Salesforce (NYSE:CRM) Stock Rating Upgraded by Piper Sandler

Salesforce (NYSE:CRM) was upgraded by Piper Sandler from a “neutral” rating to an “overweight” rating in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage presently has a $325.00 price objective on the CRM provider’s stock, up from their prior price objective of $268.00. Piper Sandler’s price target would suggest a potential upside of 18.57% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $345.00 price target on shares of Salesforce in a research report on Friday, September 20th. Jefferies Financial Group decreased their target price on shares of Salesforce from $360.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, May 30th. Canaccord Genuity Group increased their price target on shares of Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Phillip Securities restated an “accumulate” rating and issued a $305.00 price objective on shares of Salesforce in a report on Friday, August 30th. Finally, BNP Paribas upgraded Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $307.73.

Salesforce Stock Up 1.3 %

NYSE:CRM opened at $274.09 on Tuesday. Salesforce has a 1-year low of $193.68 and a 1-year high of $318.71. The company has a market capitalization of $262.03 billion, a PE ratio of 49.30, a P/E/G ratio of 2.39 and a beta of 1.29. The firm’s 50-day moving average price is $254.66 and its 200-day moving average price is $265.66. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.63 earnings per share. On average, equities analysts predict that Salesforce will post 7.54 EPS for the current fiscal year.

Insider Activity at Salesforce

In other Salesforce news, COO Brian Millham sold 5,735 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $266.22, for a total transaction of $1,526,771.70. Following the completion of the transaction, the chief operating officer now owns 1,663 shares of the company’s stock, valued at approximately $442,723.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the completion of the transaction, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Brian Millham sold 5,735 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $266.22, for a total transaction of $1,526,771.70. Following the sale, the chief operating officer now directly owns 1,663 shares in the company, valued at approximately $442,723.86. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,033 shares of company stock valued at $16,699,397. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Hedge funds have recently made changes to their positions in the business. Gilbert & Cook Inc. increased its position in shares of Salesforce by 6.9% during the 4th quarter. Gilbert & Cook Inc. now owns 5,659 shares of the CRM provider’s stock valued at $1,489,000 after purchasing an additional 366 shares during the last quarter. Aveo Capital Partners LLC increased its position in Salesforce by 44.7% during the fourth quarter. Aveo Capital Partners LLC now owns 1,605 shares of the CRM provider’s stock valued at $422,000 after acquiring an additional 496 shares during the last quarter. 9258 Wealth Management LLC raised its stake in shares of Salesforce by 24.0% in the fourth quarter. 9258 Wealth Management LLC now owns 6,483 shares of the CRM provider’s stock valued at $1,706,000 after acquiring an additional 1,253 shares during the period. Gryphon Financial Partners LLC lifted its holdings in shares of Salesforce by 32.4% in the 4th quarter. Gryphon Financial Partners LLC now owns 3,960 shares of the CRM provider’s stock worth $1,064,000 after acquiring an additional 970 shares during the last quarter. Finally, Hilltop Holdings Inc. boosted its stake in shares of Salesforce by 3.6% during the 4th quarter. Hilltop Holdings Inc. now owns 4,396 shares of the CRM provider’s stock worth $1,157,000 after purchasing an additional 151 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

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.