Salesforce (NYSE:CRM) Stock Rating Reaffirmed by Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Salesforce (NYSE:CRM) in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a $250.00 price objective on the CRM provider’s stock.

A number of other research firms also recently issued reports on CRM. Loop Capital upped their target price on shares of Salesforce from $215.00 to $230.00 and gave the company a hold rating in a research report on Thursday, August 31st. Robert W. Baird upped their target price on shares of Salesforce from $210.00 to $220.00 and gave the company a neutral rating in a research report on Thursday, August 31st. Citigroup upped their target price on shares of Salesforce from $220.00 to $229.00 in a research report on Thursday, August 31st. Piper Sandler upped their target price on shares of Salesforce from $248.00 to $268.00 and gave the company an overweight rating in a research report on Thursday, August 31st. Finally, Truist Financial restated a buy rating and set a $275.00 target price on shares of Salesforce in a research report on Wednesday, September 13th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Salesforce has a consensus rating of Moderate Buy and an average price target of $240.59.

Salesforce Stock Up 0.2 %

Shares of NYSE CRM opened at $215.02 on Friday. The firm’s 50-day simple moving average is $218.24 and its 200 day simple moving average is $206.68. The company has a market cap of $209.21 billion, a price-to-earnings ratio of 135.22, a price-to-earnings-growth ratio of 1.66 and a beta of 1.19. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.15. Salesforce has a 12-month low of $126.34 and a 12-month high of $238.22.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.22. The business had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.53 billion. Salesforce had a net margin of 4.77% and a return on equity of 7.67%. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 EPS. On average, research analysts expect that Salesforce will post 5.86 earnings per share for the current fiscal year.

Insider Transactions at Salesforce

In other news, COO Brian Millham sold 1,746 shares of the stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $209.63, for a total value of $366,013.98. Following the completion of the sale, the chief operating officer now owns 3,340 shares of the company’s stock, valued at approximately $700,164.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CAO Sundeep G. Reddy sold 164 shares of the stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $225.05, for a total value of $36,908.20. Following the completion of the sale, the chief accounting officer now owns 2,230 shares of the company’s stock, valued at approximately $501,861.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Brian Millham sold 1,746 shares of the stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $209.63, for a total value of $366,013.98. Following the completion of the sale, the chief operating officer now directly owns 3,340 shares of the company’s stock, valued at approximately $700,164.20. The disclosure for this sale can be found here. Insiders sold 633,071 shares of company stock valued at $138,539,253 in the last ninety days. 3.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Salesforce

Several hedge funds have recently added to or reduced their stakes in CRM. Farmers & Merchants Trust Co of Chambersburg PA lifted its holdings in Salesforce by 374.1% during the 2nd quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 128 shares of the CRM provider’s stock valued at $27,000 after purchasing an additional 101 shares during the last quarter. Union Savings Bank acquired a new stake in Salesforce during the 2nd quarter valued at $27,000. NewSquare Capital LLC lifted its holdings in Salesforce by 132.8% during the 1st quarter. NewSquare Capital LLC now owns 149 shares of the CRM provider’s stock valued at $30,000 after purchasing an additional 85 shares during the last quarter. GHP Investment Advisors Inc. lifted its holdings in Salesforce by 30.4% during the 4th quarter. GHP Investment Advisors Inc. now owns 270 shares of the CRM provider’s stock valued at $36,000 after purchasing an additional 63 shares during the last quarter. Finally, Live Oak Investment Partners acquired a new stake in Salesforce during the 4th quarter valued at $36,000. Institutional investors and hedge funds own 77.52% of the company’s stock.

Salesforce Company Profile

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 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.