Salesforce (NYSE:CRM) Earns “Accumulate” Rating from Phillip Securities

Salesforce (NYSE:CRM)‘s stock had its “accumulate” rating reiterated by stock analysts at Phillip Securities in a report issued on Friday, Benzinga reports. They currently have a $305.00 target price on the CRM provider’s stock. Phillip Securities’ price target would indicate a potential upside of 20.72% from the stock’s previous close.

A number of other research analysts have also weighed in on the company. Canaccord Genuity Group increased their price target on Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research note on Thursday. BMO Capital Markets raised their target price on shares of Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a research report on Thursday. Jefferies Financial Group dropped their price target on shares of Salesforce from $360.00 to $350.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Stifel Nicolaus lifted their price objective on shares of Salesforce from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Roth Mkm reiterated a “buy” rating and issued a $335.00 price target on shares of Salesforce in a research note on Thursday. Nine investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $302.00.

Salesforce Price Performance

NYSE CRM traded down $4.36 during mid-day trading on Friday, hitting $252.65. The stock had a trading volume of 3,539,463 shares, compared to its average volume of 6,593,677. The company has a 50 day simple moving average of $253.98 and a 200 day simple moving average of $271.54. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market cap of $244.82 billion, a price-to-earnings ratio of 45.44, a P/E/G ratio of 2.22 and a beta of 1.29. Salesforce has a 52-week low of $193.68 and a 52-week high of $318.71.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period last year, the firm posted $1.63 EPS. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. Equities analysts forecast that Salesforce will post 7.47 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director G Mason Morfit purchased 428,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was purchased at an average cost of $233.17 per share, for a total transaction of $99,796,760.00. Following the completion of the purchase, the director now directly owns 3,914,309 shares in the company, valued at $912,699,429.53. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now directly owns 6,431 shares in the company, valued at approximately $1,644,921.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 112,964 shares of company stock valued at $27,956,647. 3.20% of the stock is owned by company insiders.

Institutional Trading of Salesforce

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRM. Signature Resources Capital Management LLC acquired a new position in Salesforce during the fourth quarter worth approximately $26,000. Ruedi Wealth Management Inc. grew 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 buying an additional 56 shares in the last quarter. Piscataqua Savings Bank boosted 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 acquiring an additional 96 shares during the period. Clear Investment Research LLC raised 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 worth $28,000 after purchasing an additional 98 shares in the last quarter. Finally, Red Tortoise LLC bought a new stake in Salesforce in the 1st quarter valued at about $33,000. 80.43% of the stock is owned by institutional investors.

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 artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.