Salesforce (NYSE:CRM) Given Buy Rating at Oppenheimer

Oppenheimer restated their buy rating on shares of Salesforce (NYSE:CRMGet Rating) in a report issued on Thursday morning, Stock Target Advisor reports. They currently have a $240.00 target price on the CRM provider’s stock.

Other equities research analysts also recently issued research reports about the stock. Wedbush reduced their target price on shares of Salesforce from $225.00 to $215.00 and set an outperform rating on the stock in a research note on Thursday, August 25th. Canaccord Genuity Group reduced their price target on shares of Salesforce from $260.00 to $215.00 in a research report on Thursday, August 25th. Citigroup reduced their price target on shares of Salesforce from $189.00 to $179.00 and set a neutral rating on the stock in a research report on Thursday, August 25th. Stifel Nicolaus reduced their price target on shares of Salesforce to $200.00 in a research report on Thursday, August 25th. Finally, BMO Capital Markets reduced their price target on shares of Salesforce from $207.00 to $190.00 in a research report on Thursday. Five analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $242.71.

Salesforce Stock Up 1.7 %

Shares of NYSE:CRM opened at $150.15 on Thursday. Salesforce has a 52 week low of $147.51 and a 52 week high of $311.75. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.06 and a current ratio of 1.06. The company’s fifty day moving average is $171.85 and its 200-day moving average is $178.69. The company has a market capitalization of $150.15 billion, a PE ratio of 278.06, a P/E/G ratio of 4.07 and a beta of 1.12.

Salesforce (NYSE:CRMGet Rating) last issued its earnings results on Wednesday, August 24th. The CRM provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.37 by $0.15. Salesforce had a net margin of 1.83% and a return on equity of 3.32%. The company had revenue of $7.72 billion for the quarter, compared to the consensus estimate of $7.70 billion. During the same quarter in the previous year, the company earned $0.87 EPS. The firm’s revenue for the quarter was up 21.8% compared to the same quarter last year. Equities research analysts predict that Salesforce will post 2.2 earnings per share for the current fiscal year.

Salesforce announced that its board has initiated a share repurchase program on Wednesday, August 24th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the CRM provider to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Marc Benioff sold 2,300 shares of the stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $150.29, for a total transaction of $345,667.00. Following the completion of the sale, the chief executive officer now directly owns 27,761,368 shares of the company’s stock, valued at approximately $4,172,255,996.72. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Salesforce news, CRO Gavin Patterson sold 543 shares of the company’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $177.87, for a total transaction of $96,583.41. Following the completion of the transaction, the executive now owns 17,282 shares of the company’s stock, valued at approximately $3,073,949.34. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Marc Benioff sold 2,300 shares of the company’s stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $150.29, for a total value of $345,667.00. Following the transaction, the chief executive officer now directly owns 27,761,368 shares of the company’s stock, valued at approximately $4,172,255,996.72. The disclosure for this sale can be found here. In the last three months, insiders sold 71,246 shares of company stock valued at $12,337,917. 3.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Salesforce

A number of large investors have recently bought and sold shares of the company. MCIA Inc boosted its position in Salesforce by 0.5% during the 1st quarter. MCIA Inc now owns 10,681 shares of the CRM provider’s stock worth $2,088,000 after acquiring an additional 52 shares during the last quarter. First National Bank Sioux Falls boosted its holdings in shares of Salesforce by 4.0% in the 1st quarter. First National Bank Sioux Falls now owns 1,366 shares of the CRM provider’s stock valued at $290,000 after buying an additional 53 shares during the last quarter. AdvisorNet Financial Inc boosted its holdings in shares of Salesforce by 1.7% in the 1st quarter. AdvisorNet Financial Inc now owns 3,262 shares of the CRM provider’s stock valued at $693,000 after buying an additional 53 shares during the last quarter. Kessler Investment Group LLC boosted its holdings in shares of Salesforce by 10.8% in the 4th quarter. Kessler Investment Group LLC now owns 554 shares of the CRM provider’s stock valued at $141,000 after buying an additional 54 shares during the last quarter. Finally, Geller Advisors LLC boosted its holdings in shares of Salesforce by 2.0% in the 2nd quarter. Geller Advisors LLC now owns 2,752 shares of the CRM provider’s stock valued at $454,000 after buying an additional 54 shares during the last quarter. Institutional investors and hedge funds own 77.02% of the company’s stock.

Salesforce Company Profile

(Get Rating)

Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include Sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and Service that enables companies to deliver trusted and highly personalized customer service and support at scale.

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Analyst Recommendations for Salesforce (NYSE:CRM)

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