Salesforce (NYSE:CRM) Trading Up 2.9%

Salesforce, Inc. (NYSE:CRM)’s share price traded up 2.9% on Thursday . The stock traded as high as $239.30 and last traded at $238.55. 2,977,290 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 6,735,042 shares. The stock had previously closed at $231.81.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRM. DA Davidson cut their target price on Salesforce from $300.00 to $230.00 and set a “neutral” rating on the stock in a research report on Thursday, May 30th. Jefferies Financial Group decreased their target price on Salesforce from $360.00 to $350.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Wells Fargo & Company dropped their target price on Salesforce from $300.00 to $250.00 and set an “equal weight” rating for the company in a research report on Thursday, May 30th. Argus increased their price target on shares of Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Salesforce from $310.00 to $300.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and an average price target of $292.79.

Salesforce Stock Performance

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 firm has a 50-day simple moving average of $262.47 and a 200 day simple moving average of $276.32. The company has a market cap of $237.41 billion, a price-to-earnings ratio of 44.07, a price-to-earnings-growth ratio of 2.12 and a beta of 1.25.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The business had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same period in the previous year, the company posted $1.15 EPS. The company’s quarterly revenue was up 10.7% on a year-over-year basis. On average, sell-side analysts predict that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Insider Transactions at Salesforce

In related news, COO Brian Millham sold 1,679 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $305.46, for a total value of $512,867.34. Following the transaction, the chief operating officer now owns 1,663 shares in the company, valued at approximately $507,979.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Brian Millham sold 1,679 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $305.46, for a total value of $512,867.34. Following the completion of the sale, the chief operating officer now owns 1,663 shares in the company, valued at $507,979.98. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Amy E. Weaver sold 942 shares of the business’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $305.46, for a total value of $287,743.32. Following the sale, the chief financial officer now owns 39,416 shares in the company, valued at $12,040,011.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 575,989 shares of company stock worth $160,340,775. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRM. Ruedi Wealth Management Inc. lifted its stake 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. Bear Mountain Capital Inc. acquired a new stake in shares of Salesforce during the fourth quarter valued at $26,000. Signature Resources Capital Management LLC purchased a new stake in Salesforce during the 4th quarter worth about $26,000. Red Tortoise LLC acquired a new position in Salesforce in the 1st quarter valued at about $33,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in Salesforce in the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

About Salesforce

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.