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

Salesforce (NYSE:CRM - Get Free Report) was upgraded by research analysts at Erste Group Bank from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Tuesday,Benzinga reports.

Other research analysts have also recently issued research reports about the company. Northland Capmk upgraded Salesforce from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 2nd. Wells Fargo & Company increased their price target on shares of Salesforce from $275.00 to $330.00 and gave the stock an "equal weight" rating in a research report on Tuesday, November 12th. Robert W. Baird boosted their price objective on shares of Salesforce from $295.00 to $315.00 and gave the company an "outperform" rating in a research report on Thursday, August 29th. Royal Bank of Canada reissued an "outperform" rating and set a $300.00 price target on shares of Salesforce in a report on Thursday, September 19th. Finally, Canaccord Genuity Group increased their target price on shares of Salesforce from $300.00 to $315.00 and gave the company a "buy" rating in a research report on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Salesforce currently has a consensus rating of "Moderate Buy" and an average price target of $325.36.

Salesforce Trading Up 0.3 %

Shares of NYSE CRM traded up $1.04 on Tuesday, reaching $323.29. 5,467,790 shares of the company traded hands, compared to its average volume of 6,306,689. The company has a 50 day moving average of $289.68 and a 200 day moving average of $267.31. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce has a fifty-two week low of $212.00 and a fifty-two week high of $348.86. The stock has a market capitalization of $309.07 billion, a PE ratio of 56.22, a P/E/G ratio of 2.94 and a beta of 1.29.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share 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 company had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter last year, the firm posted $1.63 earnings per share. Salesforce's revenue was up 8.5% on a year-over-year basis. On average, equities research analysts forecast that Salesforce will post 7.55 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Miguel Milano sold 2,934 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $262.95, for a total value of $771,495.30. Following the transaction, the insider now owns 3,716 shares of the company's stock, valued at $977,122.20. This represents a 44.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Brian Millham sold 4,056 shares of Salesforce stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $261.50, for a total value of $1,060,644.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 140,173 shares of company stock worth $40,146,206. Corporate insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On Salesforce

Several institutional investors and hedge funds have recently made changes to their positions in the company. Prime Capital Investment Advisors LLC raised its holdings in Salesforce by 13.6% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider's stock worth $15,885,000 after buying an additional 6,938 shares during the period. Aljian Capital Management LLC raised its stake in shares of Salesforce by 16.1% in the 3rd quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider's stock valued at $3,629,000 after purchasing an additional 1,834 shares during the period. AIA Group Ltd lifted its holdings in shares of Salesforce by 8.9% in the third quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider's stock valued at $6,577,000 after purchasing an additional 1,962 shares in the last quarter. Harvest Portfolios Group Inc. boosted its position in shares of Salesforce by 13.6% during the third quarter. Harvest Portfolios Group Inc. now owns 89,098 shares of the CRM provider's stock worth $24,387,000 after buying an additional 10,656 shares during the period. Finally, XN LP grew its holdings in shares of Salesforce by 24.2% during the second quarter. XN LP now owns 464,489 shares of the CRM provider's stock worth $119,420,000 after buying an additional 90,616 shares in the last quarter. Institutional investors and hedge funds 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.