salesforce stock opened at $279.07 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock’s 50-day simple moving average is $314.23 and its 200-day simple moving average is $309.29. Salesforce has a 52 week low of $212.00 and a 52 week high of $369.00. The company has a market capitalization of $268.19 billion, a price-to-earnings ratio of 45.90, a PEG ratio of 2.58 and a beta of 1.35.

Insider Activity at Salesforce

In other news, insider Parker Harris sold 942 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $339.78, for a total value of $320,072.76. Following the completion of the transaction, the insider now owns 120,333 shares in the company, valued at $40,886,746.74. This trade represents a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Sundeep G. Reddy sold 436 shares of the business’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the sale, the chief accounting officer now owns 7,057 shares in the company, valued at $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 60,256 shares of company stock worth $19,692,357 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. United Bank grew its holdings in Salesforce by 1.1% during the 3rd quarter. United Bank now owns 7,303 shares of the CRM provider’s stock valued at $1,999,000 after buying an additional 76 shares during the last quarter. LMR Partners LLP acquired a new stake in shares of Salesforce during the third quarter valued at $1,051,000. Meeder Asset Management Inc. boosted its stake in shares of Salesforce by 67.3% during the third quarter. Meeder Asset Management Inc. now owns 666 shares of the CRM provider’s stock valued at $182,000 after acquiring an additional 268 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Salesforce by 7.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 238,067 shares of the CRM provider’s stock worth $65,161,000 after purchasing an additional 16,724 shares in the last quarter. Finally, Sachetta LLC raised its stake in Salesforce by 5,505.1% in the 3rd quarter. Sachetta LLC now owns 10,986 shares of the CRM provider’s stock valued at $3,007,000 after purchasing an additional 10,790 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

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.