Salesforce (NYSE:CRM) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of Salesforce (NYSE:CRMGet Rating) from a hold rating to a buy rating in a report published on Tuesday.

CRM has been the topic of several other research reports. Truist Financial dropped their target price on shares of Salesforce from $330.00 to $240.00 and set a buy rating on the stock in a research report on Thursday, August 25th. Credit Suisse Group dropped their target price on shares of Salesforce from $315.00 to $250.00 and set an outperform rating on the stock in a research report on Thursday, August 25th. Piper Sandler decreased their price target on shares of Salesforce from $200.00 to $175.00 and set an overweight rating for the company in a research note on Thursday, October 20th. BMO Capital Markets decreased their price target on shares of Salesforce from $190.00 to $180.00 in a research note on Friday, November 18th. Finally, UBS Group decreased their price target on shares of Salesforce from $190.00 to $180.00 and set a neutral rating for the company in a research note on Thursday, August 25th. Six equities research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $224.24.

Salesforce Price Performance

Salesforce stock opened at $149.25 on Tuesday. Salesforce has a 52 week low of $136.04 and a 52 week high of $299.27. The company’s 50 day moving average price is $151.77 and its two-hundred day moving average price is $164.81. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.16. The stock has a market cap of $149.25 billion, a P/E ratio of 276.39, a P/E/G ratio of 4.01 and a beta of 1.12.

Salesforce (NYSE:CRMGet Rating) last posted its earnings results on Wednesday, August 24th. The CRM provider reported $0.52 EPS for the quarter, topping 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 firm had revenue of $7.72 billion for the quarter, compared to analysts’ expectations of $7.70 billion. During the same quarter last year, the firm earned $0.87 EPS. The company’s quarterly revenue was up 21.8% compared to the same quarter last year. On average, equities analysts predict that Salesforce will post 2.21 earnings per share for the current year.

Salesforce declared that its Board of Directors has approved a stock buyback plan on Wednesday, August 24th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the CRM provider to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Salesforce

In other Salesforce news, CEO Marc Benioff sold 2,300 shares of the firm’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $169.05, for a total value of $388,815.00. Following the completion of the transaction, the chief executive officer now directly owns 27,761,368 shares of the company’s stock, valued at approximately $4,693,059,260.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Parker Harris sold 47,095 shares of Salesforce stock in a transaction on Monday, November 21st. The shares were sold at an average price of $144.88, for a total transaction of $6,823,123.60. Following the completion of the sale, the insider now directly owns 95,155 shares of the company’s stock, valued at approximately $13,786,056.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction on Friday, August 26th. The stock was sold at an average price of $169.05, for a total transaction of $388,815.00. Following the sale, the chief executive officer now directly owns 27,761,368 shares of the company’s stock, valued at $4,693,059,260.40. The disclosure for this sale can be found here. Insiders sold a total of 207,522 shares of company stock valued at $31,643,534 in the last three months. Company insiders own 3.60% of the company’s stock.

Institutional Trading of Salesforce

A number of hedge funds have recently made changes to their positions in CRM. Price T Rowe Associates Inc. MD lifted its holdings in shares of Salesforce by 40.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 46,707,038 shares of the CRM provider’s stock worth $7,708,529,000 after acquiring an additional 13,483,854 shares during the last quarter. Aaron Wealth Advisors LLC lifted its stake in Salesforce by 76,897.5% in the first quarter. Aaron Wealth Advisors LLC now owns 2,727,250 shares of the CRM provider’s stock worth $12,845,000 after purchasing an additional 2,723,708 shares during the last quarter. Public Investment Fund bought a new stake in Salesforce in the second quarter worth $437,393,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in Salesforce by 114.9% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,881,056 shares of the CRM provider’s stock worth $640,566,000 after purchasing an additional 2,074,938 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Salesforce by 1.9% in the first quarter. Vanguard Group Inc. now owns 77,620,937 shares of the CRM provider’s stock worth $16,480,478,000 after purchasing an additional 1,458,042 shares during the last quarter. 77.02% of the stock is owned by institutional investors.

About Salesforce

(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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