Salesforce (NYSE:CRM) Receives "Buy" Rating from Needham & Company LLC

Salesforce (NYSE:CRM - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $400.00 target price on the CRM provider's stock. Needham & Company LLC's price target suggests a potential upside of 49.33% from the company's current price.

A number of other research analysts have also issued reports on the company. Cantor Fitzgerald started coverage on Salesforce in a research report on Wednesday. They set an "overweight" rating and a $210.00 price objective for the company. Oppenheimer reduced their price target on shares of Salesforce from $415.00 to $380.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. DA Davidson reaffirmed an "underperform" rating and issued a $200.00 price objective on shares of Salesforce in a report on Monday, April 21st. Redburn Atlantic assumed coverage on shares of Salesforce in a research note on Wednesday, February 19th. They set a "buy" rating for the company. Finally, Stifel Nicolaus dropped their price target on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and five have assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $351.37.

Salesforce Stock Performance

CRM stock traded up $3.17 during midday trading on Friday, reaching $267.87. The company had a trading volume of 5,649,322 shares, compared to its average volume of 6,824,128. The firm has a market capitalization of $257.42 billion, a PE ratio of 44.06, a P/E/G ratio of 2.58 and a beta of 1.38. The stock has a 50 day moving average price of $273.75 and a 200 day moving average price of $308.41. Salesforce has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Insiders Place Their Bets

In related news, insider Miguel Milano sold 458 shares of the company's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $307.97, for a total transaction of $141,050.26. Following the transaction, the insider now directly owns 5,864 shares of the company's stock, valued at approximately $1,805,936.08. The trade was a 7.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 500 shares of the firm's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $335.94, for a total value of $167,970.00. Following the sale, the chief accounting officer now owns 6,557 shares of the company's stock, valued at $2,202,758.58. The trade was a 7.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,051 shares of company stock worth $15,027,714. Corporate insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On Salesforce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Invst LLC lifted its holdings in shares of Salesforce by 4.2% during the 3rd quarter. Invst LLC now owns 17,003 shares of the CRM provider's stock valued at $4,654,000 after buying an additional 685 shares during the last quarter. Passumpsic Savings Bank raised its position in Salesforce by 1.2% during the third quarter. Passumpsic Savings Bank now owns 7,332 shares of the CRM provider's stock valued at $2,007,000 after acquiring an additional 87 shares in the last quarter. Anchor Investment Management LLC lifted its stake in Salesforce by 15.7% in the third quarter. Anchor Investment Management LLC now owns 4,290 shares of the CRM provider's stock valued at $1,174,000 after acquiring an additional 581 shares during the last quarter. Pine Valley Investments Ltd Liability Co raised its holdings in shares of Salesforce by 14.0% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 7,047 shares of the CRM provider's stock valued at $1,930,000 after purchasing an additional 866 shares in the last quarter. Finally, World Investment Advisors LLC lifted its stake in shares of Salesforce by 570.4% in the 3rd quarter. World Investment Advisors LLC now owns 54,446 shares of the CRM provider's stock valued at $14,903,000 after purchasing an additional 46,324 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.

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.