Oppenheimer Reaffirms “Outperform” Rating for Salesforce (NYSE:CRM)

Salesforce (NYSE:CRM)‘s stock had its “outperform” rating restated by analysts at Oppenheimer in a report released on Tuesday,Benzinga reports. They currently have a $370.00 target price on the CRM provider’s stock. Oppenheimer’s price target would indicate a potential upside of 39.13% from the company’s current price.

Several other analysts have also recently commented on CRM. The Goldman Sachs Group upped their target price on shares of Salesforce from $340.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, May 29th. Piper Sandler upped their target price on shares of Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a research report on Wednesday, May 28th. Canaccord Genuity Group dropped their target price on shares of Salesforce from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, May 28th. Wells Fargo & Company upped their price objective on shares of Salesforce from $255.00 to $275.00 and gave the company an “equal weight” rating in a research report on Thursday, May 29th. Finally, DA Davidson restated an “underperform” rating and issued a $200.00 price objective on shares of Salesforce in a research report on Wednesday, May 28th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average target price of $346.34.

Salesforce Stock Performance

Shares of CRM opened at $265.93 on Tuesday. The company has a market capitalization of $254.23 billion, a PE ratio of 43.74, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. Salesforce has a one year low of $227.77 and a one year high of $369.00. 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 company’s fifty day moving average price is $267.35 and its 200 day moving average price is $301.22.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.03. The firm had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.44 earnings per share. As a group, analysts expect that Salesforce will post 7.46 earnings per share for the current year.

Insider Transactions at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $12,967,047.50. The trade was a 11.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R David Schmaier sold 6,959 shares of the business’s stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the transaction, the insider now owns 36,090 shares in the company, valued at approximately $9,141,957.90. This trade represents a 16.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,332 shares of company stock valued at $11,024,802. 3.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Salesforce

Hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new stake in Salesforce in the 4th quarter worth approximately $3,599,867,000. Nuveen LLC purchased a new stake in Salesforce in the 1st quarter worth approximately $2,039,196,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in Salesforce by 926.4% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider’s stock worth $1,422,979,000 after purchasing an additional 3,841,521 shares in the last quarter. GAMMA Investing LLC lifted its stake in Salesforce by 30,456.9% in the 1st quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider’s stock worth $1,020,194,000 after purchasing an additional 3,789,147 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Salesforce in the 4th quarter worth approximately $1,173,564,000. Institutional investors own 80.43% of the company’s stock.

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.