Loop Capital Reiterates “Hold” Rating for Salesforce (NYSE:CRM)

Salesforce (NYSE:CRM)‘s stock had its “hold” rating reiterated by equities research analysts at Loop Capital in a report issued on Thursday, Benzinga reports. They presently have a $270.00 price objective on the CRM provider’s stock. Loop Capital’s price target suggests a potential upside of 6.96% from the company’s previous close.

A number of other analysts have also weighed in on CRM. Raymond James upped their price target on shares of Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. DA Davidson increased their price target on shares of Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Jefferies Financial Group reduced their price target on shares of Salesforce from $360.00 to $350.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Macquarie lowered their price objective on shares of Salesforce from $330.00 to $275.00 and set an “outperform” rating for the company in a research note on Friday, May 31st. Finally, Roth Mkm reaffirmed a “buy” rating and set a $335.00 price objective on shares of Salesforce in a report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and an average price target of $305.55.

Salesforce Stock Down 1.1 %

Shares of NYSE CRM opened at $252.42 on Thursday. The firm has a market cap of $244.59 billion, a price-to-earnings ratio of 45.40, a PEG ratio of 2.26 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. Salesforce has a 52-week low of $193.68 and a 52-week high of $318.71. The business’s 50 day moving average is $253.60 and its two-hundred day moving average is $267.01.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the prior year, the firm posted $1.63 earnings per share. Salesforce’s revenue for the quarter was up 8.5% on a year-over-year basis. Research analysts predict that Salesforce will post 7.55 EPS for the current year.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 5,600 shares of Salesforce stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $250.17, for a total value of $1,400,952.00. Following the transaction, the insider now owns 116,693 shares in the company, valued at $29,193,087.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Parker Harris sold 5,600 shares of Salesforce stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $250.17, for a total value of $1,400,952.00. Following the completion of the transaction, the insider now directly owns 116,693 shares in the company, valued at $29,193,087.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 897 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 $229,434.66. Following the transaction, the chief financial officer now owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The disclosure for this sale can be found here. Insiders have sold 66,576 shares of company stock worth $16,957,573 over the last quarter. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Salesforce

Several institutional investors have recently made changes to their positions in the stock. Spartan Planning & Wealth Management boosted its position in Salesforce by 66.3% during the fourth quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock worth $412,000 after purchasing an additional 625 shares during the period. Parnassus Investments LLC lifted its holdings in shares of Salesforce by 0.3% during the fourth quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock valued at $1,566,055,000 after acquiring an additional 18,397 shares during the period. TD Asset Management Inc grew its stake in Salesforce by 32.6% during the fourth quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock worth $207,756,000 after buying an additional 194,224 shares during the last quarter. Chicago Partners Investment Group LLC increased its holdings in Salesforce by 1.3% during the 4th quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock valued at $1,983,000 after purchasing an additional 95 shares in the last quarter. Finally, XN LP increased its stake in shares of Salesforce by 24.2% in the second quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after buying an additional 90,616 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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.