Erste Group Bank Reiterates Hold Rating for Salesforce (NYSE:CRM)

Salesforce (NYSE:CRM)‘s stock had its “hold” rating reiterated by equities researchers at Erste Group Bank in a research report issued on Wednesday, Benzinga reports.

Other research analysts also recently issued research reports about the stock. BMO Capital Markets upped their target price on shares of Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft cut their target price on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Wedbush reissued an “outperform” rating and issued a $315.00 price target on shares of Salesforce in a report on Thursday, August 29th. Mizuho cut their price objective on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, May 30th. Finally, Oppenheimer boosted their target price on shares of Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $304.41.

Salesforce Stock Up 1.6 %

Shares of CRM stock opened at $253.46 on Wednesday. The company has a 50 day simple moving average of $253.73 and a two-hundred day simple moving average of $268.67. The stock has a market cap of $245.60 billion, a P/E ratio of 45.59, a P/E/G ratio of 2.21 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 current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15.

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

Insider Buying and Selling

In related news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the sale, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares in the company, valued at $1,644,921.18. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Parker Harris sold 5,600 shares of Salesforce stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $250.17, for a total transaction of $1,400,952.00. Following the completion of the sale, the insider now owns 116,693 shares of the company’s stock, valued at $29,193,087.81. The disclosure for this sale can be found here. Insiders sold 62,376 shares of company stock worth $15,878,005 in the last three months. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Salesforce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ruedi Wealth Management Inc. lifted its holdings in shares of Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 56 shares during the period. Piscataqua Savings Bank lifted its stake in Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares during the period. Red Tortoise LLC purchased a new stake in shares of Salesforce in the 1st quarter valued at $33,000. Clear Investment Research LLC increased its stake in shares of Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 98 shares during the period. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of Salesforce during the second quarter worth $33,000. Hedge funds and other 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.