Salesforce (NYSE:CRM) Earns "Overweight" Rating from Piper Sandler

Salesforce (NYSE:CRM - Get Free Report)'s stock had its "overweight" rating reaffirmed by analysts at Piper Sandler in a note issued to investors on Wednesday,Benzinga reports. They presently have a $405.00 target price on the CRM provider's stock. Piper Sandler's price objective suggests a potential upside of 20.10% from the stock's current price.

A number of other equities analysts have also recently commented on the company. Northland Capmk raised Salesforce from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 2nd. Barclays raised their price objective on Salesforce from $415.00 to $425.00 and gave the company an "overweight" rating in a report on Wednesday, December 4th. Roth Mkm reaffirmed a "buy" rating and set a $335.00 target price on shares of Salesforce in a report on Thursday, August 29th. Northland Securities reissued an "outperform" rating and issued a $440.00 price target (up from $400.00) on shares of Salesforce in a research note on Wednesday, December 4th. Finally, TD Cowen boosted their price target on shares of Salesforce from $290.00 to $340.00 and gave the stock a "hold" rating in a research report on Thursday, November 21st. Eight analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $378.86.

Salesforce Price Performance

Shares of NYSE:CRM traded down $13.74 during midday trading on Wednesday, reaching $337.23. 8,381,377 shares of the company's stock traded hands, compared to its average volume of 6,413,832. The company has a fifty day simple moving average of $321.11 and a two-hundred day simple moving average of $277.86. Salesforce has a 1 year low of $212.00 and a 1 year high of $369.00. The company has a market cap of $322.73 billion, a P/E ratio of 55.47, a PEG ratio of 3.21 and a beta of 1.30. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Salesforce (NYSE:CRM - Get Free Report) last posted its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). The company had revenue of $9.44 billion for the quarter, compared to analysts' expectations of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business's revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.62 earnings per share. Equities analysts predict that Salesforce will post 7.48 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Miguel Milano sold 719 shares of the business's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $342.81, for a total value of $246,480.39. Following the completion of the sale, the insider now directly owns 4,659 shares of the company's stock, valued at $1,597,151.79. The trade was a 13.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the firm's stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the transaction, the chief accounting officer now directly owns 7,006 shares in the company, valued at approximately $1,998,741.74. The trade was a 5.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 134,298 shares of company stock worth $39,903,781 over the last 90 days. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Salesforce

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aviance Capital Partners LLC increased its holdings in shares of Salesforce by 0.5% in the 3rd quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider's stock valued at $1,860,000 after acquiring an additional 33 shares during the period. EWA LLC increased its stake in Salesforce by 1.7% in the third quarter. EWA LLC now owns 2,001 shares of the CRM provider's stock valued at $548,000 after purchasing an additional 33 shares during the period. Umpqua Bank raised its holdings in shares of Salesforce by 0.4% in the third quarter. Umpqua Bank now owns 7,708 shares of the CRM provider's stock valued at $2,110,000 after buying an additional 34 shares during the last quarter. Principal Street Partners LLC boosted its stake in shares of Salesforce by 1.0% during the third quarter. Principal Street Partners LLC now owns 3,297 shares of the CRM provider's stock worth $891,000 after buying an additional 34 shares during the period. Finally, Nvwm LLC grew its holdings in shares of Salesforce by 1.4% during the third quarter. Nvwm LLC now owns 2,565 shares of the CRM provider's stock worth $667,000 after buying an additional 36 shares during the last quarter. Hedge funds and other institutional investors 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.