Oppenheimer Reaffirms Outperform Rating for Salesforce (NYSE:CRM)

Oppenheimer reissued their outperform rating on shares of Salesforce (NYSE:CRM) in a report published on Wednesday,Benzinga reports. The brokerage currently has a $415.00 price objective on the CRM provider’s stock, up from their previous price objective of $385.00.

CRM has been the subject of several other research reports. Scotiabank began coverage on Salesforce in a research report on Monday, November 18th. They issued a “sector outperform” rating and a $425.00 target price for the company. BMO Capital Markets increased their target price on Salesforce from $385.00 to $425.00 and gave the stock an “outperform” rating in a research report on Wednesday. Robert W. Baird increased their target price on Salesforce from $340.00 to $430.00 and gave the stock an “outperform” rating in a research report on Wednesday. Wedbush increased their target price on Salesforce from $325.00 to $375.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. Finally, Northland Capmk raised Salesforce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. Eight research analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $370.50.

Salesforce Trading Up 11.0 %

CRM opened at $367.94 on Wednesday. The business has a 50 day simple moving average of $306.55 and a two-hundred day simple moving average of $271.81. The firm has a market capitalization of $351.75 billion, a price-to-earnings ratio of 63.99, a PEG ratio of 3.00 and a beta of 1.30. 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 has a one year low of $212.00 and a one year high of $369.00.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The business had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.62 EPS. Analysts predict that Salesforce will post 7.54 EPS for the current year.

Insider Transactions at Salesforce

In other news, insider Miguel Milano sold 719 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $342.81, for a total value of $246,480.39. Following the transaction, the insider now owns 4,659 shares of the company’s stock, valued at $1,597,151.79. This trade represents a 13.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the transaction, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This trade represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 140,982 shares of company stock worth $41,591,457 in the last ninety days. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. U.S. Capital Wealth Advisors LLC boosted its stake in Salesforce by 1.3% in the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 7,125 shares of the CRM provider’s stock worth $1,832,000 after purchasing an additional 94 shares during the period. BDF Gestion bought a new position in shares of Salesforce during the second quarter worth $7,302,000. Manning & Napier Advisors LLC bought a new position in shares of Salesforce during the second quarter worth $44,708,000. CCM Investment Advisers LLC grew its stake in Salesforce by 0.9% during the second quarter. CCM Investment Advisers LLC now owns 65,170 shares of the CRM provider’s stock valued at $16,755,000 after acquiring an additional 572 shares in the last quarter. Finally, OLD National Bancorp IN lifted its stake in Salesforce by 0.7% in the 2nd quarter. OLD National Bancorp IN now owns 78,746 shares of the CRM provider’s stock worth $20,246,000 after purchasing an additional 521 shares in the last quarter. Hedge funds and other 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.