Salesforce (NYSE:CRM) Stock Rating Upgraded by Erste Group Bank

Salesforce (NYSE:CRM) was upgraded by equities research analysts at Erste Group Bank from a “hold” rating to a “buy” rating in a research note issued on Tuesday,Benzinga reports.

A number of other equities research analysts have also weighed in on the stock. Oppenheimer reissued an “outperform” rating and set a $330.00 target price (up from $300.00) on shares of Salesforce in a report on Thursday, October 24th. UBS Group increased their price objective on Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Roth Mkm reaffirmed a “buy” rating and set a $335.00 target price on shares of Salesforce in a report on Thursday, August 29th. Raymond James increased their price target on Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. Finally, DA Davidson lifted their price objective on Salesforce from $230.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $325.36.

Salesforce Price Performance

Shares of NYSE CRM traded up $0.80 during midday trading on Tuesday, reaching $323.05. 1,893,305 shares of the company were exchanged, compared to its average volume of 6,290,732. Salesforce has a one year low of $212.00 and a one year high of $348.86. The stock has a market cap of $308.84 billion, a P/E ratio of 56.09, a PEG ratio of 2.94 and a beta of 1.29. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock’s 50-day moving average price is $288.14 and its 200-day moving average price is $266.96.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (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 business had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the prior year, the firm earned $1.63 EPS. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Salesforce will post 7.55 earnings per share for the current fiscal year.

Insider Activity at Salesforce

In other news, insider Sabastian Niles sold 2,484 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total transaction of $608,108.04. Following the completion of the transaction, the insider now owns 828 shares of the company’s stock, valued at approximately $202,702.68. The trade was a 75.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares in the company, valued at $1,998,741.74. This represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 140,173 shares of company stock valued at $40,146,206. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

A number of hedge funds have recently made changes to their positions in CRM. Aviance Capital Partners LLC lifted its stake in Salesforce by 0.5% during the third quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider’s stock worth $1,860,000 after purchasing an additional 33 shares during the last quarter. EWA LLC boosted its stake in Salesforce by 1.7% in the third quarter. EWA LLC now owns 2,001 shares of the CRM provider’s stock worth $548,000 after buying an additional 33 shares in the last quarter. Umpqua Bank grew its position in Salesforce by 0.4% during the third quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock valued at $2,110,000 after acquiring an additional 34 shares during the last quarter. Principal Street Partners LLC raised its stake in shares of Salesforce by 1.0% during the third quarter. Principal Street Partners LLC now owns 3,297 shares of the CRM provider’s stock worth $891,000 after acquiring an additional 34 shares in the last quarter. Finally, Nvwm LLC lifted its holdings in shares of Salesforce by 1.4% in the 3rd quarter. Nvwm LLC now owns 2,565 shares of the CRM provider’s stock worth $667,000 after acquiring an additional 36 shares during the last quarter. 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.