Needham & Company LLC Reaffirms “Buy” Rating for Salesforce (NYSE:CRM)

Salesforce (NYSE:CRM)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $375.00 price target on the CRM provider’s stock. Needham & Company LLC’s target price indicates a potential upside of 11.53% from the company’s current price.

Other research analysts have also issued research reports about the stock. Citigroup increased their price target on shares of Salesforce from $368.00 to $390.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Northland Capmk raised Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Jefferies Financial Group boosted their price target on Salesforce from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Wedbush increased their price objective on Salesforce from $325.00 to $375.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. Finally, Phillip Securities restated an “accumulate” rating and issued a $305.00 target price on shares of Salesforce in a research note on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating, thirty have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $378.86.

Salesforce Price Performance

Shares of CRM stock opened at $336.23 on Wednesday. Salesforce has a 12 month low of $212.00 and a 12 month high of $369.00. The company has a market capitalization of $321.77 billion, a P/E ratio of 55.30, a P/E/G ratio of 3.21 and a beta of 1.30. The stock has a 50 day moving average of $322.03 and a two-hundred day moving average of $278.26. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last issued its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period last year, the business earned $1.62 earnings per share. As a group, equities analysts expect that Salesforce will post 7.48 EPS for the current year.

Insider Activity

In other news, CFO Amy E. Weaver sold 897 shares of the company’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 $255,905.13. Following the completion of the transaction, the chief financial officer now owns 52,930 shares in the company, valued at $15,100,399.70. This represents a 1.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Parker Harris sold 942 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $264.78, for a total transaction of $249,422.76. Following the sale, the insider now owns 118,514 shares in the company, valued at approximately $31,380,136.92. The trade was a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 134,298 shares of company stock valued at $39,903,781 in the last quarter. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Large investors have recently added to or reduced their stakes in the company. Independent Solutions Wealth Management LLC raised its position in Salesforce by 7.3% in the 3rd quarter. Independent Solutions Wealth Management LLC now owns 2,140 shares of the CRM provider’s stock valued at $586,000 after buying an additional 145 shares during the last quarter. Legacy Wealth Management LLC MS bought a new position in shares of Salesforce during the 3rd quarter worth approximately $210,000. Garden State Investment Advisory Services LLC raised its holdings in shares of Salesforce by 28.0% in the third quarter. Garden State Investment Advisory Services LLC now owns 3,274 shares of the CRM provider’s stock valued at $898,000 after purchasing an additional 717 shares during the last quarter. Copley Financial Group Inc. bought a new stake in shares of Salesforce in the third quarter worth $463,000. Finally, Oddo BHF Asset Management Sas acquired a new position in Salesforce during the third quarter worth $15,894,000. Institutional investors 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.