Salesforce’s (CRM) Buy Rating Reaffirmed at Bank of America

Salesforce (NYSE:CRM)‘s stock had its “buy” rating reissued by Bank of America in a report issued on Friday, Benzinga reports. They presently have a $325.00 price objective on the CRM provider’s stock. Bank of America‘s target price points to a potential upside of 33.21% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Loop Capital increased their price target on Salesforce from $240.00 to $270.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Sanford C. Bernstein increased their target price on Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Mizuho decreased their target price on Salesforce from $345.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Evercore ISI reaffirmed an “outperform” rating and issued a $300.00 price target on shares of Salesforce in a research note on Monday, August 26th. Finally, BNP Paribas raised shares of Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $304.41.

Salesforce Price Performance

Shares of CRM stock opened at $243.97 on Friday. The firm has a market cap of $236.41 billion, a price-to-earnings ratio of 43.88, a PEG ratio of 2.22 and a beta of 1.29. Salesforce has a 12 month low of $193.68 and a 12 month high of $318.71. The company has a quick ratio of 1.11, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average price of $254.52 and a 200 day moving average price of $269.68.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping the consensus estimate of $2.36 by $0.20. The company had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. Salesforce’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.63 EPS. Research analysts expect that Salesforce will post 7.52 EPS for the current year.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction dated 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 sale, the chief accounting officer now directly owns 6,431 shares in the company, valued at approximately $1,644,921.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Parker Harris sold 3,528 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $250.59, for a total transaction of $884,081.52. Following the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $29,464,622.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 sale, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. The disclosure for this sale can be found here. Insiders sold a total of 83,692 shares of company stock valued at $21,006,957 in the last quarter. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Several large investors have recently modified their holdings of the stock. Ruedi Wealth Management Inc. raised its holdings in Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 56 shares during the period. Piscataqua Savings Bank grew its position in shares of Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares during the last quarter. Red Tortoise LLC bought a new position in shares of Salesforce during the first quarter worth approximately $33,000. Clear Investment Research LLC boosted its stake in Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 98 shares during the period. Finally, Strategic Investment Solutions Inc. IL acquired a new position in Salesforce in the 2nd quarter valued at $33,000. 80.43% of the stock is owned by institutional investors.

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.