Salesforce (NYSE:CRM) Rating Increased to Outperform at Northland Securities

Salesforce (NYSE:CRM) was upgraded by investment analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a research report issued on Wednesday, Briefing.com reports. The firm presently has a $400.00 target price on the CRM provider’s stock. Northland Securities’ price objective would indicate a potential upside of 47.67% from the company’s current price.

CRM has been the topic of several other research reports. Citigroup lifted their target price on Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. JPMorgan Chase & Co. boosted their price target on Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Loop Capital restated a “hold” rating and set a $270.00 target price on shares of Salesforce in a report on Thursday, September 19th. Piper Sandler raised Salesforce from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $268.00 to $325.00 in a report on Tuesday, September 24th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $335.00 target price on shares of Salesforce in a research report on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $310.74.

Salesforce Stock Performance

Shares of CRM opened at $270.87 on Wednesday. The company has a 50-day moving average of $256.95 and a two-hundred day moving average of $264.65. The stock has a market cap of $262.47 billion, a price-to-earnings ratio of 48.72, a PEG ratio of 2.39 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. Salesforce has a one year low of $193.68 and a one year high of $318.71.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same quarter last year, the business posted $1.63 EPS. The company’s revenue was up 8.5% on a year-over-year basis. On average, equities research analysts expect that Salesforce will post 7.54 earnings per share for the current year.

Insider Activity at Salesforce

In other Salesforce news, Director Maynard G. Webb, Jr. sold 9,170 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the transaction, the director now directly owns 1,363 shares in the company, valued at approximately $376,624.16. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Salesforce news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $252.75, for a total transaction of $1,061,550.00. Following the completion of the sale, the insider now owns 116,693 shares of the company’s stock, valued at approximately $29,494,155.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Maynard G. Webb, Jr. sold 9,170 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $276.32, for a total value of $2,533,854.40. Following the completion of the transaction, the director now directly owns 1,363 shares of the company’s stock, valued at $376,624.16. The disclosure for this sale can be found here. Insiders have sold a total of 67,985 shares of company stock worth $17,632,363 over the last 90 days. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ruedi Wealth Management Inc. raised its position 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 during the last quarter. Piscataqua Savings Bank raised its holdings in shares of Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing 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 valued at $28,000 after acquiring an additional 98 shares during the period. Red Tortoise LLC bought a new stake in shares of Salesforce during the first quarter worth approximately $33,000. Finally, Stephens Consulting LLC grew its holdings in Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after buying an additional 125 shares in the last quarter. 80.43% of the stock is 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.